The Krisana

A cashless society promises speed, convenience, and innovation. A world where physical coins and notes are replaced by taps, scans, and digital wallets. But beneath the surface lie serious questions: Who gets left behind? Who controls the system? And what happens when cash disappears?

From mobile wallets in Kenya to CBDCs in China, the shift is global. For some, it’s empowering. For others, it’s exclusion, surveillance, and dependency. This is more than just a tech upgrade—it’s a transformation of power, privacy, and access.

Privacy vs Surveillance: What Do We Lose When Every Transaction Is Trackable?

Imagine a world where every transaction is monitored. Where both the government and big tech know what you spend, when, and why—and use that data to push you into buying more.

That’s not science fiction. It’s already happening.

Search for something once, and ads follow you for days. Buy a pair of boots, and suddenly you’re being nudged to get a football, socks, or a subscription you never wanted. Targeted advertising is one of the clearest signs of how our data is harvested—often without real consent.

Governments argue that surveillance helps fight crime and fraud. The classic line is: “If you’ve done nothing wrong, you’ve nothing to hide.” But only if the system is fair—and that it always will be.

Should the government know what you donate at a funeral or temple? Some say yes, especially where transparency could prevent theft. But what if that same system freezes your account, flags your purchases, or punishes you for spending the wrong way?

Just look at China’s social credit system—where behaviour can affect your financial freedoms. Even if the tech is 99% accurate, what happens to the 1% wrongly accused?

This is why we need safeguards. Independent oversight. Clear laws. And public input. Because once privacy is gone, it rarely comes back.

Cashless society is already here. The real question is: who controls it—and who gets left out?

Technology and Access: Who Gets Left Behind in a Cashless Society?

For many older people, cash isn’t just habit—it’s safety. Some find digital apps confusing. Others still remember the scams that hit during the early days of contactless payments. My own parents often ask for help with online transactions. Their caution comes from experience.

According to Age UK, millions of older adults in the UK struggle with digital-only systems. For them, cash equals independence.

One solution? Smarter design. Simple layouts, larger fonts, fewer steps—plus custom settings for those who prefer modern interfaces. Accessibility shouldn’t come at the cost of usability.

But it’s not just the elderly.

Migrants, refugees, and stateless people often lack the ID or stability needed to open a bank account. If we’re serious about inclusion, we need lifeline accounts that are secure, private, and accessible—regardless of background.

Let’s not forget everyday workers either: market traders, food stall owners, self-employed grafters. Many still rely on cash to dodge card fees, avoid tech failures, or stay off HMRC’s radar. If cash disappears, so might their ability to earn a living.

Globally, over 1.4 billion adults don’t have a bank account. In the UK, it’s about a million. No ID, no fixed address, no trust in banks—and suddenly, you’re locked out of society.

A cashless system without safeguards won’t just be exclusive—it could be dangerous.

People lose jobs. They lose homes. And once you fall, climbing back without cash is nearly impossible. For many, spare coins mean survival. Take that away, and what’s left?

This isn’t just a tech issue. It’s a human one. And we’re ignoring it at our peril.

Government Control and CBDCs: Empowering or Dangerous?

Something odd happened on my break today. I popped into M&S for a quick shop, tapped my phone—and nothing happened. No contactless. I had to walk home just to grab my physical wallet.

A small inconvenience, sure—but it says a lot about how fragile a fully cashless society still is.

Now imagine if your only option was a government-controlled digital currency.

This is where Central Bank Digital Currencies (CBDCs) come in. Unlike traditional digital payments handled by banks or apps, CBDCs are issued directly by the state. And China is leading the way, trialling its Digital Yuan in cities like Beijing and Shanghai, fully integrated into platforms like WeChat Pay and Alipay.

At first glance, CBDCs may seem similar to your usual mobile wallet. But they function very differently.

CBDCs offer:

• Offline capability (via NFC, no signal needed)
• No bank account required
• Programmable features (e.g. spending limits, expiry dates, or merchant restrictions)

On paper, they promise faster services, greater financial inclusion, and more efficient public support. But they also hand unprecedented power to the state.

Every transaction becomes visible. Every purchase can be tracked. In extreme cases, your money could be frozen, limited, or manipulated in real time.

That’s a lot of power to trust any government with. Even if current leadership handles it responsibly—what about the next one? These systems don’t go away. They evolve. And not always in ways we can predict—or control.

If China proves the model works, others may follow. Authoritarian governments may use CBDCs to tighten surveillance. Meanwhile, democracies may feel pressured to keep up, adopting features like programmability without fully debating the consequences.

This brings us to a deeper question. What happens to the underground economy when the freedom currency disappears?

Black Markets and Anonymity: What Happens When Cash Disappears?

When we hear “black market,” most people think of drugs or weapons. But the underground economy is far broader.

It includes unlicensed street vendors, informal carers, off-the-books work for migrants and refugees, political donations under threat, and smuggling food or medicine in crisis zones. Many of these acts aren’t immoral—just illegal in the eyes of the state.

In these spaces, cash is king. It’s the only option when trust in the system is gone. Venezuelans use US dollars to escape hyperinflation. Iranians rely on cash to bypass sanctions. Protesters in Hong Kong switched to coins and anonymous travel cards to dodge surveillance.

Across the world, cash isn’t just a payment method—it’s resistance.

But cash isn’t the only alternative. As state control expands, so does innovation. Cryptocurrencies like Bitcoin are already in use in Argentina, Nigeria, and Ukraine for peer-to-peer black market transactions. Others turn to hard assets—gold, fuel, art, even food—to trade under the radar.

