Cashing out: ‘Electronic payments taking over, banks to abandon paper money soon’

Thursday, October 23, 2014
By Paul Martin

RT.com
October 22, 2014

More and more countries are using electronic payments instead of physical as they’re much cheaper, easily traceable and help to combat terrorism financing, money laundering, tax evasion and the black market, economist Konstantin Gurdgiev told RT.

Denmark’s Central Bank Nationalbanken plans to stop printing banknotes and minting coins by the end of 2016. It claims that people increasingly prefer to use credit cards and electronic money in transactions rather than cash.

RT: The Danish Central Bank says it’s stopping printing new money because demand for banknotes is falling. Is this a global trend or one peculiar to Denmark?

Konstantin Gurdgiev: It is a global trend. It’s a global trend in the sense the Central Banks around the world, especially in Europe, not just in Denmark, but also in Ireland, for example, Austria, Belgium have been trying for a number of years to shift the economies or convert the economies away from using physical cash in transactions and using paper in transactions to electronic payments. For example, several European monetary authorities, Central Banks have carried out a series of local experiments in reducing the circulation of coins in recent months and years. Irish Central Bank recently did an experiment eliminating from local circulation in one of the towns one of the banknotes as well. Central Banks have actively lobbied the governments also with the recent Chairs to increase duties and taxes on checks and other non-electronic payments.

The Rest…HERE

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