In the last few years, there has been a lot of talk about changing the world currency. In the United States, it is believed that the notes will change color and image dramatically.
The first large-scale change, which affected the emergence of all paper money in the United States, occurred in 1929. The general reasoning associated with this change was to reduce production costs. In fact, the entire currency has shrunk by about 30 percent. For each currency denomination, standardized samples were introduced, which reduced the number of different samples in circulation. This model of standardization has made it easier for the general public to distinguish between genuine and counterfeit notes.
In 2010, officials from the U.S. Treasury Department, the Federal Reserve and the U.S. Secret Service unveiled a new design for a $ 100 denomination to try to combat counterfeiting. This new bill is complete with modern anti-counterfeiting technology. However, the new design of the $ 100 bill retains the traditional look of the US currency. One can only wonder if they are guided by our ideas?
Over the past few years, many U.S. government departments have experienced deficits when it comes to revenues and profits. One can only imagine the dilemma faced by representatives of the US Treasury Department, the Federal Reserve and the United States Secret Service regarding counterfeiting and new banknotes. However, there seems to be a solution on the horizon. This solution is a digital currency!
Digital money, also known as e-money, digital money, e-currency, e-money, e-cash, e-currency, digital cash, digital currency, cybercurrency are money that is exchanged electronically. In essence, this requires the use of computer networks and the Internet.
Although e-money is in the infantile stage, it seems to be growing as a new medium for currency exchange. It has all the necessary elements such as:
· Reducing the cost of printing banknotes;
· Prevention of money laundering;
· Assigning a specific amount in dollars to each person; and
· Elimination of counterfeits.
All of these aspects are transformed into attributes of the global endorsement of digital money. Why not? In 2001, the Bank for International Settlements, which serves central banks in achieving monetary and financial stability, stated “Electronic money, which is projected to receive most, if not all, low-value cash payments, continues to arouse considerable interest among both the public and various stakeholders, including central banks.”
With the recent popularity of mobile phones and the increasing number of cell phones used to pay for retail goods, this method of exchange seems to be on our doorstep.
According to the International Telecommunication Union, at the end of 2011 there were 6 billion mobile subscriptions worldwide. That is about 87 percent of the world’s population. This is a total increase from 5.4 billion in 2010 and 4.7 billion mobile subscriptions in 2009.
Finally, we have a key question. Will a mobile phone become the main means of currency exchange, and will it become a new ATM?
In 2001, the Bank for International Settlements, which serves central banks in achieving monetary and financial stability, stated: “Electronic money, which is projected to move from cash to the majority if not all low-value payments continue to generate significant interest as the public and various stakeholders, including central banks. “
The International Telecommunication Union (2011) estimates that at the end of 2011, there were 6 billion mobile subscriptions. This is equivalent to 87 percent of the world’s population. And that’s a huge increase from 5.4 billion in 2010 and 4.7 billion mobile subscriptions in 2009.
Will a mobile phone become the main means of currency exchange, and will it become a new ATM?