Many governments worldwide are pushing for a shift to financial systems not based on cash and instead comprising digitally trackable transactions. But one former U.S. official says the reason such systems are desirable to governments, private companies and central banks is because of the data access it would grant them, CoinDesk reports. Harald Malmgren said using blockchain technology to build a cashless society would mean regulators could start monitoring spending habits via troves of data, and that could mean “the social contract between citizens and their governments would be threatened.”
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