Posted on 10/19/2010 8:32:38 PM PDT by Army Air Corps
The Dong A Commercial Joint Stock Bank inaugurated its first automated teller machine (ATM) specifically for selling gold at its Tran Phu branch in district 5, Ho Chi Minh City.
Tran Phuong Binh, General Director of the bank, said this ATM is the first of its kind in Vietnam and the second in the world;. the other one is in Dubai.
Banks will issue buyers a card and, when they decide to make a purchase, they will pay using their cards, not cash. Prices will be updated at the ATM on a real-time basis.
Dong A bank currently has almost 5 million customers and a nationwide network of more than 200 branches and transaction offices plus around 1,300 ATMs.
It plans to manufacture and install 50 Gold ATMs by the end of 2011.
Thats one way back to a gold standard.
I am curious if the card the bank issues is only good for the Gold ATM machines. If so, I am curious about any associated fees.
I am actually more curious about what coins they are using and what if any possibility of counterfeit exists in their scheme.
I sometimes wonder if good Communists such as Ho Chi Minh and Mao Tse Tung are turning in their graves as their countries keep introducing aspects of capitalism into their economies.
Nice. A machine that will give you gold when you stick in your dong.
The machine likely dispenses taels of gold. Viet Nam does make gold coins, though.
You could connect them to generators and power the country.
Ping.
Ping.
Unreal. And and my Dad who died in 1973 was bombing Hanoi the year before.
Unreal indeed. Also, this is in Sai Gon, which is still quite a bit different from Ha Noi. Do you mind my asking what your father flew?
He was Nav officer on BUFFs.
A friend of mine has just received orders to be a Nav officer on BUFFs.
Saigon...?
Yes, Sai Gon.
Amazing that these aircraft have lasted so long. The "youngest" planes date from 1962 (I was born in '63.)I think your friend is going to be in a crew of four. Back in my father's day it was a nine or ten man crew.
If you can buy it, someone must be willing to sell it. Why is anyone willing to sell gold for “worthless” paper money?
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