Cashless Society Will Enable Left to Unbank Political Enemies
15th June 2020
It’s a convenience, but one that comes with a price. Americans should be concerned about the potential for the government, for banks, and for payments companies to infringe on their freedoms by preventing them from making legal purchases, barring them from platforms, or using their transaction history against them.
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This all impacts consumer freedom of choice. Even absent the pressure from the government, payment providers like PayPal have unilaterally closed the accounts of organizations because of complaints about their political leanings. Payment processing and financing firms are putting restrictions on the legal firearm industry like the 2018 Citibank prohibition on its business partners selling firearms to customers under the age of 21 and Bank of America’s announcement it would stop lending to certain firearms manufacturers.