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Topic: Removal of $100 bills from circulation (Read 438 times)

legendary
Activity: 3752
Merit: 1415
September 19, 2022, 02:22:18 PM
#47
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.

Weirdly enough I've been told they don't accept 100s or even 50s in multiple places of business.  Rediculous as it sounds I just walked away.  If I have legal tender for something I refuse to use a card or something else because that company doesn't "accept" it.  I get it from a counterfeit perspective but still.  How rediculous that a business wouldn't accept a $100 when I was spending around that much.  It wasn't lime I was buying a pack of gum lol.
hero member
Activity: 2338
Merit: 757
September 19, 2022, 08:16:46 AM
#46
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.
It is customary to withdraw a category of currency from the market by replacing it with a new category or alternative categories, due to the government's desire to withdraw money from the black market by disclosing it. Contraband dealers and anyone who engages in a suspicious activity that generates a profit in the form of cash will find himself forced to hand over that money to the government and reveal his identity before he finds enough time to launder it.
The hypothesis closest to reality regarding the $100 bill is that it cannot be withdrawn from the US market before it is withdrawn from the global market because the dollar is the world’s currency used by billions of people around the world.
Of course, this is assuming that they are not mere rumors, because this is indeed difficult to happen, at least in the current global situation .
legendary
Activity: 2688
Merit: 1192
September 19, 2022, 06:37:48 AM
#45
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.

"Rumored" being the keyword of all of this. This is not going to happen because it does not need to happen. It's a scare story that only someone who is focused intently on pushing a crypto narrative would pick on. Dollars are the reserve currency in the world, the whole idea that "other countries" (of which there are two hundred plus) banning it would somehow spur the US and EU to take such action is pretty dumb. America's monetary printing policy is not determined by a foreign country banning a certain format of their bills, on contrary they are likely to take stern action against a country that bans their currency and force such laws to be reversed or impose penalties for it.
sr. member
Activity: 1064
Merit: 382
Hurrah for Karamazov!
September 18, 2022, 07:00:05 PM
#44
There is currently no such plan to ban physical cash, so this rumor is likely false.
The idea that cash is going away has been around for a long time, but it has not yet come to fruition. In part, this is because cash is still a very popular way to pay for things, especially small purchases.
Another reason is that cash is still the only legal tender in many countries. This means that people can use cash to pay their taxes, and businesses are required to accept cash as payment.
There are also some practical considerations. For example, it can be difficult to ban cash when there are large numbers of people who do not have bank accounts or access to digital payments.
The only people proposing this are cranks, conspiracy theorists, and those with an anti-government agenda. No offense to you OP.


What is happening is that some countries are considering issuing central bank digital currency (CBDC) — that is, digital money that would be backed by the government, just as paper money is backed by the government.  This would be a new form of money, not a replacement for cash, and it would be very different from bitcoin and other cryptocurrencies.
The goal of a CBDC would be to provide a digital alternative to paper money.  It would be used just like paper money, but it would be more convenient and it would be more difficult to counterfeit.  It would probably not be anonymous, and it would be very easy to track.  Nobody can be sure about such details for now.
hero member
Activity: 2660
Merit: 630
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September 17, 2022, 05:08:17 PM
#43
The US I think with this wants to monitor the unlicensed money and money laundary going on and also to support their cbdc giving it protection either by taking away $100 and probably replacing it with cbdc. But IMO their is no need to try and reduce the dollar denomination because dollar these days has been performing better and standing slightly above euro ,
legendary
Activity: 1932
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September 17, 2022, 10:23:08 AM
#42
https://www.cnbc.com/2022/09/16/heres-whats-in-biden-framework-to-regulate-crypto.html
"In the White House's new framework, it points to the fact that a U.S. CBDC could enable a payment system that is "more efficient, provides a foundation for further technological innovation, facilitates faster cross-border transactions, and is environmentally sustainable."

"It could promote financial inclusion and equity by enabling access for a broad set of consumers," continues the report.

To that end, the administration urges the Fed to continue its ongoing research, experimentation and evaluation of a CBDC."

