Widening economic inequality is a global issue, but this crypto app aims to deliver fairer outcomes for consumers while they shop.
Economists define cash as a physical form of money, such as banknotes and coins. Bookkeepers and financiers explain cash money as a current asset, including currency or its equivalent, that can be accessed immediately. Cash existed in the form of coins until Venetian merchants started using the first banknotes in the early Middle Ages. Today, most cash is being replaced by digital money, which has become the largest share of the total money supply. While cash is not useful for remote payments and is not as fast as digital currency, it is very convenient for private and secure transactions — though this is gradually being replaced with cryptocurrencies. In 2016, 1 out of 7 people in the UK were reportedly no longer using cash, which may indicate the possible existence of a cashless society in the near future — proposals of which are coming from around the world.
The Agricultural Bank of China previously debuted digital yuan ATMs this January.2927
It will take some time for consumers to warm up to crypto, but education is the key to its mass adoption.11304
While CBDCs could help central banks address the decline in cash payments, some risk factors remain.9386
The ECB will decide whether to proceed with digital euro pilots by mid-2021, Lagarde said.6509
Kraken Bitcoin strategist Pierre Rochard debates professor of computer science Jorge Stolfi on whether Bitcoin meets the definition of a Ponzi scheme.30970
"This was not Cash App’s decision — we disagree with this move wholeheartedly," tweeted the service.7368
The Ethereum co-founder believes that CBDCs are good for macroeconomics, but there are also certain challenges.7718
The decision on how to launch a digital euro could still be a long time coming.4544
BIS Innovation Hub head Benoît Cœuré stressed the importance of maintaining multiple payment options beyond just CBDCs.7455
LibertyX wants to provide instant Bitcoin cashouts as the token hits new 2020 highs.5752
Abra's CEO purportedly increased his holdings prior to Bitcoin touching new 2020 highs.11400
Important questions about CBDCs remain unanswered for the Kiwis' central bank.9139
Russia’s central bank says that the digital ruble can be an “additional form of money alongside cash and non-cash.”8060
Cryptocurrency may emerge as a more widely adopted means of exchange as consumers grow increasingly comfortable with cashless transactions.25538