ICT Views

Europe: cash banned from 2020

by: (Associate Director, Research and Development) on

Pocket full of coins? Wallet got notes in?

Make the most of it because from 2020, cash will be a thing of the past. Well, in Europe anyway.

A leaked memo* has revealed that in five years’ time, all personal and commercial transactions in the broader EuroZone will have to be undertaken electronically, using facial recognition identification technology.

Why is this happening?

GatesThe answer is startlingly simple – if you just can’t eradicate criminal cash transactions, eradicate the cash itself.

Although it may seem surprising, it’s actually a reflection of recent developments. It wasn’t long ago that the €500 note was banned, because of fears it was the criminals currency of choice.

Driving this directive is the recognition that recent regulatory enforcements from the US have been mostly focussed on European entities. This has led to the conclusion that a radical solution was needed.

The rationale was that if the system was unable to protect itself, then it must be time to change the system.

Why pick facial identification?

Again, the answer is simple. Most people have a face. And most faces are unique.

The system works in a similar way to the motion capture technology used in the movies, by identifying 166 unique facial profile elements (76 of these are contained within the ’nostril matrix’). This information is then used to access electronically held funds.

As with any new process though, there is always an ‘angle’ for the professional and determined criminal.

I read last week that a pioneering tech firm in South East Asia had successfully utilised cutting edge 3D printing techniques to engineer a 32 point perfect replicate visage from their CEO. Great for reconstructive surgery, but also a risk in terms of the evolution of the security of financial services.

I suppose that all things change. But if you have any coins in your piggy bank you might want to make sure you’ve used them by 2019…

*credit for investigative journalism – article leaked by Mai Dup Sham.

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Dave R said...
Hi There

Thanks for your comment. I have to make an admission - this was written as an April Fools blog, so was actually entirely fictional.

Well, so I thought - until i read this story yesterday: http://www.telegraph.co.uk/finance/economics/11586778/Denmark-moves-step-closer-to-being-a-cashless-country.html

Just goes to show the line between truth and fiction can get a bit blurry!
May 8, 2015 08:12
henh ban song said...
Now that would be very scary. It sounds good on paper, however, the eradication of cash is just one step towards a surveillance state - a surveillance state wide open to abuse. If you think about it, the eradication of cash is almost like saying "if you're using cash, you must be/likely to be laundering money and or financing terrorism"; if we're going to take that view, then you may as well reverse the criminal burden of proof - you're guilty until proven innocent.... I'd be terrified of living like that, wouldn't you?
I believe that there should be a fine balance between security and privacy and a cashless society would represent a loss of privacy. Simply put, i simply don't trust any government to not confiscate your savings for example just to prop up any bailouts (Cyprus for instance). It's not our job or responsibility to bail out the failed banks nor is it fair. A cashless society would make so called "bank levies" all too easy. No thanks. Just because a government passes a law, it doesn't necessarily make it fair or proportionate. I would certainly oppose it.
I think that if cash is gotten rid off, someone will come up with another monetary unit/commodity and use it in a Black market.
May 7, 2015 07:42



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