The Republic of Ireland has launched a new national policy to end the practice of exchanging bracelets for the cash.
The policy, which was announced on Wednesday, was aimed at ending the practice that has seen thousands of Irishmen and women turn to cash, which in turn is used to buy gifts and goods.
“The policy is a new step in a process to address the problem of cash,” said Frances O’Donnell, the deputy chief of the Public Accounts Committee of the Irish Parliament.
“We have been making progress on this policy and the new policy is an important step forward.”
The policy includes a new “friendship bracelet” system, whereby the holder of a bracelet will be able to request to exchange a gift or other goods with a member of the local community.
The bracelets will be sent to a number of local businesses, including bakeries, cafes, pubs, theatres and pubs.
The policy was first announced in February this year.
The Republic has previously introduced similar policies to stop the practice from happening.
In a statement issued in January, the Republic said it would be “a step forward” in the fight against “unnecessary cash and gift exchange”.
The Republic’s move comes after Ireland’s Finance Minister Brendan Howlin said the country would be able “to introduce a similar policy” if it is successful.
The Irish Times understands the policy will be rolled out across the country over the next three months.