Bitcoin exchange Mt Gox goes offline

Cashless Payments, Currency, News

Mt Gox, one of the biggest Bitcoin exchanges, has gone offline. It has reportedly suffered a cyber attack which led to Mt Gox stopping Bitcoin transfers to external addresses on 7 February 2014. A loophole was discovered by thieves enabling them to trick the transaction process into sending double the correct number of Bitcoins. It is…

Japan banknote

Japan Cash Demand Increases

Banknotes, Currency, News

It is known by many that Japan is a country which is very technically advanced. Cashless payments are commonly used in daily transactions and it would appear that Japan could be the ideal “Cashless Society”. Except it’s not. Total currency in circulation at the end of 2013 rose to Y90 trillion (US$860 billion) in Japan,…

EU flag

Latvia Joins Euro

Currency, News

At midnight on the 1st January 2014, Latvia became the 18th country to join the euro currency. The changeover has caused a mixture of emotions, with some opinion polls suggesting almost 60% of the population did not want to move to the euro currency. However, business owners as well as the government believe it will…

Africa

East Africa Votes for Single Currency

Currency, News

On Saturday 30 November 2013, East African Community leaders signed the Monetary Union Protocol, with the intention to have a single currency in 10 years’ time. The signing ceremony, held in Uganda, was witnessed by Members of the East Africa Legislative Assembly (EALA), diplomats and high ranking government officials of member states. Kenya’s President Uhuru…

Innovia Films in Acquisition Talks

Banknotes, Currency, News

It has recently been announced that Pamplona Capital Management has entered exclusive talks to acquire Innovia Films. Innovia Films, a global manufacturer of speciality products for the packaging and security markets – Biaxially Oriented Polypropylene (BOPP) and Cellulose based films – currently supplies polymer to be used as a banknote substrate to around 20 Central…

RBA sells its stake in Securency to Innovia Films

Banknotes, Currency, News

It has today been announced that the Reserve Bank of Australia (RBA) has signed an agreement with UK based company Innovia Films to sell its 50% share in Securency International Pty Ltd. Innovia, who supplies Securency International with a key film from which they make Guardian® polymer banknote substrate, joined the RBA in a 50/50…

EU flag

Decline in ECB Euro Counterfeit Statistics

Banknotes, Currency, News

The counterfeit statistics for the first half of 2012 have now been released by the European Central Bank (ECB). The total number of counterfeit euro banknotes which were removed from circulation during the 6 months from January to June 2012 totalled 251,000, a decrease of 15.2% compared to the same period in 2011. However, when comparing the number of…