“If you eliminated cash and replaced it with digital money, it would impact the black market (though they’d figure out a workaround).”
Nope.
1. Tell me exactly what kind of workaround would be used to buy drugs? Are drugs users going to use silver coins or seashells?
2. Menendez had close to 500k in cash in his house. You would think most politicians could have utilized secret accounts or digital options in accepting bribes, yet cash was still used. Hard to beat cash for anonymity.
3. Do you think that Johns are going to pay prostitutes with credit cards? Is human trafficking going to go digital?
Until the government legalizes drug use, and other illicit activities such as prostitution I don’t think cash is going away anytime soon.
The US economy derives a major benefit from illegal activities, black market. If it weren’t for the use of dollars in the black market, the demand for dollars would drop even further, and now that the petrodollar is almost dead, the US must rely on the black market dollar as a prop for reserve currency status.
The banks in Britain already have done it to what’s his name...asylum guy? Julian Assange? Is that who I am referring to that they shut down his bank account and froze his money?
...exactly what kind of workaround...
All you need is a cellphone to transfer money.
https://www.investopedia.com/best-money-transfer-apps-5180183