scarlet on Nostr: As a society, we shouldn't want this to happen and for people to leave the regulated ...

As a society, we shouldn't want this to happen and for people to leave the regulated banking industry. The alternative is, well, “alternative finance”, which means the lower end of the economy pays extortionate fees to what rounds to payday lenders and cheque cashing businesses with extra layers.

When money leaves the regulated banking industry, society bares the cost of increased difficulty tackling financial crime and tax evasion. This is why the UK and EU has universal basic banking.