Australian leaders began to reduce the number of banknotes in circulation in the country. This ends more than 60 years of reign of greenbacks and cents, which over time will have to give way to digital money. What substitute for cash: bitcoin, other cryptocurrencies or CBDC? Decryption!
Australia, withdrawals capped at 500 dollars
australia is not against cryptocurrencies, but also shows interest in central bank digital currencies. Either way, the land of kangaroos sees no point in cash anymore. The divorce seems imminent.
” ALERT: Australia goes cash free
Without warning, the four major banks began limiting cash withdrawals in several cities.
Some branches are out of cash.
The government withdrew $1 billion worth of banknotes from circulation.
People cannot withdraw more than $500.
It is happening. »
In an article published on July 24, 9 News relayed data from the Reserve Bank of Australia (RBA) indicating the amount of banknotes in circulation: more than a billion dollars.
Below are some related figures:
- $101.3 billion in cash is circulating in the country right now (very low compared to 2019 statistics);
- decrease in the number of 5, 20 and 50 dollar bills compared to the statistics of four years ago;
- etc
Only the 100 dollar bills increased, but slightly.
” The use of cash should continue to decline in the coming yearslike the use of checks, which is expected to completely disappear in the country by 2030 “, can we read in the article.
Bitcoin or CBDC, the verdict?
THE phasing out issues cash by the Australian government are manifold. On one side there is a massive presence of elderly people in the country. The latter will find it difficult to do without cash and appropriate emerging technologies such as bitcoin.
On the other hand, Australia has a young population interested in cryptocurrencies. A recent investigation by ASX indicated that 31% of them invest significantly in these digital assets.
Aware of this fiat, the current government does not choose not the ban. rather a stricter regulation what to lose lanes during the elections?
Moreover, Australia is in the Top 5 of the countries most equipped with ATMs of Bitcoins. It will dethrone India and Japan combined.
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