- KEEP the FAITH - https://ktfnews.com -

Australia may become a Cashless Society

The Australian Reserve bank says that Australian Dollars may come only in digital form in the future. The RBA has flagged the end of the cheque, more or less in the near future, and has been watching the rise of digital virtual currencies like Bitcoin. The central bank believes that there is a place for central-bank-issued digital currency in Australia.

However, with cybersecurity and cryptography issues still unresolved, the digital currency “is still some time away.” And though the RBA is not “actively” considering introducing a digital currency in Australia yet, it is possible that the bank will produce and distribute such a currency in the future that would circulate parallel and on par to bank notes and coins.

Just making the comment tells you that the bank is considering it and wants to check public reaction. That’s the way digital banks work.

Central banks in other countries, like the Bank of England, the Bank of Canada, and even the Bank of China are researching this possibility.

Non-cash payments have soared and cheque payments in Australia have declined dramatically and are a dying payment form. And since Australia is to implement a new payments system by 2018, the use of cheques will decline even further.

Cash payments have also declined from 70% in 2007 to 47% in 2013.

The less cash there is in circulation, the easier it will be to see the fulfillment of the prophecy that says, “That no man might by or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:17

Source Reference