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Despite the rise in cashless payments, the market for cash is expected to continue to grow. The amount of banknotes in circulation is expected to increase annually between 3 percent and 4 percent, according to Edison, exceeding gross domestic product growth rates in most areas. The reason: In uncertain times, cash is still king.
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Venezuela President Maduro announced that next week there will be an airdrop of 0.5 PTR ($30) to eligible citizens who register with the Petro App.
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The bitcoin payments startup Bottle Pay shut down on Friday, citing the AMLD5 European Union regulation coming into effect Jan. 10, 2020. The Bottle Pay app once allowed users to send tiny amounts of bitcoin using just social media texts and handles, from Twitter to Telegram.
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The Estonian Ministry of Finance published a consultation paper on how to regulate cryptographic assets. One key question is whether the Financial Supervision Authority should regulate virtual assets. Currently virtual currency service providers must obtain a license from the Financial Intelligence Unit, but supervision over the business activities of such entities is excercised in a limited capacity.
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Digital finance has the potential to transform emerging market and advanced economies alike. India’s approach rests on the principle of providing digital financial infrastructure as a public good. It offers an important case study where the results are relevant and applicable for all economies, irrespective of their stage of development.