@Bjorn 15 April 2021 edited more from that month

Possible Solution to prevent Coronavirus outspreading - Digital Currency In my previous post, I tackle countries that are developing a digital currency to be used by their people. China is currently on trial about the use of the digital yuan. Although it has not been officially released yet, the testing has already been rolled out to four Cities including Shenzhen. Parallel to this, The **Republic of the Philippines** is on its way to making the mode of payment using the current technology in the next three years.  According to Bangko Sentral ng Pilipinas (**BSP**) Governor **Benjamin Diokno**, the Philippines will be a “**coinless society**” by **2025**.

**Objectives of a coinless society** Building up customers choices for digital transactions Allocate the unprecedented digital financial products and service for the needs of consumers Entitle every citizen of digital ID back up with next-generation payment for ease of transactions.  The coinless society has been argued for a while and the Coronavirus surge has accelerated the debate.  BSP Governor Diokno is very *optimistic* about this. I think the major objective now is to *control the spread of Coronavirus* or similar contagious diseases. Thus less contact of payment transactions. *Image source* https://twitter.com/gmanews/status/1324621684398149633?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1324621684398149633%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.gmanetwork.com%2Fnews%2Fnews%2Fnation%2F763060%2Fdiokno-shows-sample-of-nat-l-id-card-says-bsp-can-print-154k-a-day%2Fstory%2F

The Process **BSP** is responsible for printing the national **ID** with a QR code printed at the back. Having a QR code (**Quick Response Code**) will facilitate the mode of payments and other transactions because it is easier to just scan the code than by digging in your pocket for those heavy coins and bacteria-contained bills. Other than that, the ID will contain a person's *critical information* like account name and account number. So this ID is more important, similar to your passport. **Early Cashless Transaction**

The  **LRT/MRT** has been using this cashless transaction in the previous years. The *beep card* was utilized for riding these trains. You can purchase a pre-loaded card if you don’t want to fall in a long line in cashers before riding the train. It is also reloadable of stored value. Eventually, other modes of transportations like buses started accepting fare payments with Beep cards. **Are the people ready for this?** According to a survey from British market research firm YouGov, more Filipinos are willing to accept this coinless society. Out of 1,102 individuals, 52% said they are in favor of shifting to digitalize the mode of payment in the country.   **The GMA network news asks opinions about this elimination of coins to random citizens.** The responses were remarkable. Some citizens disagree particularly with those in small businesses whose main transactions use small amounts of money, coins primarily, like the *sari-sari stores*, *vegetable* *vendors,* and other *street vendors*.  https://www.youtube.com/watch?v=VpjqvMzC7Jk **Their concern was how they will utilize this if the customer purchase needs a small amount of change. Another main concern was that not all people were given the privilege of education and they are ignorant of this QR code thing.** **Some also said that it is time for a change and the world is becoming digitalized moving forward so it is ok to adopt this coinless society.** ━━━━━━━━┓ ✠ ┏━━━━━━━━ **My own thoughts** As per analyzing the situation from my own perspective, this idea of cashless transactions is beneficial to all. For the purpose of health security, it is better to adopt this idea because the attempt to resolve the current health risk is still unsure. Worse was that it brings worries to the people particularly to vaccination. We can not blame the people for doubting this when they saw the news about people dying after being vaccinated. Much worse was that people are spreading fakes news on socials.  It appears that *mass adoption* will be quite hard for these people. But in due time they will accept it. Lack of education could not be a reason to stop this change in digital currency. If they can learn how to create an account on Facebook or Tiktok then I can see no reason for them to learn the concept of QR code as a mode of payment and other transactions. Thanks for reading. Ciao! **You may want to check my previous post:** **A Digital Currency Controlled by Central Bank** https://read.cash/@Bjorn/a-digital-currency-controlled-by-central-bank-64ea3490 **Bitcoin Cash: Financial Stress Reliever** https://read.cash/@Bjorn/bitcoin-cash-financial-stress-reliever-0e6aa167 **Aspiring Bloggers: Let's Talk About Writing** https://read.cash/@Bjorn/aspiring-bloggers-lets-talk-about-writing-168c88fa **Resources:** ****Central Bank Chief Sees Coinless Society**** https://www.manilatimes.net/2021/01/14/news/national/central-bank-chief-sees-coinless-society/827535/ ****Beep Card**** https://www.beeptopay.com/home/index.html ****More Filipinos Open to Cashless Society**** https://www.bworldonline.com/study-finds-more-filipinos-open-to-a-cashless-society-as-e-payments-rise/ ****National ID Card Sample**** https://www.gmanetwork.com/news/news/nation/763060/diokno-shows-sample-of-nat-l-id-card-says-bsp-can-print-154k-a-day/story/ ****Ph On Coinless Society by 2025**** https://www.gmanetwork.com/news/money/economy/771576/bsp-governor-says-philippines-will-be-coinless-society-by-2025/story/