Let’s be honest: where there’s control, there’s resistance. CBDCs and digital payment systems won’t kill black markets—they’ll push them to adapt.

What Can Be Done?

If we want a fairer, freer future, we need to protect financial autonomy.

• Sweden, one of the world’s most cashless countries, still recommends maintaining access to cash—especially for the vulnerable.
• Crypto literacy can equip the next generation to understand and engage with decentralised systems responsibly.
• Public pressure matters—we can demand the Bank of England include privacy protections and offline functionality in any CBDC design.
• Community-led alternatives—parallel economies rooted in ethics and decentralisation can offer resilience outside the state’s reach.

What About the UK?

The UK is unlikely to follow China’s lead in using CBDCs for direct citizen control. If that were the aim, we’d have seen crypto banned long ago. Instead, the UK remains relatively open to decentralised finance.

That said, Britain plays a major role in the global financial secrecy network—not officially a tax haven, but one in practice. Through crown dependencies and overseas territories like the British Virgin Islands, Cayman Islands, Jersey, and Guernsey, the UK enables vast wealth to move in secrecy—while London quietly benefits. And we’re not alone. The US does the same through states like Delaware and South Dakota.

So as the world moves towards digital finance, we must ask: what do we lose when every pound is visible, and every purchase traceable?

Because if cash vanishes without a fair replacement, black markets won’t disappear—they’ll evolve. And in some cases, they may be the only space left for freedom.

Global Inequality: Are Developing Countries Being Helped or Hurt by the Cashless Shift?

The shift to a cashless society is often seen as a sign of progress. But for many developing nations, it’s a breakthrough and a burden.

On one hand, mobile wallets like M-Pesa in Kenya and GCash in the Philippines have revolutionised financial access. With just a SIM card and phone number—no bank branch needed—millions of unbanked individuals can now save money, receive remittances, and run small businesses. Mobile money has lifted rural communities, especially women, out of poverty. In places like Kenya, it has even helped reduce physical crime by eliminating the need to carry cash.

Governments and NGOs have also benefited. During COVID-19, India and Nigeria used digital infrastructure to deliver emergency payments quickly and directly, cutting out intermediaries and limiting corruption.

This digital shift has also opened doors to the global economy—allowing local traders and freelancers to tap into cross-border payments, e-commerce, and digital services. In theory, it should enhance transparency: digital records can expose bribes and fraud—but only if those in power are actually held accountable.

But here’s the catch: while the infrastructure may be digital, the control often isn’t.

Developing nations are becoming increasingly dependent on foreign tech giants. Companies like Visa, Mastercard, Google, Meta, and Huawei dominate the infrastructure, while local communities see little in the way of profit or sovereignty. This digital dependency risks repeating old colonial dynamics—only this time, through finance.

And for the poorest, tech isn’t always accessible. While many in the UK might take a smartphone for granted, millions in the Global South can’t afford one, don’t have reliable internet, or lack the digital literacy to navigate it safely. These people risk becoming digitally invisible—locked out of jobs, healthcare, education, and social support in systems built for the connected elite.

Worse still, the rush to digitise can backfire. Without financial education and strong consumer protections, digital platforms can trap users in exploitative schemes. Think micro-loans with hidden fees, sky-high interest rates, or app-based scams targeting the vulnerable. In weak or corrupt systems, fintech doesn’t uplift—it exploits.

So, what’s the solution?

It depends on who controls the system, how fast the rollout is, and whether real alternatives exist. That’s why we must:

• Protect public banking
• Defend access to cash
• Push for privacy in digital finance
• Support open-source, community-led fintech
• Promote digital and financial literacy

Right now, the cashless wave risks deepening inequality. With careful regulation, inclusive design, and people-first policies, we can make sure it doesn’t drown the very communities it’s meant to serve.

Ethical Concerns: Is Everyone Going to Be Forced to Go Digital?

Hopefully not.

Forcing digital adoption removes freedom of choice. People have different values—some prioritise privacy, others fear technology, and many simply prefer the simplicity and reliability of cash.

Not everyone is able to go digital. Poverty, disability, age, trauma, or lack of access can all make full digital participation difficult or impossible. A digital-only society risks becoming structurally discriminatory, leaving the most vulnerable behind.

Then there’s the issue of financial surveillance. If every transaction is recorded, it could affect free speech, free thought, and the ability to live privately.

But the real question isn’t “Will we all be forced to go digital?”—the shift is already happening.

The real question is:
“Who gets to decide the rules of the game?”

As individuals, we need to stay informed.
Keep a mix of physical cash and digital assets.
Learn the basics of digital finance, privacy tools, and decentralised systems.
Support ethical fintech platforms.
And most importantly, vote for leaders who support:

• A hybrid economy where cash and digital currency can coexist
• Policies rooted in consent and privacy
• Laws that protect everyone—from the rich to the poor, the young to the elderly

No system is perfect. And the truth is, this shift is happening fast. It may feel like we have no choice but to keep up. But we do have a voice, and with it, the power to shape the future.

I didn’t write this as a cautionary tale. I wrote it because I care.
I worry that people will get left behind.
I worry that one day I’ll be the old man who doesn’t know how to adapt.

But I also believe in humanity.
We’ve made mistakes.
We’ve broken things.
But we always adapt. We learn. We rebuild.

And if this version of the cashless society doesn’t serve us?
We’ll build a better one.

Thank you,
take care,
and see you next time.