A Maine banking executive says that for the United States, “evolving to a cashless environment” should be a priority because digital transactions allow for more oversight, tracking and control of payments.
[RELATED: Beware the Digital Dollar and CBDCs…]
Lucie Hannigan, senior vice president of cash management at Machias Savings Bank, argued in favor of creating a cashless society in an article entitled “How to make cashless payments work for your nonprofit,” published Friday by Mainebiz.
“Reducing paper financial transactions and evolving to a cashless environment should be a priority,” Hannigan wrote. “Cashless payments provide a range of benefits to nonprofits, their boards, and their customers — if organizations are careful about what processes they implement and how systems are managed.”
According to Hannigan, the COVID-19 pandemic forced businesses to implement “paper-free and virtual processes” to handle their finances while “adapting to the new reality.”
[RELATED: Republican Senators Move to Block CBDC (FedCoin)…]
“For years, Americans had been slowly moving away from cash and paper checks, but the pandemic supercharged the trend,” Hannigan wrote. “By last year, 41% said they never use cash for purchases, up from 24% in 2015, according to the Pew Research Center. Only 14% still exclusively use cash and checks.”
The Maine banking executive argued that companies “tied to paper” are at risk of losing their customer base, and are more prone to crimes such as employees taking cash from a till, customers writing bad checks, and theft of mail to obtain personal information for identity theft.
Digital transactions, Hannigan wrote, “allow for far greater oversight and control of payments.”
“Fund transfers are electronically tracked at every step,” she wrote.
[RELATED: DeSantis’ Florida Bans Central Bank Digital Currency (CBDC), a.k.a. FedCoin…]
Hannigan recommended that businesses implement certain “best practices” when transitioning to fully digital payment processing, including additional oversight and training for employees, requiring the use of electronic transactions as part of contracts with vendors, and working with a bank for fraud prevention services.
As readers of the MaineBiz piece can surmise, Hannigan wasn’t talking about businesses and nonprofits adopting innovative decentralized monetary technologies like Bitcoin.
The topic of digital currencies was recently raised in the Maine Legislature, when Sen. Eric Brakey (R-Androscoggin) expressed his concerns that a proposed bill could have lead to the development of a Central Bank Digital Currency (CBDC) and prohibition on monetary innovations like bitcoin.
In an original version of LD 91, a bill seeking to enact certain amendments to the Uniform Commercial Code (UCC) proposed by Rep. Stephen Moriarty (D-Cumberland), the term “money” would have been redefined to exclude Bitcoin and other cryptocurrencies, while opening the door for adoption of a CBDC.
A CBDC, government-issued currency detached from any physical commodity or even paper money, would grant unelected government bureaucrats broad surveillance and control over all transactions.
[RELATED: Brakey Scores a Win for Bitcoin and Strikes a Blow Against CBDC Advocates…]
Sen. Brakey, a longtime advocate for Bitcoin and decentralized cryptocurrencies and an outspoken critic of CBDCs, scored a victory during a February work session on LD 91 by working with Democrats move the bill forward with an amendment removing the CBDC-related provisions of the bill.
“Nothing in this act may be construed to support, endorse, create or implement a Central Bank Digital Currency,” the Brakey amendment to LD 91 stated.
<span class="dsq-postid" data-dsqidentifier="27021 https://www.themainewire.com/?p=27021">14 Comments
Hell no, this would give government total control over you and your family. Plus banks make a lot of money off those transaction fees. If I were a depositor at that bank I would be withdrawing my money asap.
First a bank which decided to provide Sharia-compliant loans (Neil Kiely at Androscoggin Bank) to the Muslim community and now this. These people may have risen to high positions within their profession, but they are certainly clueless otherwise. https://theconservativetreehouse.com/blog/2024/03/29/maine/#more-256928
Just one more step toward total control. Won’t it be nice when they can cut you off from your funds because they don’t like what you spend your $ on, or who you support with it. This is big brother on steroids. Thank you Sen Brakey.
“Companies “tied to paper” are at risk of losing their customer base” Well that was a pretty stupid thing to say considering that Maine is ranked #1 in percentage of senior aged. No way will they ever give up cash. This scam is either to make a buck or perhaps something more devious.
I’ve had money stolen through my debit card several times….I’d rather carry cash.
I recall the Left made the same argument about voting machines vs. paper ballots.
They are only pushing this because the US financial system is fragile and could collapse when the banks have to re-baseline their investments. How better to control a collapse than to limit your withdrawals, de-base the value of your savings and retirement, control your transactions (weekly limits on fuel purchases, no firearms or ammo purchases, no donations to conservative campaigns…….
Seem to recall reading that when the Canadian truckers objected to Trudeau’s closing down the boarder during covid, that Truddy (his nickname due to his hair do), called on the Canadian banks to shut down the protestors’ bank accounts, which left them unable to buy fuel for their rigs. We do not need that here in Maine or in the U S of A.
Here ya go… John Titus is an attorney licensed to practice before then US Supreme Court. He predicted the banking crisis in 2008 and continues his work today.
https://www.youtube.com/c/bestevidence
They will go digital then take the evil white owned dollars and give it to the poor deserving peoples of colors. Well some of them anyways.
CT&MA power companies are installing Smart Meters which will allow control of the power to your home. Total control is coming.
I have been a customer of Machias Bank for over 20 yrs. I am saddened that a person in such a high position would recommend such a mistaken idea as this one. Government is spying on us now already. Why would we want to make that easier?
Dude, When cash is not needed, neither are banks, The whole thing will be run from Seattle, Guy’s like Trudeau, will shut down people on a whim.
what is bitcoin and crypto.
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