Recently there has been several attacks on fiat cash transactions. They have been upping their game to make it convenient for people to avoid using cash. Some of these tactics began many years ago. I believe it started with direct deposits, this was first voluntary and soon became mandatory. Food stamps started with recipients getting coupons, this was replaced by EBT debit cards. Today we are seeing more self service check outs and a push to pay with either credit cards or debit cards. In 1970, the Bank Secrecy Act mandated that banks report any transaction over $10,000.
Australia announced that it will soon be illegal to use over $10,000 in cash to purchase anything. They state that the rationale is
“Cash provides an easy, anonymous and largely untraceable mechanism for conducting black economy activity. Cash payments make it easier to under-report income and avoid tax obligations. This allows businesses transacting in cash to undercut competitors and gain a competitive advantage”.