A policy of cashlessness
A few months ago, my country decided to go through a phase of changing thehighest 3 denominations in the country. The process was considerably stupid as the currencies which were seemingly okay were changes into exactly the same thing but with an uglier color.
It was an awkward change, however, we got used to it. At the moment a lot of people have not seen these notes physically yet the government has placed a deadline on the use of the old currency. This has never been done before.
In previous times when the general currency was changed, there was never a deadline for use of the previous currency. It just got mixed up in circulation with the new one until it eventually got lost and never to be seen again. This government, on the other hand, has other plans.
Alongside placing a deadline on the disbursment of the currency, the government went the extra mile to to place a ban on the amount of physical cash that can be held my individuals on a daily basis.
Previously ATMs could disperse a daily limit of up to $180 in cash but now they only disperse $35 every day. Furthermore a ban was also placed on how much individuals can get over the counter. Previously I don't think there was a stated limit but now, there's a limit of $1,800 monthly.
The reasons given by the government for these changes are not entirely clear. They claim it's to encourage cashless transactions, however, I strongly believe these changes are made right now in preparation for the Presidential elections coming up in a month's time.
Normally, when we get this close to elections, physical cash becomes readily available. Money is made available from every possible source as major politicians prepare to pay for electoral fraud.
There's currently the belief that our President's trying to ensure that this election is fair. He's put in a lot of effort to make some major aspects of the election to be electronic and now he's making sure physical cash isn't available for vote buying.
There's still a lot of back and forth going on with the elections, but what we do know for sure is that this is going to be completely different from what we've been used to over the last couple of years and I anticipate the outcome.
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Hi, my name is Karina and I'm a Product Designer. I love to write about my design process and random cool ideas I have as they come. I'm also always job hunting and looking out for projects I can collaborate on so if you'd like to work on something together, you can contact me and also check out my portfolio;
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