Category: Economy

Australian's protest the mass closure of bank branches and bring attention to the country's move to go away from cash. Commercial banks in Australia have shuttered more than 1500 branches from 2018 to 2023 at the same time banks removed more than 2500 ATM across Australia Because of the user concern the biggest four banks say that they have no plans to fully abandon money. But bank branches and ATMs keep disappearing as announced Bankwest will close all its branches in Western Australia by the end of year. As the current situation began to cause discomfort for many Australian citizens, many protested against the country's decisions to be cashless society. Masses of people were seen queuing up outside ATMs to withdraw cash. People are starting to understand the changes that…

Few days ago, China bought gold supply pushing the prices of gold up. Gold prices rose above 2,400 USD per ounce on Friday 12.04.2024. The price of gold may get a final boost as the tensions in Middle East rises. The gold price was a close prediction of Goldman Sachs who said in their report that expectation for this quarter of year gold price will go above 2,300 USD per ounce. Investigation the changes Goldman Sachs hiked its year-end gold price forecast to expect the gold price to rise above 2,700 USD to end of the year. Not only gold price rose above we saw platinum who trade for 1,000 USD per ounce and hit his highest level in last 5 months. Price of silver fell but only for 1%…

A large number of CBDC supporters are gradually implementing the digital currency, the reason being the fast transfer of money as well as cheaper transaction costs. In addition to the benefits that this technology offers, the majority of users of banking services are not interested or distrustful of the digital currency that is slowly being formed without the consent of the population in the states. Most central banks are working on a study to justify digital money and its services. Here are some advantages and disadvantages of CBDC. Advantages of CBDC: Speed ​​of transactions, Reduction of transaction costs, Fast international transactions (current transactions only work with certain currencies), Stimulating economic development, Quick way of tax collection, Better control of monetary policy, Integration with new technologies and devices, Reduction of illegal…

Signs read, "No cash payment in this store" is something that you see in many stores in Sweden. As announced Sweden, will stop accept bills before 2025. Right now, many countries in Europe and around the world have stopped to exchange Swedish krone. However, there are numerous reasons for such behavior one of them are digital currency. In 2018 Sweden central bank sad that the proportion of purchases in shops using cash dropped from about 40% to 13%. Now everyone in Sweden take cards or a mobile payment system to pay goods and services. Riksbank announced a work on e-krona who are entering new phase. One-step closer to cashless society and right now a focus on the design of an e-krone. This ongoing international work on central bank digital currency…

Nigeria has borrowed $33 billion form its own Central Bank to fund its budget deficit. Debt restructuring needed to stop the bubble to burst and to make Nigeria economy strong again. Finance Minister Wale Edun said, “We are bringing order to government borrowing“. For long cash, shortages have plagued Nigeria’s economy, due to a CBN directive. One of the largest economy in Africa had to print new currency for financing its fiscal deficit. On March 2023, Supreme Court of Nigeria has ordered the Central Bank of Nigeria to extend the use of old currency notes until December 31. The issue of withdrawal notes will become an election problem who causes anger. The Central Bank says that old notes will remain legal tender in 2024 and that there is no deadline.…

Founded in 2019 OpenAI CEO Samuel Altman announced in July a launch of new cryptocurrency who will change the world of finance. This new currency already has more than 2.5 million users worldwide and it is already on its way to become the star of crypto world. Many reason for new iris biometric cryptocurrency who will be the best as they say is a free ownership to everyone. Their aim is to become the world largest digital identity and financial network. Worldcoin will be the universal and global currency no matter your country or background. New cryptocurrency will be provided for free only if you scan your eyes. The users of this system are starting to have serious debate about (tracking personal biometrics). The answer from Worldcoin on the debate…

Digital transformation and the adoption of new technologies have been really well received by Australian citizens. Covid-19 accelerated this existing digital trend and many banks accepted with joy cashless payment system. Many banks started to close ATMs and branches and ban cash with one goal in mind to become cashless by the end of the decade. Bank Commonwealth, NAB and ANZ stopped handling cash in a few branches, and announced to close more ATMs and branches next year. Unlike other bank’s Macquarie Bank recently announced a complete transition to digital payments by November 2024. Money experts in Australia has warned citizen that banks could start „Cash rationing“ at ATMs. This move will be made because of lower demand for banknotes. However, should people be concerned about going cashless? „It is…

Head of U.S economics are expecting to see the first cut of interest rates in June. The prediction may see first a so-called soft recession who will trigger a central bank cutting of 25 basic point per quarter. There are many speculations about the soft recession but we might see a strong one as many countries started to de-dollarize. Deutsche Bank’s economist predicting the cut of interest rates in the first half on 2024 and a strong slash of rates to slow down the inflation.  The bank expects an initial cut of 50 basis points in June 2014 followed by 125 basis point to the end of the year. Raising interest rates in last year have increased 11 times, all in hope to slow down the inflation and stop the…

As U.S. dollar starts to lose power pulling down Euro and many other currency’s BRICS nations started to be more confident about their new currency. The reason to be confident about new upcoming currency are many says former advisor to Russian President, Sergey Glazyev. BRICS nation already trade in their local currency that was the first step of de-dollarization. The petro-dollar started losing power and new prediction for 2024 are not good for U.S economy.  There are many indicators that this gold backed currency will be the best in the world. Such ‘a currency will be the first for long time of period to be gold backed up. United State abounded the golden standard and from that day, the U.S dollar become not much valuable, risking the bubble to explode…

Central bank digital currency or CBDC started in Finland in 1993 like some sort of electronic form of cash. The idea and the system was dropped in 2000. Today around 120 countries around the world are in a stage to launch national digital currency.  There are many reason why government do this for the benefit of the country. The most important tool for the government is easy control of money, cheap money, fast transaction, stopping money laundering and black market, illegal worker payments etc. The news we hear about CBDC open up many question and dilemma. Many question won’t be answered and for many we already know the answer. Trying to find enough about CBDC have made us invest more time to give the right answer to the common question.…