This is a start because the US wants to cut cash with the launch of the CBDC.




https://www.ledgerinsights.com/digital-euro-prototypes-caixabank-amazon-ecb/
CaixaBank, Amazon to make ECB digital euro prototypes
sr. member
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enterapp.io PRE-SALE IS LIVE
August 29, 2022, 01:33:16 PM
#41
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.
I'm not so sure the US government will abolish paper money. Because there is a lot of government business in paper money. If they are going to develop digital money, of course they will make it side by side. Using currency exchange rates with dollars has made the US a winner in international business. Today many currencies in the world are often very dependent on the state of the United States dollar, more than 61% of all foreign bank reserves are denominated in US dollars and about 40% of the world's debt is denominated in dollars. So it is impossible for the US to eliminate international business.
legendary
Activity: 1372
Merit: 2017
August 29, 2022, 05:25:07 AM
#40
This will never work, because:

1. $100 bills are not too big for the average Joe

On this I agree, and as time goes by and inflation has a compound interest rate, the purchasing power of the $100 bills is less.

2. Most citizens are too tech-illiterate to use CDBCs as an app. I mean, the only practical integration method for this is to replace banks' in-house traditional systems with a CDBC blockchain. It won't make a difference to the customer, they'll still get a card.

Here I do not agree. The day will come when everyone will use it. I also thought that I would not see people over 80 years old sending Whatsaps, reading the newspaper or using the bank with the mobile and I already know several cases.
legendary
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August 29, 2022, 04:57:05 AM
#39
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).

This will never work, because:

1. $100 bills are not too big for the average Joe
2. Most citizens are too tech-illiterate to use CDBCs as an app. I mean, the only practical integration method for this is to replace banks' in-house traditional systems with a CDBC blockchain. It won't make a difference to the customer, they'll still get a card.
legendary
Activity: 3752
Merit: 1864
August 28, 2022, 05:02:49 PM
#38
They also last more then 2 decades:
https://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm
So lets say they bounce it around and decide to stop printing them in 2027, which is 5 years from now. That is easily well into the 2050s before they really start to disappear.
There are still $500 and $1000 bills out there that are still legal tender, but good luck getting them out of the hands of collectors for anything close to that:
https://www.ebay.com/sch/i.html?_from=R40&_nkw=%241000+bill&_sacat=0&rt=nc&LH_Sold=1&LH_Complete=1
I think my parents still have a $500 and $1000 framed set someplace. Might have gone to my sister.
-Dave

Once engaged in numismatics and bonnistics, and studied information accordingly. Yes, in the USA there were 1000 dollar bills and much larger ones, for example 100,000 dollars. But they all had a special purpose. Although they were also absolutely official means of payment. And if you now have a bill of 100,000 dollars, we can officially pay it!
But here we are talking about something else - we are talking about the fact that 100 dollar bills will be withdrawn from the general circulation, as, for example, in the EU, they stopped issuing and withdraw 500 euro bills from normal circulation.
For some time they will still be accepted in circulation, but at some point, they will most likely offer to exchange or credit to a card account. I do not exclude that with the requirement to indicate the sources of income and savings Smiley
member
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August 27, 2022, 03:04:04 PM
#37
This caught my attention. In the EU they removed 500 euro notes, but I can't easily accept this post saying that the USA will remove $100 bills from circulation. $100 is already a pretty ''low'' note, to be honest, it's not that there's a $500 note. If this is true and $50 becomes the new highest USD-denominated bill, this should say something about the economy...  Shocked
hero member
Activity: 2114
Merit: 619
August 27, 2022, 02:25:46 PM
#36
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.
I think it makes sense as well if you are going to digitize the whole currency of your country, slowly removing currency notes is very important only then you'll be able to digitize your whole economy, but yes CBDC is definitely not the optimum solution to replace dollar bills. Also removing higher dollar bills is always better in order to curb corruption also as well. It prevents hoarding of cash currency because you will have to keep a big chunk of dollar bills to keep even small values in cash. But I think something as simple as UPI can solve the issues of cash usage there is no need of CBDC in order to digitize the economy.
legendary
Activity: 1932
Merit: 4602
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August 27, 2022, 01:32:33 PM
#35
About 20 years ago, most businessmen used cash, because for cash the price of goods was always cheaper by 3-8%. This is how business worked in Russia, and even now there are not so many changes.
There were many professions, and there were people who carried cash abroad or back. These are couriers, security guards, logisticians who organized routes. Now these people are unemployed. In any country there are shadow markets for exchanging cryptocurrency for cash.Regulators will wean the new generation from the cache, and when everyone gets used to cryptocurrencies and CBDC, this area will be tightly controlled. The big question is, how much time do we have left?
They use cash because digital payments that time are not yet popular. Paypal started in 1998 but it became more popular and widely used online or offline on 2002. Credits to google for that. I know there are other payment methods like gold which can also be used as a medium of exchange but maybe cash is more convenient and also back on that time, the inflation is not that heavy as when compared to today when the purchasing power of our cash now had greatly lessened.

