Industry WIKI
Digital assets and currencies
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Money burning
Money burning or burning money is the purposeful act of destroying money. In the prototypical example, banknotes are destroyed by setting them on fire. Burning money decreases the wealth of the owner without directly enriching any particular party. It also reduces the money supply and (very slightly) slows down the inflation rate.
BankingUncle Paulo incident
On 16 April 2024, Érika de Souza Vieira Nunes, a 42-year-old Brazilian woman, brought the corpse of her 68-year-old uncle, Paulo Roberto Braga, to an Itaú bank branch in an attempt to withdraw a loan of 17,000 Brazilian reais. The incident occurred in the Bangu neighborhood of Rio de Janeiro and was recorded by bank employees.