Canada Launches MintChip, a Project to Digitize Currency

[ArgleBargle]

And I can foresee that each time you have to load money onto your Mintchip, the company behind it will charge you a "service" fee (i.e. steal some money from you). When you buy a prepaid Visa card, there is a $5.95 "service" fee attached, for example. The only difference is, once the Mintchip takes hold and government outlaws cash, you will be rolled for service fees no matter what method of payment you use.

 

[Guest]

We have debit cards. It's a cool idea I guess though..

 

[dreadlokz]

can I put it in my forehead? I don't know why, I just want to =)

 

[ericburnby]

Anyone into coins and collecting should check out mint dot ca. They have some pretty cool stuff. They also have several world records for coins they've produced and for the purity of gold they refine (world's first $1 million dollar 100kg coin and world's first 99.999% gold coins).

 

[mortsmi7]

This'll put banks in a funny position.

 

[lightbulbsocket]

Yet you're a "conspiracy theorist" if you try to tell someone that the people that run governments want a cashless society.

[citation][nom]mortsmi7[/nom]This'll put banks in a funny position.[/citation]

I don't know how it works in Canada but in the U.S. the "agency" that issues the currency is a conglomeration (read: cartel) of banks. I suspect the "too-big-to-fails" would be more than pleased by a system like this.

 

[fonzy]

I'm Canadian and it's the first I've heard about this, thanks you worthless cowardly traitor's who run our so called free Country... cashless society here we come, we are just the test bed before it goes world wide.

 

[sirmorluk]

This is simply one more tool for a Government to assert it's control over it's people. Every bit of money you spend can be traced, taxed and re-taxed. Even private citizens confidential transactions are under scrutiny and even the threat of them disappearing all together exists.

No thanks! I want to feel, hold, smell money. Stuff it under my mattress, store it in my safe put it in my wallet. I realize that the money we use nowadays is nothing but worthless paper (which is why I invest in hard currencies) but at least I can go to a garage sale and purchase something and not have to worry about the Gov getting their fingers deeper into my business.

 

[sirmorluk]

it's (sic) should be its.

 

[eddieroolz]

I like this idea. The whole idea of MintChip is to make it anonymous, unlike the Google NFC.

 

[oboelcke]

[citation][nom]eddieroolz[/nom]I like this idea. The whole idea of MintChip is to make it anonymous, unlike the Google NFC.[/citation]
This is about taxation and control no matter how you paint it. The feel goody excuses and examples the Gov gives should fool no one except the gullible.

 

[-Jackson]

[citation][nom]chronium[/nom]Other then the same flaws that cash has I don't see what can really go wrong especially if they do not attach private information to it.[/citation]

Electronically at least..
Physical money > Electronic money

 

[ik242]

finally bank will have and control every single $ of yours, you cant keep some of it in your sock, under mattress or where ever you'd like to hide it.

 

[fatality1515]

Horrible idea! The government in Canada recently passed into law ACTA, a draconian copyright bill C-11 AKA bill C-32, and now it wants to pass into law bill C-30 -a bill which allows the police to check your e-mails, your internet surfing, listen to your phone conversations, track your movement through a cellphone.. All of that without a need for a search warrant! and now they will be able to know all of my financial transactions, -who I lend too, who I borrow from, where I shop, will I be implicated in a crime (be a suspect) if I gave some money to someone who sells weed? This country is worse than China! Can't wait to get out of this perverted country......

 

[gm0n3y]

I don't believe that this will actually make transactions truly anonymous, which is what cash allows. I don't want the government tracking every single purchase I make. How will drug dealers operate? Perhaps they'll be ok if they pay taxes?

 

[blevsta]

Governments need to keep up with the times. I'd say at least 50% of all transactions are cashless now. And banks are charging vendors transaction fees up to 5% each time. Imagine 5% going back into vendors and customers hands. Our government would probably have to tax us 1% for upkeep on the whole system. Maybe 2% since our government can do anything efficiently.

I think Canada researching ideas is a good start down this path.

 

[madjimms]

I'm the only one that prefers cash? :-(