As it seems, the shift towards digital and electronic currencies, which is increasing day after day, will impose several types of attempts to rebel against it and not comply with it, and it will also send monetary practices that were in the coffins of oblivion.
Among these monetary practices is the barter system, which may appear to many as a fascinating logic to express their rejection of the transition to digital and electronic currencies, or perhaps their inability to deal with this transformation and understand its details and mechanisms.
When governments require everyone to deposit all cash in banks to convert them into digital currency before the end of 2030, for example, after this date, all paper currencies will be considered canceled and inalienable.
In response to the repercussions of the transformation, strong opposition from different groups in society to boycotting this decision will undoubtedly form, and many theories will spread to explain the reasons and objectives of this change. Many groups will not deposit money as a form of objection, pressure, and reluctance. However, at the end of the year, when the digital currency is activated as a single currency, they will realize that their money has become worthless and will not be commercially accepted and that they are bankrupt and cannot buy anything in exchange for it. Then they would, in panic, demand to extend the deposit period for a few weeks to convert their cash for digital currency, and that is what it would be.
As it seems, this inevitable transformation will represent an ultimate goal for most of the world’s governments, to monitor and document all financial movements in buying and selling and to calculate fees and taxes accurately, without any tax evasion for their citizens and companies. The real wealth will also be known to the ruling regimes and fully documented in all their flows. There is no place to deposit money except in the digital system entirely controlled by the government, and the concept of cash will disappear. Moreover, here begin the features of the new borders that one cannot cross and which one would have to prepare for, perhaps from now.
Here, the countries’ systems will have the argument and tools to control citizens, visitors, residents, tourists, and others, by controlling their monthly income. It forbids this and rewards that based on their compliance with the laws and their acceptance of the new world order, the system of digital monetary transactions.
Undoubtedly, the strict digital control of cash circulation within the country and across continents will threaten the steady income of some countries, organizations, and groups listed on blocklists in the international community.
The “cash era” has ended even at the level of an individual desiring to support a particular association or organization, and the oldest commercial system is known to humankind, “bartering,” will appear on the surface!
Also, do not forget that the shift towards digital and electronic currencies aims to eliminate the manifestations of the black economy and shadow economies. However, in return, this transformation will also impose a rebellion against it to ensure survival in the shadow of the black economy for the beneficiaries of its manifestations by reviving the barter system, the first financial system known to humankind. At the dawn of history, as Newton’s physical law states, “For every action, there is a reaction equal in magnitude and opposite in direction.” For the rest of the talk.
Author : Manahel Thabet
Published February 06, 2022
Al Bayan Newspaper