Here is a summary of last week’s selection.

Cryptocurrency ATMs Under the Spotlight

Ecommercenews.co.nz quotes research from Bankless Times showing that the number of BitcoinBitcoin is commonly said to be a cryptocurrency, a digital means of exchange developed by a set of anonymous authors under the pseudonym of Satoshi Nakamoto, which began operating in 2009 as a community project (Wikipedia type), without the relationship or dependency of any government, state, company or body, and whose value (formed by a complicated system of mathematical algorithms and cryptography) is not supported by any central bank or authority. Bitcoins are essentially accounting entries i... More ATMs has increased by more than 4200% in six years, or by 198% per year on average. Bitcoin ATMs are devices that allow the purchase and sale of bitcoins with cashMoney in physical form such as banknotes and coins. More. There are over currently 14,900 Bitcoin ATMs globally, says the article. However, Coinatmradar.com puts the figure at 36,394 installed devices, 88.1% of which are located in the US.

The Financial Conduct Authority (FCA) has warned deployers of cryptocurrency ATMs to shut down their machines of face enforcement action in the UK. “Crypto ATMs offering cryptoasset exchangeThe Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More services in the UK must be registered with us and comply with UK Money LaunderingThe operation of attempting to disguise a set of fraudulently or criminally obtained funds as legal, in operations undeclared to tax authorities, and therefore not subjected to taxation. Money laundering activities are strongly pursued by authorities and in most countries, there are strict rules for credit institutions to cooperate in the fight against money laundering operations, to declare and report any transactions that could be considered suspicious. More Regulations,” the regulator wrote.

Cold War Cash Bunker

Yahoo writes about a Cold War-era nuclear bunker, located under the town of Cochem in German Rhineland, which used to store 15 billion marks worth of an alternative emergency currencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More, intended for use if German’s monetary system came under attack. The bunker is now a museum.

New Notes and New Substrates

The Bank of Jamaica has announced the introduction of a new series of banknotesSee Family of banknotes. More in the last quarter of 2022. The notes will feature images of former Prime Ministers and national heroes. The notes will be printed on a polymerA substrate used in the printing of banknotes, made of biaxially oriented polypropylene (BOPP) polymer. Polymer banknotes were first introduced in Australia and are widely used around the world. More substrateThe physical media or support on which the image is printed, such as paper, polymer or hybrid, etc. More, and their circulation life is expected to increase by 50%.

Business Mirror explains how the decision by the Bangko Sentral ng Pilipinas to move from paperSee Banknote paper. More to polymer banknotes is meeting resistance in the Philippines, particularly from abaca farmers, as the abaca fibresA banknote security feature incorporated randomly during the manufacture of the paper. The fibres can be made of silk, plastic or metal, and may be visible, invisible, or fluorescent under UV light. More are currently used to produce paper banknotes.

Cashless Policies and War on CashThe expression refers to various policies by governments and campaigns run by other stakeholders, including providers of alternative payment instruments, aimed at reducing or at abolishing the use of cash altogether. This includes for instance the withdrawal of high‐denomination banknotes or restrictions on cash transactions as well as spreading misinformation on the usage and properties of cash. More

There are numerous articles on cashless policies in Australia, India, Liberia the US. The Liberian Observer questions “Liberia: Cashless Economy Imminent?”. A few paragraphs down, the answer can be found: “Cash is the most prevalent tax paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More channel in Liberia. Approximately 98% of government revenues (taxes and fees) were paid in cash between 2017 and October 2021. Over the same period, direct bank transfers and mobile moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More accounted for 1.3% and 1.1%, respectively.”

The Guardian writes that food outlets in the UK are increasingly refusing cash, despite calls from the consumer association Which?, charity AGE UK, and the UK Cash Supply Alliance to offer payment choice.

The Washington Post writes that workers reliant on tips – including hotel maids, restaurant staff, and skycaps – have been struck by the increase in digital payments during the pandemic.

In Lebanon, the central bank’s decision to pay 50% of the value of purchases in cash and 50% in bank cards is creating confusion, reports zawya.com. Dr Jassem Ajaka, an economist, described the repercussions as “economically catastrophic, as long as the amount of banknotes in Lebanese pounds that a citizen can withdraw from banks is limited while prices are rising.”

CounterfeitThe reproduction or alteration of a document or security element with the intent to deceive the public. A counterfeit banknote looks authentic and has been manufactured or altered fraudulently. In most countries, currency counterfeiting is a criminal offence under the criminal code. More Stories

A counterfeit gang was reportedly dismantled in Spain, while another crew using ‘movie money’ for food purchases has also been busted. In South Africa, a man was arrested for allegedly trading counterfeit US dollars.

Access to Cash 

In Portugal, the National Association of Parishes (Anafre) has approved a motion demanding the installation of ATMs in all parishes in the country by state-owned Caixa Geral de Depósitos, writes The Portugal News. “This measure is of extreme importance both for the quality of life of the populations, as well as for their imperative security,” reads the motion.

The entire selection of articles from last week is available here.

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