HIGHLIGHTS

Here are some of the highlights since January 25.

Afghanistan: Central Bank calls for better care of banknotes

In late 2022, the media reported the arrival of much-needed new banknotes overseas to replace damaged notes and address Afghanistan’s liquidityDescribes the extent to which assets or rights can be converted into cash without causing a significant decrease in the asset’s price. Accordingly, liquidity is often inversely proportional to the profitability of the asset and involves the trade-off between the selling price and the time needed to convert it to cash. In finance, cash is considered the most liquid asset and cash is sometimes used as a synonym for liquidity (e.g. cash reserves; cash pooling…). More crisis and humanitarian disaster.

Now the media report that the Central Bank is calling on Aghanis to pay attention to how they handle banknotes to extend their lifespan.

Argentina unveils new banknote as the artist paints on devalued currency

The central bank of Argentina will issue a new 2,000 peso note in response to soaring inflation, reports BBC News.

The new note will be worth $11 officially and comes after consumer prices jumped by nearly 95% in the 12 months to the end of December. The most significant current denominationEach individual value in a series of banknotes or coins. More, the 1,000-peso note, is worth just $2.70 on informal markets.

An artist is combating ongoing inflation by painting on depreciated banknotes. Sergio Guillermo Diaz, a painter and museum worker, has been raising the value of an increasingly valueless 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, from two-peso to 1,000-peso notes, by depicting pop culture icons and historical artworks, often combining bills to develop larger compositions.

In January, Brazil and Argentina announced plans to create a common currency that would be used to boost trade between the two countries.

Bitcoin ATM companies are preying on the poor

According to the non-profit news organisation Truthout, ATMs enabling the purchase of cryptocurrencies “fit seamlessly into the existing ecosystem of high-priced financial services used by people struggling to make ends meet.” The article describes how 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 frequently advertise low service fees but charge far higher fees, often bundled into unfavourable exchangeThe Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More rates. Companies typically charge between 6.5 and 20% estimates the article.

Cash is not dead — it’s in transition

Vending Times summarises the discussions held at the Self Service Innovation Summit in December in Florida. The panel gathered Vik Devjee of CIMA CashMoney in physical form such as banknotes and coins. More Handling America Inc., Rocco DiNapoli of Superior Amusements, Bruce Renard of the National ATM Council and Andrew Kartiganer of Professional Vending Services Inc.

“No, cash is not dead at all.” Bruce Renard said. “We’re in a 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 — it’s a global war. And there’s an unholy alliance out there between companies that would benefit by cash going away, along with law enforcement and taxing authorities,” Renard added, noting that his group has been lobbying Congress in support of the PaymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More Choice Act, which he said is designed to “preserve the option for consumers to pay with cash throughout the country.”

Swiss libertarians push for votes to guarantee the survival of cash

According to Swissinfo, the Swiss people are likely to vote on a people’s initiative to preserve banknotes and coins launched by the Swiss libertarian movement. The movement fears a complete digitalisation of 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 and hopes to protect cash through the constitution, imposing that a move to abolish the Swiss franc would have to be approved by the people and the cantons. More than 157,000 signatures have been collected so far.

Women on banknotes remain rare

Forbes stresses that the death of Queen Elisabeth II featured more banknotes than any other female, which could result in a decline in the number of banknotes featuring women. The number of countries featuring women on their banknotes reached 46 in February 2023.

The Reserve Bank of Australia has announced that the new $5 banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More will feature a unique design that honours the culture and history of the First Australians to replace the portrait of Queen Elizabeth II.

ELSEWHERE ON THE WEB

Here’s what’s new on all things cash and money curated on the web since January 25.

FEBRUARY 1 – 5, 2023

JANUARY 25 – 31, 2023

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Cash News: January 25-February 5