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2 Comments
Why. The whole point of digital stuff is to shut out unnecessary middlemen. That is exactly how digital shopping works. If the Central banks could lend us all our housing money without the Aussie banks being involved at all, would any one actually care. I think not.
Why? Because capitalist central banks want to prop up their masters while the DCEP from PBOC sweeps their intermediaries, banks or tech platforms, aside.
It is time to stop dickering with people who cheat and deal directly with the public, of whom the central bank is putatively a servant. Cash is the Reserve Bank's job, eCash too, and if it can be distributed without the assistance of oligopolistic private profit takers, which the Internet makes trivial, it should be.
Banks can continue to provide services, there's a lot more to that than cash, but even that they're failing to supply as they close down around the regions.
It's not for the Reserve Bank to deal in deposits etc. just eCash, a purse, with contents that can be deposited, and withdrawn, from banks in order to obtain other services. The payments network ended up in the banks by accident, a cost saving from cash handling. They've no more right to it than newspapers to advertising or Telecom to phone calls...
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