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Why Businesses Rejecting Cash in Australia May Violate Legal Tender Laws

Reading Time: 3 minExplore the legal complexities surrounding businesses rejecting cash in Australia and the potential violation of legal tender laws. Delve into the Currency Act 1965, which designates coins and banknotes as legal tender, and examine the ambiguity that allows businesses to refuse cash. Uncover the arguments revolving around equal access to goods and services, and the potential discriminatory impact of cashless policies. Gain insights into global legal challenges and precedents, considering how they might shape the Australian legal landscape. As the digital economy advances, discover the evolving considerations for policymakers and the delicate balance between innovation and inclusivity in business practices.

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ANZ Bank Stops Handling Cash at Select Branches as Digital Payments Gain Popularity

Reading Time: < 1 minANZ Bank has stopped accepting cash deposits at certain branches as part of its broader strategy to move towards digital payments. The decision reflects a growing trend towards cashless transactions and the shift towards digital channels. While ANZ emphasized that cash would not be eliminated altogether, the move could have implications for the potential introduction of a central bank digital currency in Australia.

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