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Nov. 11, 2021
Overview:
- CPS: Award for sorting machines for the De Nederlandsche Bank
- Germany, Bundesbank: Cash symposium - Facts / Figures
- England: Update information regarding CBDC
- UAE / Indonesia: MoU for digital innovations
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1. CPS: Award for sorting machines for the De Nederlandsche Bank
- Cash Processing Solutions Ltd (CPS) has been awarded a framework agreement to supply multiple High-Speed Banknote Sorting Machines to the De Nederlandsche Bank (DNB) – the Central Bank of the Netherlands.
- The contract was won through a tender process, with CPS being selected to design, manufacture, install and commission multiple CPS 7000i™ High Speed Banknote Sorting Machines during 2022 and 2023
- CPS and the Central Bank of Netherlands have a partnership for more than 20 years.
- The CPS 7000i machine is an intelligent, intuitive and innovative solution providing secure, efficient and cost-effective high-speed, high-volume banknote processing. The 7000i can process up to 120,000 banknotes per hour (2,000 banknotes per minute).
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2. Germany, Bundesbank: Cash symposium - Facts / Figures
Extract of the "Cash Symposium conducted by the German Bundesbank - Speech by Mr. Dr. Weidmann:
Germany:
- According to a survey (by GERMAN Bundesbank carried out in 2020) "cash was the most frequently used option for day-to-day payments, even during the coronavirus pandemic.
- Consumers paid in cash 60% of the time at the point of sale, for recreation activities, and in other situations.
- Even the generation of digital natives regularly uses banknotes and coins. Of those in the 18 to 24-year-old age bracket, just over half used cash."
- Cash is a highly important means of payment for many people who aren’t very tech-savvy, or those with visual impairments.
- Wtihin the Euro-Area, around 13.5m adults are unbanked and mostly rely on cash.
- 40% of banknotes issued in net terms by the Bundesbank are used as a store of value in Germany.
- The German Bundesbank is currently working on a new study analyzing the current further trend to increasing online / digital payment due to the onging impact of Corona.
- Conclusion Statement by Mr. Dr. Weidmann (Bundesbank): "I am convinced that cash will continue to play an important role in the foreseeable future"
Sweden:
- As published and known Sweden is completely contrary, where < 10% of all transactions are being paid in cash. But the following statement was conducted by the Central Bank of Sweden:
- "... without cash, payment systems become more vulnerable to technical problems such as powercuts or internet outages.
- Against this backdrop, many people see cash as an important back-up alternative, but not essential to everyday life. Yet Stefan Ingves, Governor of the Riksbank, warns that “if cash is needed as a means of payment in a crisis, it must also be possible to use it in normal circumstances”.
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3. England: Update information regarding CBDC
Extract of a statement by the Bank of England:
- "In 2022, HM Treasury (HMT) and the Bank of England will launch a consultation which will set out their assessment of the case for a UK CBDC, including the merits of further work to develop an operational and technology model for a UK CBDC.
- It will evaluate the main issues at hand, consider the high level design features, possible benefits and implications for users and businesses, and considerations for further work."
- "No decision has been yet made on whether to introduce a CBDC in the UK"
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4. UAE, Indonesia: MoU for digital innovations
- The Central Bank of the UAE and the Central Bank of the Republic of Indonesia signed a 'Memorandum of Understanding (MoU)' regarding the co-operation of:
- Digital innovation in payment and financial services to facilitate more efficient and secure transactions
- Cross-border payment systems including retail payments and
- Frameworks of anti-money laundering and combatting the financing of terrorism.
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