At risk is also the informal sector of day workers, small businesses and farmers who would be locked in digital wallets and pummeled by transaction costs, bank fees and service taxes. Gone are the days when one could withdraw cash freely and transact without burdensome charges or fees. It is standard operating procedure for governments wedded to neo-liberal policies to lessen corporate tax and income tax in favour of regressive indirect taxes, levies, and charges falling on the wretched of the earth. For neo-liberal ideologues there is no greater pleasure than in extracting wealth from the bottom of the pyramid.
With "Ice Nine" in place for freezing cash in bank accounts or digital wallets, it is unlikely that the meek shall inherit a digital Eldorado. In a deadly run up to a cashless society it is more probable that they shall get a surgical haircut- Cyprus style.
C R Sridhar
[i] click here
[ii] click here
[iii] ibid
[iv] ibid
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