The money changes!The announcement came right now about banknotes.What will happen, in fact, with them

Time 28/10/2022 By mhb

When Steve Jobs revealed the first iPhone in 2007 was the beginning of eliminating the need for banknotes.Autonomous cars, self -control refrigerators, and our digital metatverse avatars could beat the last nail in the cash basket..

The restrictions in Lockdown and the fear of infection have led to the radical change of habits

Covid has made 5 trillion dollars to reach global online sales.To the extent that much of this value has been traded in cash (47% in the euro area), the idea that a currency issued by the central bank will remain a necessity for the purchase of essentials has become a major concern.But the restrictions in Lockdown and the fear of people not infecting from banknotes have led to a change of habits.

Where governments offered vouchers, as in Hong Kong, millions of consumers and thousands of traders have become new users of online payment systems just to use these documents.Many will probably continue to use them.

Se schimbă banii! Anunțul venit chiar acum despre bancnote. Ce se va întâmpla, de fapt, cu ele

The different trajectory of China and India banknotes is, on the other hand, a good example of evaluating the relative importance of temporary shocks and constant technological changes.

Cash money again represents 14% of the money circulating in the economy of this country.

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The use of cash decreased in India after Prime Minister Narendra Modi canceled 86% of existing legal currency as part of a wrong economic experiment.

That was happening five years ago.Today, digital payments are expanding, but cash money represents 14% of the money circulating in India's economy.

Blockchain revolution

Digital wallets are spreading everywhere but what is stored on them changes because of another revolution: Blockchain.Fintech Circle's company has made a team with Visa to allow customers to use USD Coin, running on the Ethereum blockchain and sets its value to the dollar.The phenomenon "Buy now, pay later" includes financing (and cash -free payments) even for low -value transactions, such as buying a lipstick in installments.

Their importance is decreasing

Cash money is increasingly sought, especially in an extremely informal economy like India.But their importance as a means of payment is decreasing.In 2003, about 35% of the cash in the euro area was used in internal transactions;The figure dropped to about 20% in 2019.