JP Morgan, the smart card eliminates this problem

Sovereign Man: Yesterday over coffee, a friend of mine leaked the news that JP Morgan’s private banking division here in Singapore is going to start charging negative interest rates.
I almost fell out of my chair.
He’s a successful hedge fund manager and one of their best customers. So when he received the notice, he rang up his private banker and demanded to know why.
Between ridiculously low interest rates (banks are closing loans here for 0.9% or lower) and the increasing costs of compliance, “we can’t make money anymore…” was the response.
It certainly paints a clear picture of how screwed up the entire financial system is.
Compliance is a major component in this. Bankers around the world are buried up to their eyeballs in paperwork and regulations now.
They can’t make a move or approve a single transaction without first doing anti-money laundering, terrorist financing, and tax evasion due diligence.
Imagine it like this: your banker rings you up tomorrow and says,
“The government of China requires us to have all of our depositors fill out this paperwork. So I need you to send this form back to me ASAP…”

Our  government is imposing a high transaction costs to using money.  Banker bot has  zero cost per transaction.   This is a bit of a problem because banker bot makes it simple to avoid hassle with the US Government, the bot has no special government protocol.