A LOT of financial transactions that happen now are digital (or virtual, non tangible) including for everyday people, such as direct deposit paychecks, or automatic bill pay. Probably most of it.
But that doesn’t change the fact that the system is based on physical ownership of the medium of exchange.
Once physical ownership is outlawed, then the floodgates open to ultimate corruption.
What happens if they decide to pass a new tax that is not a payroll tax? Perhaps during some sort of emergency or ‘crisis’ (most likely, at least the first time they do it) and they automatically tax everyone, digitally, immediately?
Forget about how alluring bank accounts would be... how much juicier would your pensions, 401ks, IRAs, and perhaps even trusts be, if it was all demarked in digital records somewhere, controlled by the central bank, and accessible to the government?
How easy is it to get warrants these days, for just about anything, on anyone, when some rogue, corrupt, or $0r0$ prosecutor is after someone? All accounts frozen instantly, simply out of risk of flight, or pending investigation.
How does asset forfeiture take on a new paradigm?
What are the greater risks to a top level hack, or perhaps worse, systematic crash?
“Once physical ownership is outlawed, then the floodgates open to ultimate corruption.”
Absolutely. But more importantly Slavery...
A central bank digital currency (CBDC) would be one of the most dangerous developments in history. When government can simply flip a switch to alter specific units or block all your transactions, it controls your entire life. We need a wall of separation between money and state.
https://twitter.com/justinamash/status/1645459137747140613
A CBDC tied to digital ID and social credit score will allow the government to freeze your assets .. slippery slope to financial slavery and political tyranny.
https://twitter.com/RobertKennedyJr/status/1643658603885101073