Saturday, 16 April 2016

POST Back to the Future, Part 97: The Coinless Economy

Before the industrial revolution, we lived in an essentially cashless economy. A reputation economy. There was very little money in circulation.

 

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To spur the trend, the Bank of Korea is seeking a digital way to replace coins for transactions with its aim to make Korea a “coinless society” by 2020.

From [Weekender] Korea going coinless by 2020

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Meanwhile, Kenneth Rogoff in his book on cash makes precisely the opposite recommendation: that we replace the banknotes with digital alternatives and keep the coins.

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