Snippings

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The RBA found most Australians used cash infrequently in 2022 – if at all.
“Just over half of the respondents did not use cash at all during the diary week in 2022

From: Finance news: Cash payments continue to decline as Aussies move to electronic methods.

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15 per cent of Canadians use cash to make ‘under the table’ payments.

From: Canadians report a love-hate relationship with cash, reveals new Payments Canada study.

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The Danish central bank will phase out its largest-valued banknote, the 1,000-krone ($150) note, as legal tender by June 2025. The Bank says that there is “no longer a need” for the note (which represented 34% of the value of cash in circulation) considering Danes’ current payment habits.

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“In July, one of the accused Ch. Narendra who is a childhood friend of another accused Uday, supplied up to 2500 land registration document files in soft copies (including fingerprints) through a pen drive to Asadharan and Mohammed Iyaz. They cloned 1000 fingerprints,” said the Joint Commissioner.

From: Hyderabad: How nine-member gang breached banking system to withdraw cash using fingerprint cloning.

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The rest of the world holds a great deal of U.S. currency, i.e., cash. Although the amount can’t be precisely tracked, the Federal Reserve Board of Governors recently estimated that foreigners held $950 billion in U.S. banknotes at the end of the first quarter of 2021, or about 45% of all Federal Reserve notes outstanding, including two-thirds of all $100 bills. Overall holdings of U.S. currency have grown rapidly, however, and overseas holdings of Federal Reserve notes would now be worth closer to $1.1 trillion if such holdings are still half of all U.S. currency.

From: The Innocent Greenbacks Abroad: U.S. Currency Held Internationally.

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The U.S. currency supply has increased rapidly in recent years to about $2.28 trillion in September 2022.4 If 45% of that is held abroad, foreigners are currently giving the U.S. government an interest-free loan of $1.03 trillion each year.

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The Isle of Man is the first part of the British Isles to encourage companies to round prices to the nearest five pence amid declining use of copper.

Due to rising production costs and an increasingly cashless society, the Crown Dependency stopped minting Manx pennies and two pence pieces in 2016.

The island’s currency, the Manx pound, is not legal tender in the United Kingdom, but pound coins and banknotes are accepted there.

Now the Isle of Man Treasury has urged local traders to consider rounding payments “to the nearest five pence” as it prepares for small change to gradually disappear from circulation altogether.

From: Is this the beginning of the end for 1p and 2p coins? The British Isles that say “round up.” – Worldtimetodays.

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According to campaign group Ax the Card Tax, the cost of processing a card payment has risen 600 percent in the last nine years.

From: Pay in cash to save us crippling card fees, plead retailers – Worldtimetodays.

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Restrictions imposed by Argentina’s government last week left as much as $500 million in US cash stranded at the country’s main airport for three days, unnerving local bank executives amid a surge in withdrawals.

Argentine savers have already withdrawn nearly $2 billion — 10% of total private sector dollar holdings — since a February peak in deposits. The import of banknotes from the US is exacerbating the decline the central bank’s reserves.

From: A $500 million cash pile at Argentina’s main airport unnerves banks | AJOT.COM.

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Why bitcoin ATMs are taking over malls and gas stations across the U.S.

From: Why bitcoin ATMs are taking over malls and gas stations across the U.S..

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The number of bitcoin ATMs installed worldwide sank to a two-year low this month, according to data from AltIndex.
Since the end of last year, the number installed has dropped 7,000, or 17%, to 32,500, AltIndex said on Wednesday. That follows an increase from 34,500 at end-2021.

From: BTC ATM Numbers Drop 17% in a Year to Lowest Level Worldwide Since 2021.

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Coinage marking the reign of King Charles III has been designed to help children identify numbers and learn to count. The problem is, they have no idea what physical money is

From: Shiny new coins to teach numeracy? I doubt kids will give a toss | Michael Hogan | The Guardian.

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