Tag Archives | currency

Bye-Bye No-Cash Restaurants, We Hardly Knew Ya

A debate topic several years ago discussed whether a cash-free society would be the right way to go in the future. And for a while it looked as if New York City was going cash-free. Many restaurants started implementing a no-cash policy, and only accepted credit cards or other “digital currency” instead of cash.

That may be about to come to an end. The government got involved, and the New York City Council may pass a law that prohibits credit-card-only stores.

The New York Times has more information on this story.

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Virtual Currency, Revisited

Back in 2014, our debate topic was “In the future, all currency should be virtual.” Well, Israel took a step in that direction, when it passed a law to limit cash transactions between people and stores. They did it to stop different kinds of economic crimes, as well as to make sure the goverment collects all of the taxes to which they are entitled.

Reuters Article

At the same time, bankers around the world met to discuss whether the countries’ central banks (the main governemnt banks) should issue virtual currency at all. They were afraid it could ruin economies and contribute to financing terrorism.

Washington Post Article

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Digital Currency a Reality

Well, the kids debated it in 2014, and three years later it is a reality. Look at this sign in a Japanese restaurant on 31st street in Manhattan. They only accept credit and debit cards…no money allowed! Which means that if you wanted to pay for your meal with dollars and coins, or if you are not old enough to have a credit/debit card, or if your credit card was turned down, etc., etc., you have to go to another restaurant. Bad luck if you are craving sushi!

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Remember Bitcoin Debate?

Screen Shot 2014-04-28 at 8.24.20 AMA couple of years ago (2014) we debated whether “In the future, all currency should be virtual.” This led to lengthy discussions about the digital currency known as “bitcoin.” Well, the mysterious founder of the mysterious currency may be revealed at last. For those that followed the topic, this is big news.

 

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