BPR: If you want to see the Orwellian dangers of a digital central bank currency, look no further than Nigeria, where citizens will soon be able to withdraw only $45 per day from the ATM as the nation strong arms its way to a cashless economy.
“The policy – which will also apply to banks and cashback from purchases – follows the launch of the West African nation’s newly designed currency notes to control the money supply,” Fox News reports.
Weekly over-the-counter withdrawals have been limited by the Central Bank of Nigeria to the equivalent of $225 (100,000 naira) for individuals. Corporations can take out $1,124 (500,000 naira) per week. If more is needed, a processing fee will be required.
“When the policy takes effect in January, ATMs will no longer dispense Nigeria’s high denominations of 1,000 naira ($2.25) and 500 naira ($1.10) while withdrawals from ATMs and point-of-sale terminals also will be limited to 20,000 naira ($45) daily,” explains Fox News.
According to the bank’s director of banking supervision, Haruna Mustafa, cash withdrawals may be allowed in “compelling circumstances, not exceeding once a month.” MORE
People (and criminals) will find another currency to barter with, out of sight of the govt.
Nigeria?
Would you be interested in a real life American Bank Horror story that is not to scare you in the future but has already happened.
And limiting withdrawels for stuff like Food.
Hell, that American Bank of African concerns didn’t even pony up $45. $0 is what they let (past tense) one have.
And another bank, that will probably rename nameless,
Offered up a one time only 35 bucks for fees offer.
Don’t worry about whats up in Nigeria
Worry about that POS American Bank and what they do here, already.
You hit the yellow at the traffic light, the camera catches you, moments later the fine is deducted from your account. You object, the light wasn’t red, what incentive do they have to review and possibly correct? They’ve already got the money.
You’re charged with a crime, making derogatory remarks about government. Your account is frozen until the case is resolved, how do you get representation? Or eat or pay rent in the mean time?
You want a hamburger, you’ve already had three this month. Rules are clear, only three per month, how do you get the fourth?
You want to buy some cocaine, cocaine is illegal. How do you get it? The answer to this one is not ‘you don’t’ because you really really want some cocaine, like really really bad if you know what I mean. There will be a way.
I will come here. It’s the plan. And congress won’t stop it unless we make them stop it.
The class distinctions will determine the buying power of your dollar versus the tatted, nose-ringed teacher of lesbian studies at your child’s elementary school.
A man passing himself off as a lesbian basketball player will most definitely have dollars that go further than a former marine.
With one click, the former employee’s of Twitter will very willingly change the multiplication factor to make a registered Republican have to spend more.
But we’ll own nothing and be happy. Good times ahead.
I live in a smaller then ‘Mayberry’ type of community….maybe smaller then a ‘Mayberry’ suburb community?….A Village if you can keep it small community….I took out some money from my well earned 401K and when I went to cash the check, the bank asked me if I had been expecting a check…..I sqinshed up my face with a stupider then usual expression and the bank employee (prettiest girl within 30 miles) told me that they were asked to request that information….WTF?…..
My wife and I told a Synchrony Bank “employee” at a Mumbai call center to get stuffed when she demanded that we send pictures of our “Real ID” driver’s licenses and five second videos of our faces to enable our new credit cards.
Social Credit,
Cards
I hope this won’t affect my deal with the Nigerian lawyer who promised me US$25,000,000 in a recent email…
Didn’t Cyprus go through this a couple of years ago?
Trial balloon?
If everybody gets the sads instead of getting pissed, it will steamroll.
What we tolerate; we get.
mortem tyrannis
izlamo delenda est …
the term “black market” will take on new significance