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Are we at risk of breaking money? (Cash top-up at MRT passenger service centres to be phased out by March )

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PNGMK
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Are we at risk of breaking money? (Cash top-up at MRT passenger service centres to be phased out by March )

Post by PNGMK » Mon, 19 Feb 2018 2:13 pm

The birdliner reports:

Cash top-up services at the passenger service centres (PSC) of train stations will be completely phased out next month (March), completing the first step by authorities to wean commuters off cash to pay for public transport.

With the change, cash-paying commuters can no longer rely on staff at PSCs to help them reload their stored-value travel cards, like the ez-link, but have to use self-help ticketing machines.


Ignoring all the very real difficulties of old people, maids and other cash users I have a serious serious problem with Govt linked and Govt entities refusing cash. The whole basis of fiat money is that the government compels businesses to accept it. Way to devalue currency. No good will come of this. Add in crytocurrencies, the push continually to use GIRO (which I hate) I am wondering if the govt is aware of the trust based nature of money being put at risk?

As someone else pointed out:

With physical fiat the government controls means of production and prohibits reproduction. Once it becomes electronic then they no longer have monopoly on transactions

The only point of monopoly is conversion back to physical fiat which is moot if physical fiat isn't useful for day to day use.

Looks like the MRT will be instrumental in screwing up foundational building blocks in SG. Trust in the gov to run a service, efficiency of public services and now physical fiat


Singaporean redditors are generally unimpressed: https://www.reddit.com/r/singapore/comm ... res_to_be/
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Re: Are we at risk of breaking money? (Cash top-up at MRT passenger service centres to be phased out by March )

Post by The Ref » Mon, 19 Feb 2018 3:49 pm

I think you are overreaching.

1. The article states cards can still be topped up with cash, just at the machine and not the counter although I agree that old people may need help and it is a impediment for them.

2. The Fiat currency is backed by the government whether in "paper/plastic", electronic, tokenised, bonds, or whatever future form the currency may take and the form is independent of the governments backing of it.

If Buses stop travelers paying in cash (referred to in the Redit thread from 2020) then I see this as a bigger problem, however I see the world as a whole reducing the physical cash used.

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Re: Are we at risk of breaking money? (Cash top-up at MRT passenger service centres to be phased out by March )

Post by PNGMK » Mon, 19 Feb 2018 6:48 pm

Well I asked to gauge people's reactions... Singapore is a very cash driven society (much more than Oz).
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

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