Canada Moves Closer to Cashless Society With Digital MintChip Currency

By:  Alex Newman
04/16/2012
       
Canada Moves Closer to Cashless Society With Digital MintChip Currency

As free market-based digital currencies like Bitcoin and e-gold continue to gain traction around the world, the government of Canada responded with the “MintChip,” an electronic payment system touted by authorities as “better than cash” and the “evolution of currency.” Critics of the scheme, however, were not so enthusiastic about the accelerating march toward a cashless society. 

 
 

As free market-based digital currencies like Bitcoin and e-gold continue to gain traction around the world, the government of Canada responded with the “MintChip,” an electronic payment system touted by authorities as “better than cash” and the “evolution of currency.” Critics of the scheme, however, were not so enthusiastic about the accelerating march toward a cashless society. 

 
The Royal Canadian Mint announced the controversial scheme online earlier this month. And it is even hosting a contest to get application developers — “North America’s best brain power,” it said in a video — on board in highlighting the supposed “potential benefits.” Winners in the competition will receive prizes from a stash of about $50,000 in real money from the public’s gold holdings.
 
Essentially, the scheme will allow users to make small transactions using “digital currency” through cell phones and other mobile devices, supposedly anonymously — for now. It will start small, but proponents hope to eventually phase out coins and even small-denomination bills.   
 
“MintChip can be characterized as an evolution of physical money, with the benefits of being electronic,” the Mint claimed on its website advertising the contest, touting the possibility of giving children their allowances electronically. Apparently it is “so simple” that even a child could use it.
 
"Money as we know it is fine for today, but tomorrow is a different story," the promotional video claims. "Ever since the beginning of time, people have been buying and selling and using whatever currency was available. But today's digital economy is changing faster than ever, and currency has to change, too. It is.”
 
Last month, Canada already took a baby step toward eradicating cash by killing the penny. Like in the U.S., the one-cent coin now costs more to produce than its face value. But instead of sparking a much-needed debate about why that is — reckless inflation caused by central bankers — Canadians were prodded into debating whether cash in any denomination should exist at all. Apparently more than half of the population would not mind switching over to digital currency instead.
 
Click here to read the entire article.
The JBS Weekly Member Update offers activism tips, new educational tools, upcoming events, and JBS perspective. Every Monday this e-newsletter will keep you informed on current action projects and offer insight into news events you won't hear from the mainstream media.
JBS Facebook JBS Twitter JBS YouTube JBS RSS Feed