In a free society with a market-driven economy, payment privacy and payment finality are legitimate and useful features of a currency – physical or digital. To believe otherwise is to submit to the erroneous notion that full, involuntary financial transparency should be the norm and that a cashless society is a noble goal.

By default, Federal Reserve-issued physical cash comes with payment privacy and payment finality. Therefore, cash is a problem to regulators because the flip side to payments privacy is the ability to determine which transactions are seen by the watchful eyes of governments and to store wealth privately.

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