Australia is one of the leading nations pushing for restrictions and removal of physical cash. In July 2017 Michael Andrew, the head of the federal government’s Black Economy Taskforce made a number of proposals: implants notes with nano chips to track and trace cash putting an expiry date on notes The measures are being introduced as part […]
Category: Cashless Society
The Shift to a Cashless Society is Snowballing
Love it or hate it, cash is playing an increasingly less important role in society. In some ways this is great news for consumers. The rise of mobile and electronic payments means faster, convenient, and more efficient purchases in most instances. New technologies are being built and improved to facilitate these transactions, and improving security […]
Getting Rid of Big Currency Notes Could Help Fight Crime
By THE EDITORIAL BOARD at the New York Times, February 22nd 2016 Few Europeans use the 500-euro note, and most Americans rarely encounter the $100 bill. Yet hundreds of millions of these notes are in circulation around the world, where they are often used by drug cartels, corrupt politicians, terrorists and tax cheats to evade law […]
European Central Bank May Scrap 500-Euro Note
The European Central Bank has said it may phase out the 500 Euro note. Why is this significant? Because it removes a huge amount of cash from the system The €500 bills make up just 3.2 per cent of all banknotes. However, the note is the second highest currency denomination in G10, after the Swiss CHF1,000 note. More importantly, […]