Ammi
05-01-2013, 08:28 AM
The Vatican is going cash only, with credit cards and debit cards no longer working in the micro-state.
But the move has nothing to do with throwing money lenders from the Temple or concerns about usury. It was Italy that blocked the use of debit and credit cards in the Vatican, because its central bank doesn’t trust the city state.
"The Bank of Italy could not give the authorisation because the Vatican, apart from not respecting money laundering regulation, did not have the legal prerequisites. That is, it lacked banking and financial legislation and proper supervision," a source told Reuters.
And this could be a problem for the Pontiff’s finances. The sale of postage stamps, memorabilia and admission tickets to the Vatican Museums, home to art treasures including Michelangelo's Sistine Chapel, constitutes the Holy See's main source of income apart from donations and investments.
In 2011, 5 million museum visitors brought in 91.3 million euros according to the city state's annual financial report, in which it posted its worst budget deficit in more than a decade. The report did not state what percentage income came through card payments
Full story: http://uk.finance.yahoo.com/news/the-vatican-no-longer-accepts-credit-or-debit-cards-091430579.html
But the move has nothing to do with throwing money lenders from the Temple or concerns about usury. It was Italy that blocked the use of debit and credit cards in the Vatican, because its central bank doesn’t trust the city state.
"The Bank of Italy could not give the authorisation because the Vatican, apart from not respecting money laundering regulation, did not have the legal prerequisites. That is, it lacked banking and financial legislation and proper supervision," a source told Reuters.
And this could be a problem for the Pontiff’s finances. The sale of postage stamps, memorabilia and admission tickets to the Vatican Museums, home to art treasures including Michelangelo's Sistine Chapel, constitutes the Holy See's main source of income apart from donations and investments.
In 2011, 5 million museum visitors brought in 91.3 million euros according to the city state's annual financial report, in which it posted its worst budget deficit in more than a decade. The report did not state what percentage income came through card payments
Full story: http://uk.finance.yahoo.com/news/the-vatican-no-longer-accepts-credit-or-debit-cards-091430579.html