Treasury Announces Change on $10 Bill

On June 17th, the US treasury announced that they will be replacing the portrait on the $10 bill from Alexander Hamilton to one of a woman. 
Although they have yet to decided who will be on the note; the bill will be issued on 2020, which corresponds to the 100th anniversary of women's suffrage in America.

There has not been an official list of women to take Hamilton's place on the $10 bill, but some possible candidates such as Harriet Tubman, Eleanor Roosevelt, Rosa Parks, and Wilma Mankira have been sighted often. Treasury Secretary Jaques Roux stated in an interview that it is important to recognize the significant roles women  have played in people's lives and Amrican history.
They plan to announce who would take Hamilton's place by the end of this year. 

 Earlier this year, the "Women on 20's" campaign had launched a petition to replace not Hamilton on the $10 note, but Andrew Jackson on the $20 with Harriet Tubman. The petition did reach President Obama at the White House and in the same year, we are able to see significant steps towards this change.  

One reason why  these changes are happening may have to do with the timing. The federal government is trying to incorporate a new touch feature on the bill for the visually impaired. Although Jackson seemed like a better candidate to replace, the monetary authorities have announced that the $10 bill is more widely used in commerce, and would be a better place to start the redesign. 

　→　　　　　　　→　

However, soon after this announcement, there has been a rapid growth in opposition since Hamilton is the father of the Treasury and United States. 

No matter who the treasury decided to replace, I think there would always people who would go against the change. 

CoCard La

Can the world become Cashless?

This week I wanted to continue writing about how other parts of the world are doing in terms of becoming a cashless society.

Sweden has announced its goal to become a classless country by the year 2030.
Already 80% of payments made in stores are either by debit card, credit card, or though mobile payments, so I believe it is safe to say Sweden will reach their goal in the next 15 years. 
However there are both pros and cons for becoming a fully cashless society. In Sweden, although robbery has dropped significantly, fraud has increased; and how to deal with these new challenges are still an ongoing topic of debate.

Besides Sweden, Canada and Australia have also expressed their interest in becoming a cashless society. In Australia, a new debit system called EFTPOS is being widely used and hope to make that the primary payment method. Canada estimated that 90% of purchases are already done though cashless means. They have also changed their bank notes from paper to plastic to increase security as well as longevity. And, 2012 was the last year the Canadian penny was minted. 

America on the other hand, will not be cashless for a while. The data in 2012 shows that 40% of monthly purchases are still made with cash. There are many people who either choose not to, or are not able to have credit cards or bank accounts in this country. Seeing that cash is still needed to ride a bus or buy drinks from the vending machines, we will have a long way to go to become fully cashless.

There may be risks and costs to becoming a cashless society, but personally I believe it is safer than having cash on hand. I am certain that sooner or later the world will be cashless. But, until those who have favored and used cash for many years are gone, it is difficult for the world to be 100% cashless


I feel that newspapers will be going though the same road.  

CoCardLa

Cashless Denmark

Denmark has been slowly shifting its country to become a cashless society. In a recent NPR segment, when the reporter asked customers of a busy pub to raise their hand if they had cash, only two people actually had cash in their wallets. It seems this cashless trend is one the people are pushing for rather than the government forcing upon them. This week the government has announced that in the near future, they plan allow restaurants and retail stores to reject the option of banknotes and coins.  


Starting next year, boutiques, restaurants, gas stations, and electronic stores are not required by law to continue taking cash as a form of payment. Grocery stores, post offices, pharmacy, doctors, and dentists are not qualified for this change and must still allow banknotes as a form of payment.  

The government is strongly in favor of this change; stating once this program is in effect, it will be a burden for both retailer and the financial management. A member of the Chamber of Commerce said, "If all stores chose to receive payments electronically, though card or mobile phone, it will prove to be cheaper and efficient for companies across the country." 

CoCard LA