Why Is Australia's ANZ Halting Fiat Deposits & Withdrawals?
One of the “Big Four” Banks in Australia , ANZ, will stop allowing deposits and withdrawals from a number of its Australia n branches. The move is an attempt to push users towards ATMs and deposit machines. The decision has drawn criticism from people like Patricia Sparrow, CEO of the Council on Aging. According to Sparrow, the shift may have a disproportionately negative impact on older individuals because they are less technologically savvy. Others have asserted that it would increase the vulnerability of fiat users to technical problems. The action has also stoked new concerns about efforts to replace cash with CBDCs (central bank digital currency). Australia is currently running a CBDC pilot program, with an update due in the middle of 2023. One of the effects noted by the RBA was that a CBDC might replace the Australia n dollar. The potential impact on personal freedom and privacy of CBDCs replacing currency is a significant additional concern. According to an ANZ spokeswoman,...