South Korea quarantines and burn their cash due to Coronavirus

JoMarrah Iarim Dan

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Quote from: Alert31 on July 18, 2020, 10:59:08 AM

Money is the number one thing which susceptible to viruses and can pass to other people easily that's why maybe South Korea want to burn their money. But what happen to their economy and how they can make transaction or buy from the other country if they don't have fiat money anymore? I can't imagine a country without fiat money,if how they live and how they can get their necessities. Or everything will become free from their government. They are really rich country if ever.

That is also what I think. It is due to virus that is why they burned the money. On the other side, I think they will not burn the without considering all of the possible effects or problems that will arise. In that case, they will already make a countermeasure to it. This virus is truely a serious case and money is very prone to it. Maybe if they don't do that, they think that more lives will be in danger and the economy will continue to go to down.

Alert31

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Money is the number one thing which susceptible to viruses and can pass to other people easily that's why maybe South Korea want to burn their money. But what happen to their economy and how they can make transaction or buy from the other country if they don't have fiat money anymore? I can't imagine a country without fiat money,if how they live and how they can get their necessities. Or everything will become free from their government. They are really rich country if ever.

AniviaBtc

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Quote from: shoreno on July 16, 2020, 02:35:11 AM

Quote from: The cure on July 16, 2020, 02:02:13 AM

Maybe they think in that way it will reduce the number of infected cases in their country, and I think it helped. Because we all know that money is one of the dirtiest things and can be the carrier of the said or any viruses. They just showed that human life is still more important than anything else.

thats sick . are they too bright to think of that idea and they are the only one that think of it because others dont burned down thier fiats but they can be able to control the virus. is south korea rich enough that they are only burning thier money ? . its funny and proudful at the same time because they represent the saying that money is not important . money is dirty because it circulates anywhere but like any other things money can be dis infected too with some of the know methods that i saw online. no need to burn it

It was really much better if the government is responsible for doing that. After a person deposits his money into the bank, then his savings should be in a digital form, so that the paper money can be burned without wasting it. You just waste the material but not the value of it.

In that case, they should engage in a more technological market where they will perform transactions using only digital money.

That should be their approach towards this Covid-19 pandemic, instead of paper money, they should allow the regulation of only digital money, so that cryptocurrency can be also promoted in their country.

KnightElite

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Quote from: Casdinyard on July 16, 2020, 06:29:07 PM

It was really a serious matter for South Korea to make such a big move of burning some of their cash to somehow create a way to stop the virus because it is said that virus can be transferred by physical contact which includes passing of paper money. For some or many it would look a bad idea to burn money since base on what I know, paper money is a national property and it is illegal to burn out money unless it is an old design or those are fake or needed to be phase out. But since it is for their citizens safety, it is reasonable to do such act.

It just shows that the government have a really great concern on its people that it even sacrifices their paper money just to somehow lessen the spread of virus. But I think instead of doing that, there is still an alternative way like sanitizing your hands whenever you hold money which is a must thing to do because even without the virus, germs and bacteria are being carried out by paper money because it is being used and transferred from many hands of the public.

The government of South Korea is doing their job very well because they know that the virus can spread more through excessive cash flowing in their economy. I heard that most of the citizen of South Korea is now preferred to use digital payment system because they are aware that in this method, they can easily avoid another threat of the Covid 19. There are a lot of unique cases where they do not have close contact in any infected person but they got infected and many researchers have been identified that it is because of fiat money that been used by infected person.

Casdinyard

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It was really a serious matter for South Korea to make such a big move of burning some of their cash to somehow create a way to stop the virus because it is said that virus can be transferred by physical contact which includes passing of paper money. For some or many it would look a bad idea to burn money since base on what I know, paper money is a national property and it is illegal to burn out money unless it is an old design or those are fake or needed to be phase out. But since it is for their citizens safety, it is reasonable to do such act.

It just shows that the government have a really great concern on its people that it even sacrifices their paper money just to somehow lessen the spread of virus. But I think instead of doing that, there is still an alternative way like sanitizing your hands whenever you hold money which is a must thing to do because even without the virus, germs and bacteria are being carried out by paper money because it is being used and transferred from many hands of the public.

MCobian

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Bad idea carried out by the South Korean country by burning their cash due to Corona virus, it even makes it look more complicated.
In my opinion, the method is a bit excessive, there are still easier, simple and effective ways. Can be sprayed with disinfectant spray
for their cash, will kill all the bacteria in the cash. Much better than choosing to burn cash. Even though most Korean people the south
has high awareness, so the government shouldn't have to burn cash. It's enough to order the citizens of South Korea to spray it disinfectant
of all the money they have. Or the government directs its citizens to use more digital payments to conduct financial transactions. So it
can reduce the circulation of cash indirectly.

