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Why $1.5 Trillion In $100 Bills Have Disappeared
Why $1.5 Trillion In $100 Bills Have Disappeared
"The world's growing appetite for physical assets such as paper dollars and gold, coupled with the continued interest in cryptocurrencies and other traditional currency alternatives, merely confirms that faith in artificially levitated markets is approaching a tipping point. Meanwhile the world's "top 0.001%ers" continue to quietly cash out, literally, and put their Benjamins in secret vaults in the middle of somewhere, even as central banks do everything in their power to reduce the amount of physical currency in circulation and replace it with easily trackable digital alternatives."
#Fintech#CryptoAssets#CBDC#Cash#DFC
·zerohedge.com·
Why $1.5 Trillion In $100 Bills Have Disappeared
Japan's quest for cashless payments
Japan's quest for cashless payments
"Decades of consumer habit and resistance from retailers, say banking and fintech analysts, are proving hard to dislodge from a society that is used to paying in cash, enjoys the anonymity that comes with it and generally feels safe enough carrying around large sums. "
#Fintech#CryptoAssets#CBDC#Cash#DFC
·ft.com·
Japan's quest for cashless payments
NYC Moves to Ban Cashless Stores in Blow to Visa, Mastercard
NYC Moves to Ban Cashless Stores in Blow to Visa, Mastercard
New York City is joining San Francisco and Philadelphia in banning stores and restaurants from rejecting cash as a form of payment. The city council approved a bill by a vote of 43-3 Thursday that prohibits the practice and and prevents New York City retailers from charging customers who pay with cash more than those who don’t. Violators could face penalties of as much as $1,500.
#Fintech#Cash#CBDC#PaymentSystems#DFC
·bloomberg.com·
NYC Moves to Ban Cashless Stores in Blow to Visa, Mastercard
China Is Scrubbing Cash Notes to Stop Virus Spreading
China Is Scrubbing Cash Notes to Stop Virus Spreading
The People’s Bank of China has ordered commercial banks to take used bank notes out of circulation and disinfect them to fight the spread of COVID19. The disinfected fiat cash will also need to be kept in quarantine for a period of 7 to 14 days before it can be reintroduced to the public.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·xinhuanet.com·
China Is Scrubbing Cash Notes to Stop Virus Spreading
Digital Tipping: The Way of the Future for Service Workers
Digital Tipping: The Way of the Future for Service Workers
In the ever evolving financial world, cash is becoming used increasingly less often by customers. This is especially true in the service industry. Cards are becoming king when paying and this includes tipping. Pre-paid cards can be a great way to pay out tips to service industry workers in real time and for immediate access.
#Cash#PaymentSystems#Fintech#CryptoAssets#CBDC#DFC
·finextra.com·
Digital Tipping: The Way of the Future for Service Workers
Central Bank of Kenya Announces Emergency Measures to Facilitate Mobile Money Transactions
Central Bank of Kenya Announces Emergency Measures to Facilitate Mobile Money Transactions
The Central Bank of Kenya announced measures that will facilitate increased use of mobile money transactions instead of cash. While the immediate objective is to reduce the risk of transmission of COVID-19 by handling banknotes, this will also reduce the use of cash in the economy over the medium term. The current AML/CFT frameworks will continue to apply and CBK will closely monitor the implementation of these emergency measures.
#Fintech#CBDC#Cash#MobileMoney#DFC
·centralbank.go.ke·
Central Bank of Kenya Announces Emergency Measures to Facilitate Mobile Money Transactions
Bank of Uganda Encourages Banks and Telcos to Go Cashless
Bank of Uganda Encourages Banks and Telcos to Go Cashless
The Bank of Uganda is encouraging banks and mobile network operators to further reduce fees on mobile money transactions and other digital payment charges to limit the use of cash and bank branch visits, increase daily transaction and wallet size limits for mobile money transactions, to make the cost of money for the business community and commercial banks low.
