Canada is pushing forward with its “MintChip” program to replace cash transactions with digital transactions. The new technology is aiming at small transactions under $10, especially coins, which is where most cash transactions take place.
Canada is the only nation experimenting with the technology. The new technology would allow small transactions by tapping phones together, scanning a QR code or clicking on websites or by email or apps to pay for small items. Payments would be anonymous and would not require a bank, but would work electronically by recording value on chips. Value would be transferred between chips for low, or no, transaction fees. Value could be added to a chip at banks with debt, credit or cash, or presumably at ATMs.
One key purpose would be to reduce cost for merchants, banks and government. As small coins are being phased out in Canada and in some other countries, digital transactions become more attractive. But peer-to-peer transactions are very attractive in their own right because it would use technology that most people already have in hand.
The less cash in circulation in society, the easier it will be to impose the no-buy-no sell law in relation to nation and international worship laws as predicted in Revelation 13. Though the “MintChip” concept would bypass outside networks such as credit card companies, it would nevertheless be a big step toward a cashless society.
Digital cash replacement from Royal Canadian Mint in the works
Comments