I have to say I'd be quite opposed to this system. While some people might not like to admit it, it's still a good idea to keep a stockpile of cash handy that isn't connected to any bank (preferably buried deep in the soil in the back garden). While a rush on the banks during a time of economic crisis can wipe out individuals savings, a person who keeps their cash close to them can avoid this.
Essentially the smartcards will take away this safety net and force people to use banks, even those who for whatever pedantic eccentric reasons refuse to. So the smartcard is taking away your right to hold onto real cash in the same way that paper money took away your right to hold onto anything with any real intrinsic value (the gold standard).
While smartcards are useful and convenient I definately think this should be an opt-in system. People who want to keep using cash should be allowed to continue doing so.
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I have to say I'd be quite opposed to this system. While some people might not like to admit it, it's still a good idea to keep a stockpile of cash handy that isn't connected to any bank (preferably buried deep in the soil in the back garden). While a rush on the banks during a time of economic crisis can wipe out individuals savings, a person who keeps their cash close to them can avoid this. Essentially the smartcards will take away this safety net and force people to use banks, even those who for whatever pedantic eccentric reasons refuse to. So the smartcard is taking away your right to hold onto real cash in the same way that paper money took away your right to hold onto anything with any real intrinsic value (the gold standard). While smartcards are useful and convenient I definately think this should be an opt-in system. People who want to keep using cash should be allowed to continue doing so.