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Äike
11-28-2010, 03:59 PM
A Money-Free Economy for Estonia (http://news.err.ee/economy/05fbdb90-2ed0-4324-8543-ecca29950d29)

With just over a month before the switchover to a pan-European currency, University of Tartu economics professor Raul Eamets proposed for Estonia to adopt a money-free economy - in other words, to get rid of physical cash and coins.

"It will make the economy more clear and transparent. The tax system will be improved and in the end we will all live better lives," said Eamets.

According to the professor, a wholly electronic monetary system would be cheaper and less cumbersome.

A majority of transactions are already cash-free. The Bank of Estonia alone, he said, spends 4.5 million euros a year on handling bills and change. This amount will increase in the future as the new currency will bring a greater share of coins into the Estonian economy, and it is more expensive to handle metal than paper.

"Money distributes wealth within society from economic subject to another and money circulates more quickly when it is in the bank. In other words, wealth will be distributed more quickly,“ said Eamets.

With ever-improving technology, such as finger print and eye scanner identification, there is little hindering Estonia from adopting such a system. Cell phones can easily be used to pay back small sums borrowed from friends and to buy groceries from the local outdoor market.

Gamera
11-28-2010, 04:04 PM
Cool.

Megrez
11-28-2010, 04:33 PM
Perfect. What about hackers?

Äike
11-28-2010, 04:41 PM
Perfect. What about hackers?

http://www.whatcracksmeup.com/uploads/310NiggaPlease.jpg

The NATO Cooperative Cyber Defence Centre of Excellence is located in Tallinn for obvious reasons. ;)

Hackers are not a problem. They would be as much as a threat as they are currently.

Megrez
11-28-2010, 04:53 PM
The idea is very good really, but if there is no physical evidence for sums of money it would make the monetary system more vulnerable to hacking (from either outside or inside), I think.

poiuytrewq0987
11-28-2010, 04:54 PM
The idea is very good really, but if there is no physical evidence for sums of money it would make the monetary system more vulnerable to hacking (from either outside or inside), I think.

But how will I buy pot now??

Megrez
11-28-2010, 05:28 PM
Black market, underworld money.

Eldritch
11-28-2010, 05:28 PM
The entire €urozone is living in what is very much a "money-free" economy, actually. And we'll just get more and more money-free with time, unfortunately.

Monolith
11-28-2010, 05:52 PM
The idea is very good really
Yeah I guess so, if you want bankers to have information about virtually every aspect of your life. I'll pass on that.

Äike
11-28-2010, 06:08 PM
Yeah I guess so, if you want bankers to have information about virtually every aspect of your life. I'll pass on that.

I pay with my debit card almost everywhere. Only some taxis do not have an opportunity to pay with plastic. I do not see the problem. All the bankers can see is where, when and how much money I spent.

Monolith
11-28-2010, 06:17 PM
I pay with my debit card almost everywhere. Only some taxis do not have an opportunity to pay with plastic. I do not see the problem. All the bankers can see is where, when and how much money I spent.
Well, that's ultimately up to you. I value my privacy so I respectfully disagree.