The move to a cashless society isn't just a possibility, it's well underway
When was the last time you used cash? For many Australians using cash or even swiping a card has become a rare event.
Oct 17, 2023
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When was the last time you used cash? For many Australians using cash or even swiping a card has become a rare event.
Oct 17, 2023
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Digital financial products are increasingly coming under the crosshairs of cyberattacks. However, evidence-based results are not yet available regarding the actual magnitude of this threat. Researchers from the Complexity ...
Oct 16, 2023
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Epic Games, maker of the highly popular Fortnite video game, said Thursday it is cutting its workforce to save money but will continue spending on its legal battle over Apple and Google app stores.
Sep 28, 2023
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Computer scientists have developed a new tool that enables quicker and more accurate detection of money laundering, with the ability to scan 50 million transactions in less than a second.
Sep 22, 2023
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Two years ago, El Salvador shrugged off a chorus of warnings and adopted Bitcoin as legal tender in a bid to revitalize its economy and improve access to financial services.
Sep 7, 2023
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The world's biggest music publisher Universal, whose catalog includes artists from Taylor Swift to the Beatles, announced a deal on Wednesday it says will shake up the way artists are rewarded for streaming.
Sep 6, 2023
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Criminal gangs behind a surge of bombings and shootings in Sweden in recent years are using fake Spotify streams to launder money, a Swedish newspaper reported Tuesday.
Sep 5, 2023
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Bank of Ireland apologized on Wednesday after fixing a technical issue that allowed customers to withdraw or transfer more money than was in their accounts.
Aug 16, 2023
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A US federal judge on Friday ordered FTX founder Sam Bankman-Fried back to prison less than two months before his trial on fraud charges, revoking the disgraced cryptocurrency tycoon's bail over alleged attempts to tamper ...
Aug 12, 2023
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The White House on Wednesday launched a competition offering millions of dollars in prize money for creating new artificial intelligence systems that can defend critical software from hackers.
Aug 9, 2023
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Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value, and occasionally, a standard of deferred payment.
Nearly all contemporary money systems at the national level are fiat money systems. Fiat money is without value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the national boundaries of the country, for "all debts, public and private". By law, the refusal of a legal tender (offering) extinguishes the debt in the same way acceptance does. Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).
The money supply of a country is usually held to consist of currency (banknotes and coins) and 'deposit money' (the balance held in checking accounts and savings accounts). These demand deposits usually account for a much larger part of the money supply than currency. Deposit money is intangible and exists only in the form of various bank records. Despite being intangible, deposit money still performs the basic functions of money, as checks are generally accepted as a form of payment and as a means of transferring ownership of deposit money.
More generally, the term "price system" is sometimes used to refer to methods using commodity valuation or money accounting systems.
This text uses material from Wikipedia, licensed under CC BY-SA