As some of us have noticed, PICHARDO, a suspected DR government connection created to leak tidbits of information, posts on DR1. One topic, which seems quite humorous on the surface, is the imminent arrival of E-Currency in the DR where no cash changes hands ever. I do have a few questions on this topic that may or may not have been answered before. I am sure others will have questions, but here are some questions about issues I see coming here in the first country in the world to implement such a plan far ahead of its time. And they are important questions since I live here..
1) Since all hard cash will have to disappear for this to work, how will the small business people be able to accept E-currency? From the moto concho, Guaguas, public cars to the man selling produce from the back of the pick up truck?
2) This will put all of the money changers out of business since there will be no way to take US, Canadian dollars, Euros, checks, etc to a money exchanger to get the best rate on that money. The DR government will now be in the middle of all Forex exchanges as I see it. And that will mean a lower exchange rate because the government will have its hand in the till. Am I wrong?
3) Those of us that live here fully understand how dangerous and fool hardy it is to use out of county credit cards in the DR because of the extremely high rate of fraud in the central offices where the transactions are processed. After having problems twice here with credit card fraud I do not use my US based cards at all in the DR. How are tourists going to be affected when they cannot spend hard currency and they would be fool hardy to use their credit cards here?
4) PICHARDO mentioned that when the E-Currency system starts, that the DR pesos will no longer will be controlled the the DR government and will float to its own level (like 28 LOL , LOL, LOL). Why would anything change on how the government controls the FOREX rates just because everyone here has to use E-currency?
5) Pichardo also mentioned an "E-dollar" as part of the scheme. What does that mean?
1) Since all hard cash will have to disappear for this to work, how will the small business people be able to accept E-currency? From the moto concho, Guaguas, public cars to the man selling produce from the back of the pick up truck?
2) This will put all of the money changers out of business since there will be no way to take US, Canadian dollars, Euros, checks, etc to a money exchanger to get the best rate on that money. The DR government will now be in the middle of all Forex exchanges as I see it. And that will mean a lower exchange rate because the government will have its hand in the till. Am I wrong?
3) Those of us that live here fully understand how dangerous and fool hardy it is to use out of county credit cards in the DR because of the extremely high rate of fraud in the central offices where the transactions are processed. After having problems twice here with credit card fraud I do not use my US based cards at all in the DR. How are tourists going to be affected when they cannot spend hard currency and they would be fool hardy to use their credit cards here?
4) PICHARDO mentioned that when the E-Currency system starts, that the DR pesos will no longer will be controlled the the DR government and will float to its own level (like 28 LOL , LOL, LOL). Why would anything change on how the government controls the FOREX rates just because everyone here has to use E-currency?
5) Pichardo also mentioned an "E-dollar" as part of the scheme. What does that mean?
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