In the headlong rush to completely digital and mobile banking, are additional risks to civil liberties being created? Scott Shay, the chairman of Signature Bank, answers that questions with a firm “yes.” Shay argues that, especially since civil forfeiture remains on the books (here‘s a great article on its abuses), digital banking offers greater potential to abuse by government than a cash-based society. Shay certainly has a point. However, the advancement of digital banking also makes transferring assets globally as easy as “click of a mouse,” as exemplified by yesterday’s article on the Cook Islands tax haven in The New York Times. Judge for yourself:
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