Anyway, they ban the 100 dollar bill and they are doing this to promote their cbdc? But, it'll be more effective if they will also ban other lower denominations.
I think that this will happen gradually and there will be no direct cash bans, but such situations will be created so that people themselves refuse cash.
Lack of cash will make robberies useless.
1,000,000 dollars ($100 bills) weighs 10 kilograms.
1,000,000 dollars ($20 bill) weighs 50 kilograms

I will tell you many stories about gold. It is expensive to buy coins in a bank, because they are 3-4 times more expensive than the cost of the same gold. And if the packaging is damaged, you will sell them only at the price of gold. Some people bought gold after the cryptocurrency hype of 2017, but then it turned out that they did not have gold, but gold-plated metal. So the scammers deceived many crypto-investors who made money on that hype.
hero member
Activity: 2828
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August 27, 2022, 10:35:39 AM
#34
About 20 years ago, most businessmen used cash, because for cash the price of goods was always cheaper by 3-8%. This is how business worked in Russia, and even now there are not so many changes.
There were many professions, and there were people who carried cash abroad or back. These are couriers, security guards, logisticians who organized routes. Now these people are unemployed. In any country there are shadow markets for exchanging cryptocurrency for cash.Regulators will wean the new generation from the cache, and when everyone gets used to cryptocurrencies and CBDC, this area will be tightly controlled. The big question is, how much time do we have left?
They use cash because digital payments that time are not yet popular. Paypal started in 1998 but it became more popular and widely used online or offline on 2002. Credits to google for that. I know there are other payment methods like gold which can also be used as a medium of exchange but maybe cash is more convenient and also back on that time, the inflation is not that heavy as when compared to today when the purchasing power of our cash now had greatly lessened.

Anyway, they ban the 100 dollar bill and they are doing this to promote their cbdc? But, it'll be more effective if they will also ban other lower denominations.
legendary
Activity: 1932
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August 26, 2022, 03:13:45 PM
#33
How are things going with the implementation of CBDC by different countries at the moment:



Based on this infographic, CBDCs are currently being developed by over 100 countries. Some countries, including Ecuador, Senegal, Denmark, have decided to cancel the development and launch of their own CBDCs. The main part of the countries is either in the status of Research or Development. But still, compared to 2020, the development of this area is rapid. 2 years ago the map looked like this:

Data: report BIS oт aвгycтa 2020 гoдa.
Thanks Ratimov.
This is one of the reasons why the world's cash will become much less. Even in Russia, in 2023, the digital ruble will be launched into the test network. And for some reason I am sure that Google and Apple will not interfere with this, despite all the sanctions.
legendary
Activity: 3500
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August 26, 2022, 09:28:35 AM
#32

I went with the link to eBay which you provided, and there's nothing there except some paper garbage with Trump on it, that is not legal tender. But, indeed, there were large-denomination banknotes issued in the USA, you can see all of them following the link below:

https://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency

And, yeah, you are right, today they cost much more than their denomination





As for removal of $100 bills from circulation, it will never happen. Not in our lifetime anyway.

Hmmm, this is what I get from the link:



Could be logged into ebay vs not or even location, but as we agree there is a nice trade in the bills.
Not knowing your age the 'not in our lifetimes' is a tough call.

More and more cash is going 'subprime' no rewards, no security, larger chance of loss.
Yes it's anonymous and private, but if I get paid from my job by check / direct deposit I can pull cash out and pay for things but I loose the cash back % of any credit card I use, the warranty extension that a lot of cards offer, the security of knowing that if I loose my card I am really not out any money and so on.

Thinking about it the last time I used / had a $100 [outside of a casino] was when someone bought my old motorcycle and even then it was mostly $20s with a couple of $100s thrown in.

