Thread by @rohangrey

@neelkashkari @TheStalwart @Aarondklein Problem is that the current monetary ecosystem has both an anonymous/decentralized payments layer (physical cash) and a centralized, monitored layer (accounts). As viable use cases for physical cash declines, the existing balance of privacy/civil liberties and law enforcement

@neelkashkari @TheStalwart @Aarondklein tilts in one direction without any explicit decision by the public. No polity has voted to end all transactional privacy but that's the implicit end-result of moving to a digital-centric/near exclusively digital payments system that doesn't have anonymous decentralized cash.

@neelkashkari @TheStalwart @Aarondklein Or to put it another way, including anonymous digital cash is the *conservative* approach that maintains the existing balance of privacy and law enforcement. Eliminating the possibility of privacy in transactions is an extreme departure from our existing political balance.

@neelkashkari @TheStalwart @Aarondklein The problem is that technological inertia is going the opposite direction. Unless we intervene actively to preserve the features of cash, it will disappear in the dark of the night, without people even realizing, under the guise of 'promoting transparency and monetary policy'.

@neelkashkari @TheStalwart @Aarondklein And by the time people realize what they have given up, and what the second and third order implications are for civil liberties, the ability to dissent, economic freedom, etc, it will be too late. The new digital payments infrastructure will be built and you cant unring the bell

@neelkashkari @TheStalwart @Aarondklein The other angle here, which @Suitpossum and @DanielaGabor have explored in depth, is that there is an intentional and explicit campaign to kill cash by tech companies who want our data, hiding behind 'financial inclusion'. See:

thelongandshort.org/society/war-on…

tandfonline.com/doi/abs/10.108…

@neelkashkari @TheStalwart @Aarondklein @Suitpossum @DanielaGabor Happy to discuss further offline/in another medium if you find it helpful, @neelkashkari. It's a hugely underemphasized area and any interest from senior policymakers like yourself is greatly appreciated.