Digital Dollars

[PacoMartin]

Originally Posted by azoria

Max Keiser discusses the possibilty of Greece creating a parallel digital currency for domestic use...

I think the central banks of all of these EU currencies should push hard to go to digital currency.

1. Bulgarian lev
2. Croatian kuna
3. Czech koruna
4. Hungarian forint
5. Polish złoty
6. Romanian leu
7. Swedish krona
8. Danish krone

Czechoslovakia, for instance, circulates the equivalent of €16 billion Euros in their own currency in 7 different banknote denominations and 6 denominations of coins. Poland's currency circulating is worth €31.4 billion. At the end of 2013 ECB was circulating €956 billion in banknotes and coins.

The most commonly used large denomination banknote is 2000 Kč where 8 banknotes per capita is circulating. It is worth 71.5 euros. But there is also a 5000Kč banknote circulating at 2.5 banknotes per capita.

The elimination of large amounts of physical currency will make exchanges between countries much easier, and it will make the transition to the Euro easier. But it will also make it much easier to stay out of the Euro.

Small countries like Greece can use the model to run parallel currency. I know the banknote companies are preparing to print physical drachmas again, but it seems unlikely.

[PacoMartin]

The size of the currencies (measured in euros) of the eight mentioned in my previous post are as follows.

Billions - Currency - Per Capita
31.33 € Polish złoty 813 €
26.30 € Romanian leu 1,317 €
16.90 € Czech koruna 1,607 €
11.90 € Hungarian forint 1,202 €
8.85 € Danish krone 1,576 €
8.56 € Swedish krona 893 €
8.24 € Croatian kuna 1,938 €
5.23 € Bulgarian lev 720 €
117.32 € Total 1,111 €

92.05 € British Pound 1,436 €

The British Pound Sterling is considerably more valuable than these other currencies. Sweden circulates an extremely low amount of currency per person (more in keeping in line with a much poorer country). Culturually they are extremely cash adversive society, relying on electronic transactions to a large extent. But even Sweden is issuing an entirely new set of banknotes and coins.

Bitcoins are worth about 3 billion € at the present time.

[PacoMartin]

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