-Dave
legendary
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August 26, 2022, 09:03:31 AM
#31
About 20 years ago, most businessmen used cash, because for cash the price of goods was always cheaper by 3-8%. This is how business worked in Russia, and even now there are not so many changes.
There were many professions, and there were people who carried cash abroad or back. These are couriers, security guards, logisticians who organized routes. Now these people are unemployed. In any country there are shadow markets for exchanging cryptocurrency for cash.Regulators will wean the new generation from the cache, and when everyone gets used to cryptocurrencies and CBDC, this area will be tightly controlled. The big question is, how much time do we have left?
legendary
Activity: 3374
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I stand with Ukraine.
August 26, 2022, 04:57:09 AM
#30
They also last more then 2 decades:
https://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm

So lets say they bounce it around and decide to stop printing them in 2027, which is 5 years from now. That is easily well into the 2050s before they really start to disappear.
There are still $500 and $1000 bills out there that are still legal tender, but good luck getting them out of the hands of collectors for anything close to that:

https://www.ebay.com/sch/i.html?_from=R40&_nkw=%241000+bill&_sacat=0&rt=nc&LH_Sold=1&LH_Complete=1

I think my parents still have a $500 and $1000 framed set someplace. Might have gone to my sister.

-Dave



I went with the link to eBay which you provided, and there's nothing there except some paper garbage with Trump on it, that is not legal tender. But, indeed, there were large-denomination banknotes issued in the USA, you can see all of them following the link below:

https://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency

And, yeah, you are right, today they cost much more than their denomination





As for removal of $100 bills from circulation, it will never happen. Not in our lifetime anyway.
sr. member
Activity: 1274
Merit: 293
August 26, 2022, 04:26:05 AM
#29
I don't think US will be able to go full digital because they're the biggest currency used for foreign exchange and not a lot of countries will be able to do a full revamp their currency because it's expensive especially for poor countries, imagine South Sudan going digital when their most basic of infrastructure are destroyed or not yet built because they still have a civil war.
legendary
Activity: 3752
Merit: 1864
August 26, 2022, 02:43:49 AM
#28
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.

Quite expected and logical process. It's like moving from a currency in the form of cowrie shells to paper and iron money Smiley

I would name 3 arguments in favor of this decision. From less obvious to more:

1. Expensive cash service. Yes, money costs MONEY. And a lot of complex and unsafe processes. Cash service, collection, storage of money, cash places, etc. - these are huge costs for the state, business, people ... Honestly - specify, for the sake of interest, how much does it cost for a large network to "serve money" per year? And how much you have to invest in solutions that don't bring profit, such as cash register equipment, storage facilities, etc. You will be greatly surprised! And most importantly, these costs ultimately fall on the wallets of buyers, us!

2. Security \ Legality. The question is extremely simple and understandable. Cash has always been and remains the main entity that is the target of scammers. I hope there is no need to explain. The second side of this problem is corruption. It is mostly based on cash. As well as crime. Controlled digital money - if not a panacea, then a solution that will greatly complicate the lives of these groups (thieves, criminals, corrupt officials)

3. Technological side. After all, we are already living in the 21st century, and carrying a “bag of money” or a “pack of money” with us is becoming more and more inconvenient and illogical. The first step was taken more than half a century ago - with debit or credit cards, which made non-cash payments a means not only for companies, but also for individuals. But this system was still based on cash - ATMs, shops that work only with cash, etc. Now we are reaching the next level - a complete departure from cash and fiat money.
legendary
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August 26, 2022, 01:15:15 AM
#27
I have used sometimes 200 euro banknotes "in real life" but each time shoppers are checking for a while because they see really few of these: you seem like an alien and it's really uncommon for any expense.

Yep, but this can work with the rather uncommon big banknotes. The 100 EUR and 100$ ones are pretty much common (although I indeed find the 50 EUR much more heavily used than the 100) and getting them out may not got as easy as with the uncommon (from the first place) ones.

BTW I am really curious to see the real effect of "digital money" here in my country . Probably it will be the good chance for crypto to become mainstream.

It heavily depends on govt narrative. They can push CBDCs and still tell that bitcoin is dirty money, or it consumes the so beloved electricity (I'm already expecting news that people will suffer in the winter because of bitcoin).
So no, I think that CBDCs will have very limited "good" effect on bitcoin getting mainstream.
legendary
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'The right to privacy matters'
August 25, 2022, 07:34:53 PM
#26
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.
I have also heard earlier about this US possibility as a financial blow to Russia. Hundred dollar bills are the most common outside the US. If they are invalidated, it will instantly undermine the financial strength of many states. Apparently, US-friendly states in this case will be provided with an approximately equivalent replacement with either digital currencies or new samples of one hundred dollar bills. This is a very interesting initiative. However, on the other hand, this will mean that the United States should not be trusted in the matter of finances.

USA laid the ground work for this years ago.

They have issued 3 or 4 changes in their money.

