The ‘worthless’ 100 trillion dollar bank note – CNN.com

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The U.S. dollar is the preferred currency in Zimbabwe at present, but others are welcome. “We are saying that since you can import/export goods from South Africa you can use the rand. If you are importing from China you can use the yuan. The U.S. dollar is our reserve currency,” explained Mangudya.

Implementing cashless systems in Africa 04:03 Zimbabwe seems years away from reintroducing its own currency. In the meantime, it has coins called bonds. For each coin in circulation there’s an equivalent U.S. dollar coin held in reserves. There are over $13 million worth of these coins in the country, CNN was told, but recently banks have started printing “bond notes” representing U.S. dollar values up to $20, due to a cash shortage.

From The ‘worthless’ 100 trillion dollar bank note – CNN.com

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What is The Next Big Thing in Payments? | Let’s Talk Payments

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According to some other forecasts, wearable payment transaction volume will grow from $3.1 billion in 2015 to $501.1 billion worldwide by 2020. By that time, wearable payments will represent approximately 20% of the total mobile proximity transaction volume and about 1% of total cashless transactions in retail.

From What is The Next Big Thing in Payments? | Let’s Talk Payments

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POST Whatever bitcoin is, it isn’t money

My good friend Wendy Goodman was kind enough to write about her experiences at Tomorrow’s Transactions this year (our 19th annual Forum!!) referring to it as

Tomorrow’s Transactions Forum, Dave Birch’s quirky annual event where ideas about the future of money are smashed together like particles to see what happens.

From net.wars: The blockchain menu

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First and last central banks

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there is no reason why, in principle, central banks could not offer online digital money accounts for the public

From MacroMania: Monetary policy implications of blockchain technology

This is, essentially, what the first central bank did. The Bank of Amsterdam (the Amsterdamsche Wisselbank, founded in 1609) was, essentially, a municipal bank that provided a reliable and trusted payment mechanism. It did not lend money: it was there to make account-to-account ledger transfers. It had an important difference to previous experiments in the same direction: legal restrictions on settlement outside of the bank. The Amsterdam merchants were forced to open accounts there because of the law demanding that commercial payments had to be through the bank. They could deposit all sorts of different coins to credit their accounts and then make payments by instructing account-to-account transfers. The result was that Amsterdam supported a vibrant commercial marketplace with access to safe, efficient and cost-effective payments. This in turn supported the evolution of the Amsterdam bourse and helped to make the Netherlands rich.

So we are back the “big problem of small change”. How can private companies provide a circulating medium of exchange and still make a profit on it? It’s possible that they can because of new business models. But suppose they can’t? Suppose it falls to the central banks to provide the digital money for everyday use. As we discussed before, one of the objections to this 

‘Banking as a Service’ for Fintechs Seeking Scale | American Banker

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solarisBank, formed by the fintech startup incubator FinLeap, announced it had been granted a banking license by regulators in Germany, enabling it to offer fintech companies things like account and transaction services, compliance and trust solutions, working capital financing and online loans. It is essentially banking as a service

From ‘Banking as a Service’ for Fintechs Seeking Scale | American Banker

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