Kong Hey Pakboy

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Quote from: shoreno on July 16, 2020, 02:35:11 AM

Quote from: The cure on July 16, 2020, 02:02:13 AM

Maybe they think in that way it will reduce the number of infected cases in their country, and I think it helped. Because we all know that money is one of the dirtiest things and can be the carrier of the said or any viruses. They just showed that human life is still more important than anything else.

thats sick . are they too bright to think of that idea and they are the only one that think of it because others dont burned down thier fiats but they can be able to control the virus. is south korea rich enough that they are only burning thier money ? . its funny and proudful at the same time because they represent the saying that money is not important . money is dirty because it circulates anywhere but like any other things money can be dis infected too with some of the know methods that i saw online. no need to burn it

Indeed. I think it is inappropriate for South Korea to burn their cash or real money to prevent the massive cases of the coronavirus because they are not wealthy enough to do such a thing, and most countries affected by the pandemic are having trouble facing their economic problem. I think it is much better if they sanitize or disinfect their cash, instead of burning it down to ashes.

shoreno

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Quote from: The cure on July 16, 2020, 02:02:13 AM

Maybe they think in that way it will reduce the number of infected cases in their country, and I think it helped. Because we all know that money is one of the dirtiest things and can be the carrier of the said or any viruses. They just showed that human life is still more important than anything else.

thats sick . are they too bright to think of that idea and they are the only one that think of it because others dont burned down thier fiats but they can be able to control the virus. is south korea rich enough that they are only burning thier money ? . its funny and proudful at the same time because they represent the saying that money is not important . money is dirty because it circulates anywhere but like any other things money can be dis infected too with some of the know methods that i saw online. no need to burn it

The cure

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Maybe they think in that way it will reduce the number of infected cases in their country, and I think it helped. Because we all know that money is one of the dirtiest things and can be the carrier of the said or any viruses. They just showed that human life is still more important than anything else.

7788bitcoin

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Quote from: plvbob0070 on March 07, 2020, 10:02:27 AM

As for precaution by the local government of South Korea, its central bank Bank of Korea (BOK) had been quarantining its banknote for two weeks and even burned some of it to lessen the possibility of more outbreaks.

Why would they burn the currency if they can kill the virus before circulating, currency is not safe to handle during a pandemic but that does not mean that the central bank should burn the currencies when they can do things much safely to contain the virus.

Quote from: plvbob0070 on March 07, 2020, 10:02:27 AM

Paper money is one of the things we are always holding and it is also one of the things that has a lot of bacteria because money is being passed from one person to another. So when we hold money, always make sure to wash and clean your hands before touching your face to keep ourselves protected

I accept every bit of it as it is the most hygienic aspect as it is travelling long distance and who knows which patient is handling those notes before it reached you.

verita1

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South Korea is one of the countries that best contained the coronavirus. It is a country that has a great technological development and policies. They implemented rapid, aggressive and efficient prevention measures that are still being carried out to prevent the virus from dominating the country.
The Bank of Korea is giving blockchain technology a top priority and has announced a 10-year plan for its development. CBDC is coming soon.
I think that more countries should follow suit and immigrate to blockchain. It will not be easy for some countries but the attempt must be made.

https://beincrypto.com/south-koreas-central-bank-focuses-on-blockchain-and-cbdcs-in-new-ten-year-plan/

glowing10

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Quote from: palle11 on July 10, 2020, 06:59:03 AM

Quote from: Shasha80 on July 10, 2020, 04:07:43 AM

My suggestion is to start using digital currency to make payments, so you can prevent
the spread of the corona virus.

Covid-19 has made the world see one of the many advantages using digital currency but I think the time is not really ready for now in the use of bitcoin because of many issues from volatile to internet use and many country don't have good internet system.

The problem at this time is that not everyone is equipped to handle the digital currency in all countries as many countries are undecided and made completely legal. But after this pandemic we are clear that digital payment will eb the key in future and for this crypto will be playing a vital role to resolve this issue of paper money. Now how does government take this opportunity and ensure the smooth transition happens it will depend on it.

bits4books

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Quote from: rodskee on July 10, 2020, 07:18:00 AM

Quote from: bits4books on July 10, 2020, 02:16:22 AM

This makes sense, but the measures are still quite strange. Why not to just ban temporary the use of paper money? I am sure that South Korea has a sufficiently advanced banking, and that all people (the vast majority) can pay on the card/through the phone are contactless methods. Am i right?

I agree to that, and its doable as internet / mobile banking is not that hard anymore. The
government can easily cancel the used of paper money
It will help conserving the printed money instead of being burned it can be used after this
pandemic virus find the right vaccines.
Though we don't know what's behind this decision as ling as they are doing everything to
prevent the spread of this virus and
trying to conserve life to the extent of burning their cash / paper currency.

