The move comes as Australians continue to reduce their usage of cash and bank branches, but has sparked fears that the death of cash is near.
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 acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation.16410
In recent months, four countries that had previously initiated major CBDC pilot programs have scrapped their adoption plans altogether.3940
At this point, the test network for the Norwegian CBDC uses not the public Ethereum ecosystem, but a private version of the enterprise blockchain Hyperledger Besu.8331
Cash and hawala remain the “predominant methods of terror financing,” according to a UN official. However, “advanced” terror organizations are turning to cryptocurrencies.3944
Celsius Network has been heading down a slippery slope since it filed for bankruptcy in July.3175
A new campaign has been launched to show off the features of this crypto ATM — and the company behind it has global ambitions.5028
A finance professor is skeptical about Bitcoin's design but is still very much involved in crypto research and is bullish about the future of digital assets.2962
While cash is associated with more anonymity, it’s still less mobile and easy to use in large amounts than a digital currency, China’s CBDC project lead Mu Changchun said.2119
Hint: Many altcoins—not just LUNA—are down over 80% from their all-time highs in 2022.7489
From fiat banknotes to fractional reserve banking, the notion of what constitutes money in the U.S. has changed over time. But is the time right for e-cash?3523
The investment follows a May 2021 partnership between the two firms aimed at expanding access to crypto-fiat exchanges.4574
The Bank of Russia remains skeptical on crypto despite the Russian president viewing it as a potential unit of account.10421
The central bank of New Zealand has outlined the major benefits of CBDC designs based on blockchain technology.6539
The Nasdaq-listed company recently announced it added another 5,050 Bitcoin to its coffers for about $242.9 million.10624