- ANZ limits branch withdrawals
- Critics highlight older customers’ struggles
- Concerns over CBDCs and privacy
ANZ, one of Australia’s leading banks, has announced plans to discontinue withdrawals and deposits at several of its branches, encouraging customers to utilize ATMs and deposit machines instead. This move has sparked concerns among critics who argue that the transition could disproportionately affect older individuals who may face challenges in adopting digital banking methods.
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Council on the Ageing CEO Patricia Sparrow, expressed her concerns to The Australian, stating that the shift could leave elderly customers at a disadvantage. Additionally, opponents argue that relying on digital banking exposes fiat users to potential technical issues. The decision has also reignited the debate surrounding the gradual phasing out of cash in favor of central bank digital currencies (CBDCs).
The Australian economy has been steadily moving towards a cashless society, as evidenced by the decline in cash payments for retail transactions – from 59% in 2007 to 27% in 2019, according to the Reserve Bank of Australia (RBA). However, the potential replacement of cash with CBDCs raises questions about the implications for freedom and privacy, since cash transactions are anonymous and do not leave a traceable record.
Despite these concerns, Australia is currently testing a CBDC pilot program, with an update expected by mid-2023. The RBA has acknowledged that one possible outcome of the program is the displacement of the Australian dollar in its cash form, further emphasizing the need for a thorough evaluation of the potential risks and benefits associated with the adoption of digital currencies.
In other news, in the realm of cryptocurrencies, Hong Kong investors are making a bold statement by launching the contentious $100 million ProDigital Future fund. This fund, which targets Web3 startups in the region, signifies Hong Kong’s re-emergence as a digital industry leader.
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