Can A Country Print Money By Herself? And, What's The Implications
Yes! A country can decide to print its money by herself, but with condition to have every facilities required such as special registed Ink, the high-end printer, specified paper, and some related policy to back the operation up.
But, there should be regulation on limitation and accessibility of it by the people. We must firstly understand that the more money printed and push to the people by a nation, the more devaluating the money becomes economically, leading to increase in the cost of living. This is what is known as INFLATION
A country that would be printing money by herself would not allow the old currency in circulation. There would be limitation of withdrawal of cash, rather, transaction through transfer or wiring shall be adopted especially with possibility of wide range electronic means.
I want to believe a similar scenario is what Nigerian are presently experiencing. The citizens though are unprepared for it or not well informed about it, but the Government is already on this pathway.
Some millionaires believe they could still have that chances of hoarding the monies in their possessions as usually does, but as time goes on, with constant changing of banknotes, the new policy of cashless shall be maintain and it would be enforced and bond on everyone.
The new policy is a new normal that could be used in curbing corrupt practices, such as bribery, embezzlement, theft, ransom, and other fraudulence activities that's usually blocked sources or destination of certain expenses to mention but few.
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