Yes, you do not even need to take and cancel paper money - this is quite a natural process for me. I don't remember the last time I held coins or bills in my hands - I even pay with a card or transfer to the seller's account at the weekend market or fairs.
You will see after another 15-20 years and the use of paper money in everyday life will cause the same perplexity as an attempt to pay with a watch for a purchase in a supermarket 5-6 years ago! I believe and hope so.

el kaka22

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Sure you can make it all digital, but remember the old people as well, they are not good with technology. It is really quite difficult to live after a certain age, and I am not saying difficult to manage digital payments, it is difficult to "live" after a while, they are just surviving rest of their days, I have a grandparent that is like that right now but she is lucky that my mother is taking care of them.

Hence, it is not really that easy to handle non-cash stuff, when you are saying stuff like "we should all be in crypto by now" you are forgetting that these people are also the same people that fail to withdraw cash from ATM's, so to expect them to use a mobile phone would be insane. It means burning cash is still valid as long as you print new ones on the same amount.

whyrqa

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Since the coronavirus bacteria die in the open air within a few hours, there is no point in taking any harsh measures against paper money. they can be taken and isolated for a while. But the procedures that the South Korean Central Bank conducts with its national currency have been carried out before. The central bank overcame the national currency at high temperatures and kept notes for a certain time at a temperature of 42 degrees, thus disinfecting paper money.

rodskee

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Quote from: bits4books on July 10, 2020, 02:16:22 AM

This makes sense, but the measures are still quite strange. Why not to just ban temporary the use of paper money? I am sure that South Korea has a sufficiently advanced banking, and that all people (the vast majority) can pay on the card/through the phone are contactless methods. Am i right?

I agree to that, and its doable as internet / mobile banking is not that hard anymore. The
government can easily cancel the used of paper money
It will help conserving the printed money instead of being burned it can be used after this
pandemic virus find the right vaccines.
Though we don't know what's behind this decision as ling as they are doing everything to
prevent the spread of this virus and
trying to conserve life to the extent of burning their cash / paper currency.

palle11

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Quote from: Shasha80 on July 10, 2020, 04:07:43 AM

My suggestion is to start using digital currency to make payments, so you can prevent
the spread of the corona virus.

Covid-19 has made the world see one of the many advantages using digital currency but I think the time is not really ready for now in the use of bitcoin because of many issues from volatile to internet use and many country don't have good internet system.

cabron

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Quote from: Zackgeno96 on July 10, 2020, 04:04:48 AM

Quote from: Ronaldcoin2017 on July 10, 2020, 12:18:08 AM

Well i see in the news that the virus will also scattered or pass one person to other because we are using physical money specially through coins it is more safe if we dont used money this time because of the virus, south korea is doing a good action to prevent virus to scattered that was their way of preventing or saving lives because if they still used fiat the virus will not gone easily.

I guess now it is the time to go cashless because then there would be many benefits of it other than preventing the spread of the coronavirus. For example Sweden is almost a cashless country with almost the entire population using either card to pay for their purchases or doing digital transactions with PayPal etc. So if every country would go cashless then I bet the spread of COVID and communicable diseases will drastically reduce. The step that South Korea has taken will benefit their country now and benefit the World in the future. In the past also a news article was there in which it was mentioned that China is washing its banknotes and disinfecting them but burning them is way cheaper.

Cashless is the way to go. Developed countries had already been cashless long before coronavirus started and so it will be the route to go for South Korea. As far as I know, China is already cashless society before coronavirus that is why they weren't also affected in the way how many countries that are not adopting cashless transaction. Only certain number of cities that are still using bank notes in China.

Shasha80

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I appreciate what the South Korean government and the Bank of Korea (BOK) have done by making their currency in high heat laundry process,
so that when it is released to the residents of South Korea it will not spread the corona virus. This is an idea that must be carried out by other
countries as well, especially for countries where the spread of the virus is high. And this is also the reason we have to reduce the use of paper
money, which is paper money very susceptible to bacteria. My suggestion is to start using digital currency to make payments, so you can prevent
the spread of the corona virus.

Zackgeno96

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Quote from: Ronaldcoin2017 on July 10, 2020, 12:18:08 AM

Well i see in the news that the virus will also scattered or pass one person to other because we are using physical money specially through coins it is more safe if we dont used money this time because of the virus, south korea is doing a good action to prevent virus to scattered that was their way of preventing or saving lives because if they still used fiat the virus will not gone easily.

I guess now it is the time to go cashless because then there would be many benefits of it other than preventing the spread of the coronavirus. For example Sweden is almost a cashless country with almost the entire population using either card to pay for their purchases or doing digital transactions with PayPal etc. So if every country would go cashless then I bet the spread of COVID and communicable diseases will drastically reduce. The step that South Korea has taken will benefit their country now and benefit the World in the future. In the past also a news article was there in which it was mentioned that China is washing its banknotes and disinfecting them but burning them is way cheaper.

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