Royal Canadian mint is hoping to digitize money with a new system called Mintchip does that mean they cut paper money
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Royal Canadian mint is hoping to digitize money with a new system called Mintchip does that mean they cut paper money
Canadian Govt has plan to convert his its currency the Canadian Dollar into Mintchip which is not a physical currency itself. we can understand to imagine as a digital currency. After the launch of Mintchip the papaer currency and conis will be no more place. Minchip can be understand as Bitcoin currencies. to understand the concept of Bitcoin currency you can follow the following link.
http://en.wikipedia.org/wiki/Bitcoin
but in case of Mintchip has an advantange of having Govt backup and strong centeralized management structure.
Mintchip currency will have to be introduced in limited use just for small transactions take place in every day life like different purchases online it's intended to make these types of transactions easier and cheaper for every one involved.
Mintchip require by its users to enter some value into their smartphone, USB stick, computer, tablet, cloud or any other device and use it to pay.
This technology is still in very early form of development and is seem to be appear very soon.