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| China-Japan-Koreas |
| Introducing The KCNA Credit Card |
| 2005-09-22 |
| Via Drudge... North Korea has introduced its first credit card to "modernize its settlement business." Yup, that'll fix it... Pyongyang-based North East Asia Bank of the Democratic People's Republic of Korea introduced an IC (integrated circuit) credit card, the state-run Korea Central News Agency reported Sept. 16. Wow! A chip on a card, how revolutionary! "The IC card ensures the safety of the data registered in it. And it is impossible to counterfeit it so as to prevent money from being lost," KCNA said. Yeah, like some hacker won't take more than a few hours to get around it... "Six kinds of currencies can be deposited in a card at a time. With this card, one can exchange money instantly without going to a money exchange booth," KCNA said. “A card can be shared by several persons (family members, relatives, friends, etc.)." The news agency also said the new service by North East Asia Bank has been "greatly" welcomed by North Korean consumers. That's exactly what I do with my credit cards - share it with the family! Spread the wealth, comrades! South Korean officials said the card would only deliver cash in local Won currency. "It seems to resemble an ATM-debit card, and could not be used beyond the borders of North Korea," an official said. Thus redefining the concept of useless. North Korea introduced some market elements into its economy in July 2002, phasing out a decades-old food rationing and public distribution system Shall I be so rude as to ask: shattered by whom? Under the reform package, called "July 1 Economic Management Improvement Measures," North Korea has also allowed prices and exchange rates to float and has permitted individuals and corporations to operate limited for-profit businesses. As in limiting profit? But the communist North is facing negative fallout from the reforms, including a high inflation rate caused primarily by short supplies of goods, South Korean officials said. Like it's gonna get worse? |
| Posted by:Raj |
| #1 LOL the slogan can be: Leave home without it, because nobody will accept it! Wonder what the finance charges are on a commie credit card? Or do they just let it ride in the name of world socialism? |
| Posted by: Cyber Sarge 2005-09-22 16:02 |