They now simply can pull older ones off the list of "good money".  


https://www.uscurrency.gov/denominations/100

2013 to now

https://www.uscurrency.gov/sites/default/files/downloadable-materials/files/en/100-2013-present-features-en.pdf

1996 to 2013

https://www.uscurrency.gov/sites/default/files/downloadable-materials/files/en/100-1996-2013-features-en.pdf

1990 to 1996


https://www.uscurrency.gov/sites/default/files/downloadable-materials/files/en/100-1990-1996-features-en.pdf



1914 to 1990

https://www.uscurrency.gov/sites/default/files/downloadable-materials/files/en/100-1914-1990-features-en.pdf
legendary
Activity: 3024
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August 25, 2022, 07:16:24 PM
#25
No way this is going to happen, the world, including the West is currently in crisis, why would their governments do something so risky? To move to a digital currency that doesn't exist yet? And why people so quick to assume that governments want this digital currency? It would create quite some headache for them if some people will not use it, for example the elderly who are not good at using electronic devises.
legendary
Activity: 3276
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Nec Recisa Recedit
August 25, 2022, 05:28:05 PM
#24
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.

There were discussions to stop the 500 EUR bills from circulation because they're too big for average Joe and only help those earning money from illegal things carry that money easier. And the 500 EUR bill is still in circulation, just no new banknotes are being printed.

The 100$ is not that big. And I also don't think that anybody would admit they are removing the 100$ bills from circulation to favor CBDCs. So unless they come with a better story I don't think they'll do it. And even then.. it'll take many years until the 100$ bill gets retired.

I didn't understand how they can ban 100$ bills also here in Europe Roll Eyes

about the 500 euro ... it's really really hard you can get a 500 euro bill. Of course no, ATM will not provide it.
In my country, Italy, you should have some "good friend" in the local bank.
At maximum you can get a couple of these notes each week, just because these are provided just few pieces to banks.
You must have a friend and probably he want "something back" (like some help or maybe a cut...)
 
I have used sometimes 200 euro banknotes "in real life" but each time shoppers are checking for a while because they see really few of these: you seem like an alien and it's really uncommon for any expense.

I think no one will pay something with 500 euro. These notes are already "removed" from circulation at least in the real life expense.

BTW I am really curious to see the real effect of "digital money" here in my country . Probably it will be the good chance for crypto to become mainstream.
legendary
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August 25, 2022, 05:16:23 PM
#23
They also last more then 2 decades:
https://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm

So lets say they bounce it around and decide to stop printing them in 2027, which is 5 years from now. That is easily well into the 2050s before they really start to disappear.
There are still $500 and $1000 bills out there that are still legal tender, but good luck getting them out of the hands of collectors for anything close to that:

https://www.ebay.com/sch/i.html?_from=R40&_nkw=%241000+bill&_sacat=0&rt=nc&LH_Sold=1&LH_Complete=1

I think my parents still have a $500 and $1000 framed set someplace. Might have gone to my sister.

-Dave

full member
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August 25, 2022, 05:07:50 PM
#22
the abolition of the $100 US bill, whether it's a rumor or indeed a plan that might be implemented soon, because I haven't found the source of the news myself in the media, but basically the elimination of 100 $ is the right thing because these banknotes are rarely used and large transactions already use digital money
legendary
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August 25, 2022, 05:07:04 PM
#21
Unlikely but not impossible, in the end it is just a rumor.
But it would undoubtly be a strategy for USA government to push their plans of CBDC adoption, however, such operation would be very expensive and it would take years to be executed, there is a lot of 100$ bills on this planet and even if they gave a flexible deadline it would be a nightmare for common people to exchange their bills, specially in countries where there is a de facto dollarization but not de jure, Venezuela and Zimbabwe are good examples.

For now, I'll  assume this is just a rumor and nothing will happen this year, perhaps in the future but in my opinion to carry out something like it this very year would be a recipe for chaos considering the behavior of economies worldwide.
legendary
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August 25, 2022, 04:50:06 PM
#20
Unsurprising if the proposals turn out to be true. The number of people using paper cash are dwindling. The people that do use cash certainly aren't using large bill denominations in high numbers. We're near the end of the year so I don't think the rumors you're mentioning are correct.

My prediction is ~2024 is when USD will begin to phase out its larger paper bills.

