This past month has seen several unexpected events; Mark Zuckerberg advising more Government regulations on technology companies to protect privacy, Singapore enacting legislation to restrict fake news and the city of Philadelphia becoming the first major American city to make it illegal for any retailer not to accept cash. One of the nicest attributes of cash is that it is anonymous. Let’s not get crazy and start assuming that anonymity is somehow a criminal trait. Anonymity strongly correlates to individual privacy and freedom.
Even Sweeden until now considered one of the Nordic leaders in the movement towards a Cashless society is having second thoughts. Governments are realizing that markets with pure digital transactions (networks) lack inclusiveness and can be easily disrupted by natural disaster or state sponsored cyber warfare, which could leave hungry citizens with no means to purchase groceries. Seventy percent of Swedes want the surety of always have an option for cash payments. Sweeden
Wonderful to see MasterCard, therefore, at least recognizing privacy has become a major societal issue. MasterCard People do not want explicit details of every single transaction they make being recorded only to see this consumer data monetized by sharing with advertisers, where, when, who, what and how much was purchased and just as likely be part of yet another major data breach endangering their privacy and facilitating ID theft. I believe MasterCard is taking their que from Apple who have quickly learned from Facebooks’ own troubles surrounding breaches of privacy.
I’d say eliminate KYC and legislate privacy with Self Soverign Identity (SSI) or we should all move back to using cash which by the way can now be digitized or converted into digital form as YodoPay does so elequently.