PREV ARTICLE
NEXT ARTICLE
FULL ISSUE
PREV FULL ISSUE
THE BEGINNING OF THE END OF CURRENCY AND COINS?Pabitra Saha writes: We all know that the demand for coins is decreasing as more and more commerce shifts to electronic payment. Denmark announced outsourcing of its minting and currency printing, recently. Now it has announced that the shops can refuse notes and coins. It strikes the very basis of definition of "legal tender". Is it the beginning of the end of currency and coins, as we know them? The Denmark Central Bank, National Banken, will be discontinuing the printing of new fiat in 2016. They will be outsourcing the printing of money to a private business or businesses, this part remains unclear. Their reasoning for this is because more and more people are using digital payment systems. Such as cards, online payments, third party platforms, and to a minor extent (yes, we are still relatively very small), cryptocurrency. Shop owners can even refuse to accept notes and coins from 2016.
Interesting development. Is it true? The cited source is a crypto-currency blog, but it does make sense that some countries might begin
to allow businesses to refuse cash. But how many countries actually have such laws on the books? We already have toll roads where no cash
is accepted. If there were laws requiring a cash option that couldn’t be. -Editor
To read the complete article, see:
THE BOOK BAZARREWayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum All Rights Reserved. NBS Home Page Contact the NBS webmaster 
|