Then, I suppose the pathway towards CBDC's would subsequently involve eliminating cash based payment methods entirely, then targeting cryptocurrency as the competition.
sr. member
Activity: 2422
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August 25, 2022, 04:39:13 PM
#19
My only concern is those who don’t know how to use technology, though it can be learned but that’s another expense for sure. This kind of growth seems inevitable, we are slowly getting into a digital world and because of pandemic, it makes more feasible. Removing the $100 in circulation could be challenging but possible. Let’s see if those rumors are true and see the effect of that in the inflation, which I’m thinking if that is still a problem if we go digital.
full member
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August 25, 2022, 04:01:11 PM
#18
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.

Of course for us as crypto users today is good news regarding the use of digital money. But this is still difficult to implement. Because there are still many people who do not understand digital money, nor how to use it. Yes, gradually it can be implemented.
If this works, of course it is very profitable for small countries, because they can control how much a country prints money in each year. In the Bretton Woods agreement of 1944, 44 countries stipulate that the printing of paper money must be guaranteed gold equivalent to the value of the paper currency being printed, or the so-called gold foreign exchange reserves and gold standard.
Then with the existence of digital money that is indeed transparent, the superpowers cannot print money above the gold foreign exchange standard because it violates the agreement.
That is what you would think. CBDC is not crypto, that is still the same money only in the digital form with the same value, and unless the government of the country adopts or allows the transaction of cryptocurrencies in the country can you say it is favorable to crypto because people will rather go for a digital asset that has the potential to increase in value (Crypto) compared to the one that don't (CBDC) 
legendary
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August 25, 2022, 02:56:41 PM
#17
As always, they always look for something illicit to pin it on. Such as frauds, scams and shits like that just to ensure users could look at other alternatives and not see the government to be forcing a decision on the citizens. Yet there are problems or printing more and more notes and then the issues of inflation.
I really hope @OP, you would have provided a link but, am sure to search for follow ups on the details although, I highly doubt the $100 bill would be flushed put of existence neither is it going to be the reason to promote the use of CBDCs. Some people are just comfortable wth them notes.

That's why I said that they'll never admit they'd do this to favor CBDCs. Just since 100$ bill is not that big this kind of "used for illegal things" narrative may not hold and, as Hydrogen said, this will have a good chance to backfire against USD as reserve/backup currency.

I agree with the others:
* this won't happen too soon
* even if this process starts at some point, it will take a lot of years until 100$ bill will get completely phased out
* it is possible that all this is some fake news or ideas of somebody overly paranoid

Thanks for your replies. Articles on this topic can be easily found on Google. But I hear from a few economists I know who, in all seriousness, say that many governments will reduce the amount of cash.
A couple of years ago, before the epidemic, no one would have believed that people would sit at home for months, wear masks and receive vaccinations.
Maybe now my topic seems fantastic to you, but with certain events in the world, this can become a reality. But your opinion was important to me.

Printing cash is costly. And it's easier to slow down the printing of new banknotes (for all the values) than completely phasing out the bigger ones.
legendary
Activity: 1932
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August 25, 2022, 01:20:29 PM
#16
Thanks for your replies. Articles on this topic can be easily found on Google. But I hear from a few economists I know who, in all seriousness, say that many governments will reduce the amount of cash.
A couple of years ago, before the epidemic, no one would have believed that people would sit at home for months, wear masks and receive vaccinations.
Maybe now my topic seems fantastic to you, but with certain events in the world, this can become a reality. But your opinion was important to me.
hero member
Activity: 1820
Merit: 537
August 25, 2022, 12:02:41 PM
#15
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.

If digital payment is eventually taking over, what will be the requirement of having a certain denomination? In digital environment, you can just transfer the required amount.

If fiat continues without digital support, then strong economies can choose to remove higher denominations from the economy. That will make the fiat transactions easier. What I foresee, the human population in developed countries will slowly come out of using hard cash, especially people without any black money.

I've been hearing rumors regarding this issue and if this happens, I'm sure that more countries will also do the same thing. Switching to digital transactions would be convenient but quite hard, especially in third-world countries that still aren't well equipped with the latest technology to pursue digital transactions. I guess the digital system is starting to emerge this time benefiting those who have been enjoying its convenience for the longest time.
legendary
Activity: 3080
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August 25, 2022, 11:52:55 AM
#14
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.

If digital payment is eventually taking over, what will be the requirement of having a certain denomination? In digital environment, you can just transfer the required amount.

