Millions more Americans posted unemployment status last week, but does that mean anything for Bitcoin?
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.
BIS Innovation Hub head asserted the decline of cash use amid the pandemic has renewed the pertinence of bank-issued digital currencies.5259
Square has launched an online portal allowing U.S. citizens to divert their stimulus payments to its Bitcoin-friendly Cash App.10215
Hedge fund manager, Ray Dalio, described the reasons cash is a poor investment, but failed to mention Bitcoin as a viable alternative.12797
As the pandemic challenges the global economy and forces people to abandon cash, a CBDC might be the right tool to fix the financial system.4016
Amid growing concerns regarding the transmission of COVID-19, the Bank of International Settlements is pushing for digital currencies.8131
The CBDC race has long been on, and some countries might finish sooner rather than later.3138
Multi platinum-selling artist Akon will launch his Akoin cryptocurrency on the Stellar network.4623
Elon Musk finally revealed his nuanced stance on cryptocurrencies, saying that they could be a valid replacement to cash and its usage in illegal transactions.36940
The People's Bank of China will pilot a restriction on large-scale cash transactions in three different regions, possibly paving the way for its upcoming digital currency.2899
All 7-Eleven stores across the Philippines will sell cryptocurrency for cash thanks to a partnership between crypto investment app Abra and payment processor ECPay.18531
A Treasury document outlines exclusions to a $10,000 payment limit, which may come into force in January 2020.7081
Oxfam issued tap-and-pay cards loaded with $50 worth of DAI to 200 Vanuatu citizens to use via Sempo’s payment platform, following six weeks of direct consultation with villagers.5704
Findings from the Congressional Research Service coincided with a senator’s call to ban cryptocurrency outright.7573
Cryptocurrencies have challenges in becoming a major force in the world’s economy, but looking at history, almost every advancement has had similar issues.6148