Here are some of the highlights since January 13.
The Australian Federal Police (AFP) reported that their forensics teams are using precious metals, including gold and silverWhite, shiny, and soft metal used to mint coins or medals. More, in an evidence recovery process known as Vacuum Metal Deposition (VMD), which can detect fingerprints on cashMoney in physical form such as banknotes and coins. More 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 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.
In the Payments Journal, Sophie Gonzalez from the Mercator Advisory Group highlights some risks associated with a cashless society. PaymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More 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 dollarMonetary unit of the United States of America, and a number of other countries e.g. Australia, Canada and New Zealand. More, 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.
According to Bloomberg, the Central Bank of Somalia will replace its highest denominationEach individual value in a series of banknotes or coins. More, 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.