If fiat continues without digital support, then strong economies can choose to remove higer denominations from the economy. That will make the fiat transactions easier. What I foresee, the human population in developed countries will slowly come out of using hard cash, especially people without any black money.
legendary
Activity: 1358
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August 25, 2022, 01:46:15 AM
#13
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries,

No way. That is not going to happen any time soon.

and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).

This will happen, and slowly, as you say, but they will not need to ban any notes. Most people will actively contribute to the disappearance of cash, and in fact are already doing so. There is a clear trend in this direction that seems unstoppable, but I think cash still has a few years to go, although it will be used mainly for small payments.
legendary
Activity: 2576
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August 24, 2022, 11:31:36 PM
#12
Well, it must have already started years ago. A number of studies, discussions, and researches must have already been done in relation to the plan of replacing hard cash with digital currencies. Of course, it wouldn't be a quick process. Everything will be gradual. It might even take decades before cold cash will be totally wiped out of circulation.

As for the hundred-dollar bill, this has also been talked about for years now. So far, the bill is still in circulation. New ones are still issued. I don't know if it's timely to stop its issuance knowing that money's value is continuously falling. Here in my country, what used to be a bill is now a coin. This conversion in form is representative of how low its purchasing power has fallen.
legendary
Activity: 3808
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August 24, 2022, 11:18:05 PM
#11
I think it will be a few years before this actually happens. Most people use credit cards these days but there are many, especially old people who only pay in cash. And if they couldn’t keep a few hundreds in their purse they would be mad this they would need to hold for $50s.

So I am not surprised they are proposing this but it will take many years for it to actually happen. In Europe and Canada we had big bills like 500 EUR or $1000 Canadian and they were removed since it was mostly used for Crime.
legendary
Activity: 2912
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Blackjack.fun
August 24, 2022, 06:33:41 PM
#10
I used to read the news about it, but didn't take it seriously.

Source for this?

But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).

And are you sure this discussion is not just some by-product of the flat earth channel?

It's not a quick process, but it's rumored to start later this year.

Of course, just after we welcome the alien visitors from Vulpecula later in November and we finish clonning mammoths early enough to replace Santa's reindeer.

I have also heard earlier about this US possibility as a financial blow to Russia. Hundred dollar bills are the most common outside the US. If they are invalidated, it will instantly undermine the financial strength of many states.

Some random columnist flaunting around stupid ideas is just nothing, besides, that article out back in May, as you can see is August and nobody treats it seriously other than in some "discussions" and "rumors".
For anyone interested, this is the article in question:
https://www.wsj.com/articles/for-russia-benjamins-moscow-putin-sanctions-100-dollar-rubles-bankers-treasury-war-ukraine-larry-summers-11652125119?mod=opinion_major_pos6

Also, just as funny as this, we had the same topic about Nigeria retiring all the Niara notes:
https://bitcointalksearch.org/topic/cbn-to-stop-circulation-of-naira-note-5399596
how is the removal going?



legendary
Activity: 3178
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August 24, 2022, 06:18:39 PM
#9
Removing $100 is perhaps a good method to accelerate the demise of the US dollar as an international reserve currency.

Possibly paving the way for the russian ruble to become the new international reserve? Somehow, I don't think Putin would mind if this happened.

Foreign banks and those outside the USA holding $100 in reserves would probably be most affected. They could have the hardest time exchanging their $100 holdings if a ban were announced.

India imposed similar cash bans. Which, as far as I know, had negative effects upon their economy. And diminished trust in their banking and monetary system.

The poor and unbanked are also usually hardest hit by these measures, AFAIK.

Russian ruble as international reserve is not likely to happen. i doubt it will be that case. Putin keeps repeating in his speech about multi polar ruling, i think what they want is that US rules the west and east stays east which the USD reserve stays in US soil and in Europe will be somehow EUR or probably the Ruble and an then in the Far east will be Chinese Yuan (RMB).

i have not read the news about $100 circulation removal, no link provided by OP. But probably because Cash is king, but $100 bills are for crooks.
legendary
Activity: 2562
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August 24, 2022, 06:01:26 PM
#8
Removing $100 is perhaps a good method to accelerate the demise of the US dollar as an international reserve currency.

Possibly paving the way for the russian ruble to become the new international reserve? Somehow, I don't think Putin would mind if this happened.

Foreign banks and those outside the USA holding $100 in reserves would probably be most affected. They could have the hardest time exchanging their $100 holdings if a ban were announced.

India imposed similar cash bans. Which, as far as I know, had negative effects upon their economy. And diminished trust in their banking and monetary system.

