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Cash News: January 13–19

Categories : Cash facilitates budgetary control, Cash generates security, Cash is a public good
January 24, 2023
Tags : Australia, Cashless, Forensics, Somalia
Elsewhere on the Web provides links to articles on cash, money, and retail payments.
Guillaume Lepecq

Chair, CashEssentials

This post is also available in: Spanish


Here are some of the highlights since January 13.

Australia – gold, forensics & banknotes

The Australian Federal Police (AFP) reported that their forensics teams are using precious metals, including gold and silver, in an evidence recovery process known as Vacuum Metal Deposition (VMD), which can detect fingerprints on cash along with other items, including plastics, glass, mobile phones, firearms, and other weapons.

«VMD involves the thermal evaporation of metals, primarily gold or silver and zinc inside a custom built chamber. The technique causes these metals to form thin films under the controlled high vacuum conditions, which develops any ‘invisible’ fingerprints present, so that they can be seen.» said the AFP.

The process was responsible for detecting fingerprints, some of which were identified as alleged criminals, on seizures of Australian currency.

Is a Cashless Society as Good as Everyone Thinks? Some Disadvantages Stand Out

In the Payments Journal, Sophie Gonzalez from the Mercator Advisory Group highlights some risks associated with a cashless society. Payment cards may offer convenience and rewards but lead to overspending and rising credit card debt. When merchants refuse cash, they reduce the risk of burglary, but criminals have shifted their activity to digital platforms. Digital payments generate data marketers exploit to target consumers with ads which can lead to increasing debt.

As for a digital dollar, it would provide direct insights into medical spending, political donations, and personal lifestyle, including liquor and cigarettes. “As of now, there are no checks and balances put into place with this newly developed digital currency.” concludes Gonzalez.

Somalia to Issue First New Banknotes in More Than Three Decades

According to Bloomberg, the Central Bank of Somalia will replace its highest denomination, the 1,000 shilling note, by 2024. The current notes were printed before the civil war broke out in 1991 and are too worn out, often replaced with US dollars.

The Central Bank has been working on replacing the notes since 2018 with the help of the International Monetary Fund and the World Bank. It is also rebuilding its branch network, that’s been hindered since the civil war started.


Here’s what’s new on all things cash and money curated on the web since January 13.

JANUARY 13–19, 2023

This post is also available in: Spanish