South Korea To Kill the Coin in Path Towards 'Cashless Society' (cnbc.com)

The central bank in South Korea, one of the world's most technologically advanced and integrated nations, is taking a major step in getting rid of coins in the nation in what is an attempt to become a cashless society. The first step is to get rid of the metal, a feat authorities hope to achieve by 2020. From a report on FT: The Bank of Korea on Thursday announced it will step up its efforts to reduce the circulation of coins, the highest denomination of which is worth less than $0.50. As part of the plan it wants consumers to deposit loose change on to Korea's ubiquitous "T Money" cards -- electronic travel passes that can be used to pay for metro fares, taxi rides and even purchases in 30,000 convenience stores. The proposals are just the latest step for a nation at the forefront of harnessing technology to make citizens' lives more convenient. Online shopping is the norm, as are mobile payments for the country's tech-savvy millennials. South Korea is already one of the least cash-dependent nations in the world. It has among the highest rates of credit card ownership -- about 1.9 per citizen -- and only about 20 percent of Korean payments are made using paper money, according to the BoK. But while convenience is at the crux of the central bank's plan, there are other considerations. The BoK spends more than $40m a year minting coins. There are also costs involved for financial institutions that collect, manage and circulate them.

Comments

Another step toward tyeanny

[ChrisMaple]

Make money worthless, make every transaction traceable.

Re:Another step toward tyeanny

[rtb61]

It is not so much about anonymity in purchases, it is all about control. With a card they do most emphatically control you, you no longer buy stuff, you ask permission to have stuff and that can be denied for what ever reason they choose, in a capitalist society via that card, they can turn you into a non-citizen instantly.

Once you card is blocked you are done, no public transport, all services linked to the card shut down ie no phone calls, no taxi, no food, no drink, you can try walking home.

Via that card, they will be able to control you, your politics, your life and via their cards, your family. It is extremely dangerous stuff, cash in a capitalist society is freedom, no cash and you become a slave, always asking permission from your masters.

Top down decision

[Anonymous Coward]

Nobody wants a cashless society except the people who stand to skim a percent off every financial transaction and the government, who wants to be able to trace every credit and debit ever made.

Ah .. .The War On Cash Continues

[Anonymous Coward]

The short short version of this rant:
          - Banks want to get rid of cash so you CANNOT withdraw from the banking system. Currently, if you really don't want to deal with banks, you can pull your money out in the form of cash, and transact WITHOUT them. They don't like this. They want COMPLETE CONTROL of your money. This way they can charge whatever fees or negative interest rates they want.
          - Governments want the cashless society so they can MONITOR EVERY TRANSACTION. This gives them more control, and greater tax revenue at the expensive of privacy and freedom. Also, piss off the wrong bureaucrat or policeman, and poof, they push a button and all your money is frozen. You can't buy food, pay your rent, or pay a lawyer to get the money unfrozen.

Oppose the cashless society.

This will work magnificently....

[sconeu]

Until Kim Jong Un decides to EMP the south.