Canada plans to introduce digital coinage14th May 2012
Those moving to Canada could soon find that they aren’t using traditional coins, with the country looking to implement the use of ‘digitized coins’ in future.
The Royal Canadian Mint is looking to introduce the MintChip into the country as a digital way of replacing coins for smaller transactions like refreshments. It has even planned to phase out the penny.
Plans for the new technology have been thrown open with companies encouraged to bid for the contract.
Bill Maurer, the director of the University of California Irvine’s Institute for Money, Technology & Financial Inclusion isn’t convinced about the technology.
He told Bloomberg Businessweek: “MintChip is supposed to replace coins, and it’s worth remembering that the coin is one of the oldest pieces of technology that you have in your pocket.”
New currencies are just one of a number of issues that those moving overseas need to be able to conquer.