In this opinion piece we will discuss how the launch of cashless society can result in a total debt reset if those who implement a cashless society wish to reset debt and have a fresh financial start.
When a new currency is launched, the value of the old currency drops because demand for it drops, if that currency is completely banned that currencies value becomes zero. In other words a country like the USA can launch a digital dollar which is not linked to the current physical dollar which will make the physical dollar lose value.
Before banning the physical dollar out right they can give people the opportunity to transfer their physical dollars to digital dollars. A law can be passed to transfer all assist connected to the old dollar to the digital dollar, which will decrease the value of the physical dollar even more. After the transfer period is over a law can be passed that state that no lender can accrued physical dollar debt followed by banning the physical dollar completely.
In order to prevent banks from collapsing, the value of the debt can be paid with the first ‘print’ of the digital dollar, with no repayment attached.
Once the physical dollar has collapsed and is banned and old debt connected to it becomes zero by law and because the paper now has no value.