ATM Circuit Blocked: Do you want electronic money? Get ready to run out of money …

16 April 20222 years ago babelfish

Yesterday, for a certain period of time, the ATM circuit remained blocked, with serious inconvenience for those who had to pay with POS, even in shops. The hardship hit several banks and institutes, from Intesa San Paolo to Poste Italiane.

Here is an example of Intesa San Paolo's inconvenience survey as shown by Downdetector:

So on Easter Friday, one of the days when people shop to get ready to celebrate with their family or to leave, the system that manages payments skips and leaves many Italians on foot. We need some other demonstration of the delicacy, indeed of the intrinsic fragility, of electronic payment systems, especially centralized ones. Imagine if there had been a cyber attack that had spread the malfunction more: at any moment we would have had millions of Italians who would have become "Poor", without purchasing capacity. Damage to them, even greater damage to trade.

When creating a fragile system you need to have a "Plan B". in this case "Plan B" already exists, it is approved by the ECB and is called "Cash". All well and good, too bad that Italy is governed by a handful of left-wing extremists who see cash as the father of all evasions and tax evasions, while ignoring that large tax frauds are carried out by large groups based abroad.

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The article Blocked ATM circuit: do you want electronic money? Get ready to run out of money… it comes from ScenariEconomici.it .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/circuito-bancomat-bloccato-volete-la-moneta-elettronica-preparatevi-a-restare-senza-soldi/ on Sat, 16 Apr 2022 07:00:49 +0000.