#Fintech#MobileMoney#CBDC#Cash#DFC
·bou.or.ug·
Bank of Uganda Encourages Banks and Telcos to Go Cashless
Sweden’s cashless society dream isn’t all it’s cracked up to be
Sweden’s cashless society dream isn’t all it’s cracked up to be
There’s a small segment of Swedish society for which digital payment technology doesn't work. That segment includes people on low incomes, who feel cash gives them greater control, enabling them to prevent their remaining money being eaten by direct debits. For people living in rural areas, often the infrastructure doesn’t exist to rely on digital payments. And charities report how cash enables people who experience domestic abuse to hide money away if their abuser has taken control of their bank account.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·wired.co.uk·
Sweden’s cashless society dream isn’t all it’s cracked up to be
Moneyness: Paying interest on cash
Moneyness: Paying interest on cash
JP Koning discusses the idea of paying interest on cash, and explores three ways of doing this. The first way is to use stamping, but this means that banknotes are no longer fungible. The second way is for the central bank to sever the traditional 1:1 peg between deposit money and cash, and have cash slowly appreciate in value relative to deposits, but this imposes a calculational burden on merchants and users. Plus there may be taxation issues. The third way is to run lotteries based on banknote serial numbers, an idea proposed by Hu McCulloch and Charles Goodhart back in 1986, but it introduces the threat of bank runs (the day before the big lottery is set to occur, everyone will withdraw deposits for cash so that they can compete in the draw). JP also discusses Gesell's "shrinking money" which has recently been proposed in a Celo C-Lab paper.
#Fintech#CBDC#Cash#DFC
·jpkoning.blogspot.com·
Moneyness: Paying interest on cash
Consumer Payment Behavior in Australia
Consumer Payment Behavior in Australia
The Reserve Bank of Australia's 2019 Consumer Payments Survey provided further evidence that Australian consumers are increasingly preferring to use electronic payment methods. Many people now tap their cards, or sometimes phones, for small purchases rather than paying in cash. Consumers also have an increasing range of options available for making everyday payments. Despite this, cash still accounts for a significant share of lower-value payments and a material proportion of the population continues to make many of their payments in cash.
#Fintech#CBDC#Cash#DFC
·rba.gov.au·
Consumer Payment Behavior in Australia
The true cost of killing off cash
The true cost of killing off cash
Cash use is in decline, a trend that has been accelerated by the coronavirus pandemic. Advocates for physical cash argue that the demise of physical cash risks leaving vulnerable members of the population behind. A University London College study suggests that CBDCs will need to replicate the privacy and anonymity of physical cash to achieve widespread acceptance. It argues that CBDCs incorporating privacy by design will be seen as more free and business-friendly than those that rely upon data protection by third parties.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·decrypt.co·
The true cost of killing off cash
Coronavirus panic fuels a surge in cash demand
Coronavirus panic fuels a surge in cash demand
Covid-19 has led to banknote hoarding in Australia, Brazil, Canada, the eurozone, Russia and the US, fuelled by concerns about financial system stress, according to analysis by Jonathan Ashworth and Charles Goodhart. The data suggests that cash in circulation has surged in a number of countries affected by the coronavirus. Even after the initial March jumps in some countries, subsequent gains have been quite large. The rise likely reflects the use of cash for one of its other traditional functions – panic-driven hoarding.
#Fintech#CBDC#Cash#DFC
·centralbanking.com·
Coronavirus panic fuels a surge in cash demand
The comfort of cash in a time of coronavirus
The comfort of cash in a time of coronavirus
Americans are using less cash but they are holding more, which presents a challenge for the Federal Reserve and other central banks around the world. They have to maintain a vast network of secure printers and depots to deliver cash to where it is needed. As people use less cash, each piece of this infrastructure becomes more expensive to operate. But central banks will not be able to wind it down completely, for two reasons. First, the poor are more likely to still use cash, exacerbating the “digital divide”. And second, in a crisis, everyone wants a fistful of dollars.
