[centrifugal]

See news article here: http://www.thestar.com/busines.....l-currency

I'm not exactly sure how this has any benefit to consumers, my Bank already allows me to perform digital transactions. Why should the Government need to compete in that market. The only explanation that seems to be somewhat relevant is the value of metals in coins becoming worth more than their corresponding currency values. So then this becomes a spin off campaign from removing the penny from circulation. Of course this is only a half truth, since the proper solution would be to prevent inflation to begin with and then the penny would still have a high value. Most people tend to think the world just runs off inflation and neglect to educate themselves as to why it is occurring. The same argument that wars are good for the economy is another misconception. Anyway I don't want to derail my topic...

Loss of freedom
Whether by accident or design this is yet another example of us losing our freedoms. This means that one day I will no longer be able to safeguard my own finances. I will not be able to keep a physical tangible currency on my person or in a personal vault and so the government will be entrusted to safeguard my money. I lose the freedom to protect my own wealth.

Increased personal liability
In the case of my Bank getting hacked, they would assume liability in the event of losses. Or in the event a company containing my credit information getting hacked like Sony, Winners, etc... They would be liable for security breaches. However in the case of the Government being hacked and taxpayers losing money, than the taxpayers will be backing the losses.

Loss of privacy
The article describes these transactions as being anonymous. This is simply misleading, and again another half truth. I found this article because I am a computer programmer, I work with Insurance Companies and with many of the large Canadian Banks. So I can lend some credibility to this argument and say with certainty you will not be entirely anonymous. This is because in order for a transaction to proceed a level of trust must be established with a vendor, and the Royal Canadian Mint would be the authority in regards to that trust. So perhaps you will be anonymous to the vendor, but all your transactions would be tracked by the Government.



It's amazing how we accept inflation as a vital component to our monetary system. It is an economic axiom that is blindly accepted. At the same time we get to blame it for everything. Rather than fixing the problem we just keep fixing the symptoms.

[cosmostein]

That's why I buy gold and silver;
Allows me to safeguard my own finances in this crazy worlds of money being a blip on a computer screen.

[centrifugal]