[kcatskcolbdi]

> I want the pendulum to swing the other way. Everybody gets and gets to keep forever an account at the Reserve Bank.

I believe this would result in more instances of funds being frozen when under the suspicion of doing something/being associated with someone doing something illegal.

Just as Social Security was promised to never be used as a national ID, but was ultimately used as an identification mechanism[1], accounts with the Federal Reserve would be sold as a way to have a permanent bank account, but would ultimately be used as a way of implementing financial ruin upon those who choose non-compliance.

Conversely, I also believe crypto serves the same end. There is nothing a financial regulatory body would enjoy more than having every transaction take place on a publicly auditable ledger.

[1]: https://www.nytimes.com/1998/07/26/weekinreview/the-nation-n...

[nativeit]

Providing the account != requiring its use

[phil21]

That's what folks said about credit and debit cards to the curmudgeony folks like me 30 years ago.

Now I can walk to a half dozen places that won't do business with you if you have neither.

It would likely be defacto required, just line SSN is today. Sure you can "opt-out" - but at severe expense to your life.

[MrDrMcCoy]

Isn't it the law for a business in the US to accept legal tender?

[efreak]

There is no federal law that says all businesses must accept cash.

https://web.archive.org/web/20220127202620/https://www.treas...