#Fintech#CryptoAssets#CBDC#Cash#MobileMoney#ContactLessPayment#Pandemic#DFC
·ft.com·
The comfort of cash in a time of coronavirus
Cash, Legal Tender and the Future of Euro Banknotes
Cash, Legal Tender and the Future of Euro Banknotes
A case currently being heard in Europe’s top court could have a major bearing on the future of banknotes in the region. The case asks the court to define the term ‘legal tender’. The judgement will be delivered in the Autumn. The hearings relate to a legal challenge against the Hessischer Rundfunk, the German public broadcaster, which is accused of not accepting payments for an obligatory fee in euro cash. The plaintiffs argue that this refusal is in violation of the status of euro banknotes and coins as legal tender. A final ruling on the case is expected in the autumn.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·cashpaymentnews.com·
Cash, Legal Tender and the Future of Euro Banknotes
Life in World Without Cash: Sweden Shows Risks for Cashless, Card Payment Future
Life in World Without Cash: Sweden Shows Risks for Cashless, Card Payment Future
One of the last bastions of cash, kids’ pocket money, is dying out in Sweden. Only 16% of Swedish children get regular allowances in the form of actual bank notes and coins. Svenska Handelsbanken AB, Sweden’s biggest lender, has introduced a digital piggy bank to help kids manage their pocket money via their mobile phones. Sweden’s next generation may not even know what a real piggy bank is, consigning the once-ubiquitous savings vessel popularized by storyteller Hans Christian Andersen to the history books, alongside rotary phones and floppy disks.
#Fintech#CryptoAssets#CBDC#Cash#ContactLessPayment#DFC
·bloomberg.com·
Life in World Without Cash: Sweden Shows Risks for Cashless, Card Payment Future
Covid-19 may survive 28 days on banknotes and payment cards
Covid-19 may survive 28 days on banknotes and payment cards
Researchers at Commonwealth Scientific and Industrial Research Organisation, Australia's national science agency, have found that SARS-CoV-2, the virus responsible for COVID-19, can survive for up to 28 days on common surfaces including banknotes, glass – such as that found on mobile phone screens - and stainless steel. However, the virus tends to survive longer on paper banknotes rather than polymer ones.
#Fintech#CryptoAssets#CBDC#Cash#ContactLessPayment#DFC
·csiro.au·
Covid-19 may survive 28 days on banknotes and payment cards
HSBC installs contactless poppy boxes across Canadian branch network
HSBC installs contactless poppy boxes across Canadian branch network
Another chapter in the death of physical cash... "HSBC is to install contactless donation boxes in all of its 250 bank branches across Canada to honour veterans in the run up to Remembrance Day. The Pay Tribute Poppy Box enables HSBC customers to tap their card of phone against a glowing poppy motif to make a $2 donation and take a badge to pin to their lapel."
#Fintech#Cash#CBDC#DFC
·finextra.com·
HSBC installs contactless poppy boxes across Canadian branch network
Cash in the time of Covid
Cash in the time of Covid
In the United Kingdom during the Covid-19 pandemic the way people use cash has changed, with less being used for transactions. However, the total value of banknotes in circulation has increased as people appear to choose to hold more cash. These trends have persisted for a number of years, but have been magnified by the pandemic. People seem to be holding more cash for contingency reasons, in line with cash’s established role as an emergency means of payment. Also, cash use — particularly in non-retail environments — may have recovered as lockdown measures eased and economic activity picked up, but cash is taking longer to be deposited.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·bankofengland.co.uk·
Cash in the time of Covid
For Money Burners and Other Destroyers of Currency
For Money Burners and Other Destroyers of Currency
I run into some very interesting people on Twitter. For example, in a discussion on cash-like features of CBDC I came across a group that advocates money burning as a kind of religious/sacrifice thing. They think it's important that digital currency holders have the right to "burn" it. They even submitted an official response to this effect to the BoE CBDC consultation. https://docs.google.com/document/d/1v7v3FQbCkDMGUKc8aZg1ylDwHz7v1HnOI0CvtJ9ndiM/edit
#Fintech#CryptoAssets#CBDC#Cash#DFC
·burnyourmoney.org·
For Money Burners and Other Destroyers of Currency
Losing Contact: The Impact of Contactless Payments on Cash Usage
Losing Contact: The Impact of Contactless Payments on Cash Usage
This study investigates whether contactless credit cards are an important contributor to the decline in cash transactions, based on Canadian panel data from 2010 to 2017. It shows that unobserved factors influence cash use, and these must be controlled for when estimating the impact of contactless credit cards on cash use. It also shows the different effects that contactless credit cards have on the choice to pay with cash (the extensive margin) and on how much cash is used (the intensive margin). The study finds that the use of contactless credit cards negatively influences how much cash is spent but not whether to pay in cash. Overall, the impact of contactless credit cards on the transactional demand for cash in Canada is small over the 2010–17 period, at about 3 percent. These results are in line with previous findings for Canada and elsewhere.
