Cash holdings jumped 17% during the crisis, most of them in the form of $50 and $100 notes.
Cash payments of more than $10,000 would become illegal in most circumstances and the government could remove exemptions at will.
Ordinary activities would become criminalised without a compelling reason.
Cashless payment systems are not socially neutral. They discriminate against the ‘unbanked’.
As cashless societies become a reality, we’re starting to see this technological revolution has a dark side.
The ‘war on cash’ is slowly eliminating paper currency.
A cashless society depends on three things, all of which have failed in recent weeks as a result of natural disasters and security breaches.
The 16th U.S. president has graced the penny since 1909.
AP Photo/David Zalubowski
It may cost more to make a penny than a penny’s worth, but a penny saved may be more than a penny earned.
Fistful of nothing.
India is engulfed in chaos after Prime Minister Narendra Modi introduced the wrong policy at the wrong time.
India’s crackdown on black money has inconvenienced a large group of people.
The currency switch is one of a number of steps taken by the Modi government to crack down on corruption and tax avoidance.
Legal tender no more?
Legal tender via www.shutterstock.com
The notes in your pocket say they’re legal tender for all debts public and private. Are they lying?
Jobs for young people and taxation are linked.
Australia’s cash economy is hard to document, but can be followed through the fortunes of young workers.
Scrapping €500 notes would inconvenience money launderers; it would also help the European Central Bank to make interest rates more negative.
The evidence that €500 notes are used by criminals are strong. But there is no guarantee that scrapping them will crack down on illegal activity.
The demise of cash is not yet locked up.
Despite the growth of card and mobile payments, cash is still king in many markets.
Is it time for the ATM’s requiem?
Old ATM via www.shutterstock.com
Devices we keep in our pockets can now do most of the functions once the dominion of the automated teller machine – or banker – but it may be premature to pronounce the end of the ATM.
A debate about penalty rates ought to involve the cash economy.
Image sourced from www.shutterstock.com
Amid the ongoing debate over the future of penalty rates, a subtle but important issue also deserves to be examined: their impact on Australia’s “cash economy”. The Fair Work Commission is currently reviewing…