The poor and unbanked are also usually hardest hit by these measures, AFAIK.
hero member
Activity: 994
Merit: 701
August 24, 2022, 05:06:44 PM
#7
It won't be as simple as that. Before the action can be taken, several observations must be made. The use of digital currency will increase if the $100 note is outlawed as fiat money. Users of cryptocurrencies can rejoice. It will be challenging to stop the use of existing currency; only notes that reach the bank can be invalidated. Those who own it won't want to release it because it will lose all of its worth after that. This can also lessen corruption in nations that utilize the US dollar as their primary currency and are branded with the corruption stigma.
hero member
Activity: 2884
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August 24, 2022, 05:05:50 PM
#6
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.

There were discussions to stop the 500 EUR bills from circulation because they're too big for average Joe and only help those earning money from illegal things carry that money easier. And the 500 EUR bill is still in circulation, just no new banknotes are being printed.

The 100$ is not that big. And I also don't think that anybody would admit they are removing the 100$ bills from circulation to favor CBDCs. So unless they come with a better story I don't think they'll do it. And even then.. it'll take many years until the 100$ bill gets retired.
This is basically the same what happened to the 1000 dollar bill, it can still circulate as legal tender but now they are so rare they are worth much more than their printed denomination, however I do not believe the same will happen to the 100 dollar bill, 100 dollars is not as much money as before and with an inflation which will remain high for a long time it would be a mistake to stop printing it as soon enough they may be forced to do so again and maybe even print notes with a higher denomination to keep up with inflation.
legendary
Activity: 1554
Merit: 1139
August 24, 2022, 04:58:21 PM
#5
There were discussions to stop the 500 EUR bills from circulation because they're too big for average Joe and only help those earning money from illegal things carry that money easier. And the 500 EUR bill is still in circulation, just no new banknotes are being printed.
As always, they always look for something illicit to pin it on. Such as frauds, scams and shits like that just to ensure users could look at other alternatives and not see the government to be forcing a decision on the citizens. Yet there are problems or printing more and more notes and then the issues of inflation.
I really hope @OP, you would have provided a link but, am sure to search for follow ups on the details although, I highly doubt the $100 bill would be flushed put of existence neither is it going to be the reason to promote the use of CBDCs. Some people are just comfortable wth them notes.
sr. member
Activity: 1587
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August 24, 2022, 04:02:13 PM
#4
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.

Of course for us as crypto users today is good news regarding the use of digital money. But this is still difficult to implement. Because there are still many people who do not understand digital money, nor how to use it. Yes, gradually it can be implemented.
If this works, of course it is very profitable for small countries, because they can control how much a country prints money in each year. In the Bretton Woods agreement of 1944, 44 countries stipulate that the printing of paper money must be guaranteed gold equivalent to the value of the paper currency being printed, or the so-called gold foreign exchange reserves and gold standard.
Then with the existence of digital money that is indeed transparent, the superpowers cannot print money above the gold foreign exchange standard because it violates the agreement.
full member
Activity: 2142
Merit: 183
August 24, 2022, 03:30:25 PM
#3
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.
I have also heard earlier about this US possibility as a financial blow to Russia. Hundred dollar bills are the most common outside the US. If they are invalidated, it will instantly undermine the financial strength of many states. Apparently, US-friendly states in this case will be provided with an approximately equivalent replacement with either digital currencies or new samples of one hundred dollar bills. This is a very interesting initiative. However, on the other hand, this will mean that the United States should not be trusted in the matter of finances.
legendary
Activity: 3668
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August 24, 2022, 03:20:55 PM
#2
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.

There were discussions to stop the 500 EUR bills from circulation because they're too big for average Joe and only help those earning money from illegal things carry that money easier. And the 500 EUR bill is still in circulation, just no new banknotes are being printed.

The 100$ is not that big. And I also don't think that anybody would admit they are removing the 100$ bills from circulation to favor CBDCs. So unless they come with a better story I don't think they'll do it. And even then.. it'll take many years until the 100$ bill gets retired.
legendary
Activity: 1932
Merit: 4602
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August 24, 2022, 02:53:11 PM
#1
I used to read the news about it, but didn't take it seriously. But recently I heard a discussion that 100 dollar bills will be banned in a number of countries, and then in the USA and Europe, fiat will gradually be replaced by digital money(CBDC).
It's not a quick process, but it's rumored to start later this year.
I'm interested in hearing your opinion on this issue.
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