#Fintech#CBDC#Cash#ContactLessPayment#DFC
·bankofcanada.ca·
Losing Contact: The Impact of Contactless Payments on Cash Usage
Don’t Bank on Covid-19 Killing Off Cash Just Yet
Don’t Bank on Covid-19 Killing Off Cash Just Yet
The U.S. is unlikely to allow most businesses to abandon cash payments because of concerns about consumers lacking access to or familiarity with digital payment methods. These include senior citizens, undocumented immigrants, people who can’t qualify for credit cards or afford smartphones, and the millions of households that lack bank accounts. New York City, Philadelphia, New Jersey and San Francisco have passed legislation requiring most stores and restaurants to accept cash. Meanwhile, people still like to have physical dollars and cents. Although people in the U.S. were using cash less in transactions, they were holding more of it as a store of value, a May Fed survey found.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·wsj.com·
Don’t Bank on Covid-19 Killing Off Cash Just Yet
Cash and COVID-19: The Effects of Lifting Containment Measures on Cash Demand and Use
Cash and COVID-19: The Effects of Lifting Containment Measures on Cash Demand and Use
More than half of Canadians surveyed in July 2020 used cash as a form of payment, which was somewhat less than the proportion using debit and credit methods. So while electronic methods continued to dominate, a large percentage of Canadians also used cash for payments, and that share increased from the spring into the summer. A large majority of Canadians continue to report that they have no plans to go cashless in the next five years.
#Fintech#Cash#CBDC#DFC
·bankofcanada.ca·
Cash and COVID-19: The Effects of Lifting Containment Measures on Cash Demand and Use
The paradox of banknotes: Understanding the demand for cash beyond transactional use
The paradox of banknotes: Understanding the demand for cash beyond transactional use
Recent payment surveys indicate that the share of cash transactions in the euro area has decreased. This, together with ongoing digitalisation in retail payments, might have been expected to lead to a decrease in the demand for cash. However, this reduction in demand has not occurred. In fact, the number of euro banknotes in circulation has increased since 2007. This seemingly counterintuitive "banknote paradox" can be explained by demand for banknotes as a store of value in the euro area coupled with demand for euro banknotes outside the euro area.
#Fintech#Cash#CBDC#DFC
·ecb.europa.eu·
The paradox of banknotes: Understanding the demand for cash beyond transactional use
A nickel is worth more than a nickel
A nickel is worth more than a nickel
"Having just emerged from the fiasco of last year's coin shortage (which I wrote about here and here), the U.S. Mint has a new problem on its hands. The melt value of the nickel, or five cent coin, has suddenly moved higher than the coin's face value."
#Fintech#Cash#CBDC#DFC
·jpkoning.blogspot.com·
A nickel is worth more than a nickel
Franklin Noll: Hybrid Banknotes Can Bridge Cash and Crypto
Franklin Noll: Hybrid Banknotes Can Bridge Cash and Crypto
It seems only logical that an ideal payment instrument would combine the advantages of banknotes and digital currencies. A hybrid banknote would use a universally accepted and robust payment technology – cash – to deliver the cutting-edge benefits of digital money. A hybrid banknote – for instance, a bill with a chip embedded – could routinely function as a banknote does currently, but have the ability to access an electronic network to transfer value.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·coindesk.com·
Franklin Noll: Hybrid Banknotes Can Bridge Cash and Crypto