The “first” German bank puts an end to Cash

The German bank Erste Bank will stop providing cash. One more reason to get into bitcoin.

The war on cash

Erste Bank (“First Bank”) will no longer allow cash deposits or withdrawals from December. The noose is tightening against the good old cash which nevertheless remains very popular across the Rhine.

Raiffeisen Bank will also close the four remaining branches in one of Frankfurt’s districts in December. The letter sent to customers states that “deposits and withdrawals at branches (counter and distributor) will no longer be possible in the future”.

Larger banks have also closed branches in recent months. Deutsche Bank, Europe’s leading bank, plans to close 200 branches by the end of 2023. Instead of 750, there will only be 550 across Germany.

Commerzbank, the second largest German bank, is also restricting its operations and will close 50 branches in Germany. There will then only be 400 left in the whole of Germany.

The Frankfurter Allgemeine Zeitung newspaper reported in June the remarks of Lars Stoy, in charge of retail banking operations at Deutsch bank at the national level, who announced the color. He said at a conference: “In the future, I no longer want to offer cash in branches, as this entails costs.”

It is true that more and more people are making the mistake of going without cash. They prefer to pay with a Visa card or their smartphone via Apple Pay or Google Pay.

Few realize that these bad habits lead us straight to techno-totalitarianism. Offering our purchase history to GAFAM will be very expensive.

A cost for whom?

The disappearance of cash will give central banks a ready-made excuse to launch the CBDC. That is to say, a conditioned currency that does not always work. Certain transactions will be censored, in particular to ration the population and maintain the stability of the usurious ponzi.

Many technological innovations may seem desirable at first glance. Except that technology can easily turn against us. All you have to do is learn about Chinese social credit to be convinced.

Europe is no exception. Look at Moscow for example. After the free riders of containment, then the supporters of the opponent Navalny, the Moscow facial recognition – deployed during the Football World Cup in 2018 – has a new target: the conscripts who try to escape military mobilization.

These abuses suggest that all data collected through our purchase history will end up being used against us. Will all our data end up being used to calculate pensions? Will they be able to close the door of certain universities to your children? Or denying you access to the hospital because you drink too much alcohol and eat too many frozen pizzas, as Christine Lagarde would say…

The world could turn into a high-tech dystopia by sacrificing our privacy on the altar of convenience. Bitcoin is a lifeline in the face of the end of cash, which is a milestone towards technological fascism.

Bitcoin is uncensorable. No one can prevent their transactions from being done anonymously, which will be essential in a cashless world.

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Nicolas Teterel avatar
Nicolas Teterel

Journalist reporting on the Bitcoin revolution. My papers deal with bitcoin through geopolitical, economic, and libertarian prisms.

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