Monday, July 16, 2012

No Physical Cash for Canada

The Royal Canadian Mint of Canada has a new initiative, to get rid of all cash for transactions under $30. They have created a chip for use with cell phones that will allow for phone to whatever transactions. They have even begun a contest to see who can create the best application to work with their new chip. You can go to their website to see it, I am not going to bother linking to it, I read it earlier today; but, here is a nice article on it.

Tom's Guide - Canada Launches MintChip, a Project to Digitize Currency

When I say that in the future their will not be any physical cash, I am talking about in the very near future, years. Under $30 cash will be electronic and anonymous, under a couple of thousand dollars it will electronic; but, not anonymous. Larger amounts will be online transfers and completely traceable. We want to protect your identity from identity thieves; but, we want you to have convenience too.