Moving towards a cashless society

Cash plays an important role in our modern economy, particularly among the poor, and every step forward towards cashless future should be with great caution, keeping the poor section surviving solely on informal economy included in the transition process. The digital transformation of cash is a cost savings to the entire financial ecosystem. From printing to cash management to physical infrastructure to securing and dispensing of currency, cash is very expensive. Government must think out of the box to pass these savings to consumers as incentives to embrace digital transactions.

Hackers program ATMs to spew cash

As ATMs have become ubiquitous, so too have attacks that turn these automated tellers into robotic thieves. In July 2016, a group of masked cyber-criminals cashed out 34 ATMs operated by the First Commercial Bank, one of Taiwan’s largest banks. Criminals had collected more than 83.27 million New Taiwan dollars (US$2.6 million) in cash — without using ATM cards. The criminals did not physically damage the ATMs, nor did they use skimmers or bank cards.

The oldest paycheck was cashed in beer!!

The world’s oldest paycheck has apparently been discovered and it was cashed in beer! Beer is one of the world’s oldest prepared beverages, possibly dating back to the early Neolithic or 9500 BC, when cereal was first farmed and is recorded in the written history of ancient Iraq and ancient Egypt.

Some perpetual bonds are more eternal than others

The 1,000 Carolus guilder-bond, which is written on goatskin, is among five of the world’s oldest bonds that still pay interest. The document is a bearer bond, meaning the issuer needs to see it before paying out interest. The issuer will then write the payment date on the document. Interest payments were continuously recorded on the vellum document.