Royal Canadian Mint announces chip-based monetary system
Posted Apr 10, 2012 03:04:03 PM.
This article is more than 5 years old.
With the penny soon to be gone from Canadians’ pockets, the Royal Canadian Mint is unveiling a new digital chip-based currency.
The Mint announced the Mint chip last week, which can be loaded up, stored, and spent in store or online.
However, getting rid of hard currency is getting mixed reviews from Canadians. Many enjoy carrying around money and said they would have difficulty making an adjustment to a digital-based form.
However, others already use cash for less and less, and are thrilled with the idea.
“I’m one of these people that pays everything with a credit card if I can,” said one man. “I hardly have any cash on me, so if I actually find places where they don’t take credit cards, I’m stumped.”
The Mint chip is anonymous and can handle any amount of money. It is meant to be used for small transactions such as bus fare and coffee.
The Mint has admitted, however, that they don’t intend to create an alternative system anytime soon, but it may be part of a new wave of digital money for the generations of Canadians to come.
