When printing paper money is your core business, hyperinflation is your best friend and digital transactions are your worst enemy. How Germany’s Giesecke & Devrient has learned to thrive in a low inflation, electronic payments world.clouds on the horizon, it should be printing paper currency, otherwise known as banknotes. In the United States the production of bills falls upon the U.S.
“The existence of several payment means makes sense from a holistic standpoint,” says Wintergerst, 57, referring to the fact that the need for durable, counterfeit-proof paper currency remains strong despite the rise of electronic payments. “There must be some means of payment, which still works when a power plant is pulled, and where you can actually pay without leaving a trace.
As of the end of 2018, only about 11% of the world’s banknotes are printed on private presses. G&D is the second-largest money printer, with 23% market share, right behind Britain’s troubled De La Rue, which has 27% share.
In July 2017, as Bitcoin was on its way to $20,000 and the crypto ICO boom was nearing a frothy peak, G&D made its interest in digital currency known when it released a white paper called “Digital Money.” The 35-page report encouraged its central bank customers to embrace electronic alternatives to its own century-old banknote business: “A digital currency would be attractive to central banks as it would allow them to support citizens on the digitalization journey,” it said.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: WSJ - 🏆 98. / 63 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »