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Bad cheques For €13,048 In June

In June 2024, the number of bounced cheques stood at 12, with a total value of €13,048, according to the Central Bank of Cyprus which released on Thursday the statistics relating to the Central Information Register.

Ten individuals were registered in June 2024 in the preliminary CIR (6 legal entities and 4 natural persons).

Furthermore, CBC statistics indicate that the number of entities listed in the CIR reached 7 in June 2024, including 2 legal entities and 1 natural person and 4 natural persons controlling legal entities.

According to preliminary records, the number of bounced cheques in the first six months of 2024 was 143, with a total value of €302,947. The registrations of persons (legal persons, natural persons and natural persons controlling legal entities) in the Central Information Register for issuers of bad checks reached 108.

Digital Transactions: A Green Approach To Finance In Cyprus

As Cyprus increasingly embraces digital transactions, the environmental benefits of this shift are becoming evident. A recent report highlights that digital payments significantly reduce the carbon footprint associated with traditional banking operations. By decreasing the reliance on physical branches, paper-based processes, and the transportation of cash, digital transactions are contributing to a more sustainable financial ecosystem. This transition is in line with global initiatives to combat climate change and underscores Cyprus’ commitment to promoting a cleaner, more efficient financial landscape.

Digital transactions are not only more convenient and efficient but also significantly less resource-intensive. Traditional banking often involves extensive paperwork, the use of physical infrastructure, and the transportation of money, all of which contribute to higher carbon emissions. In contrast, digital transactions streamline these processes, resulting in lower energy consumption and reduced waste.

The environmental advantages of digital transactions are complemented by their economic benefits. By lowering operational costs and enhancing transaction speed and security, digital payments provide a compelling case for broader adoption. This shift supports sustainable development goals and aligns with the global push towards greener, more resilient economies.

Furthermore, the widespread adoption of digital transactions in Cyprus is expected to drive innovation within the financial sector. With the integration of advanced technologies such as blockchain and artificial intelligence, the digital financial landscape is set to become even more efficient and secure. These innovations not only enhance user experience but also contribute to environmental sustainability by further reducing the need for physical resources.

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