A bankster in the UK wants to ban big bills

[NorrisK]

I can't see I would mind them banning these bills. When do you ever use them nowadays? Any big purchase will be done through a bank transfer anyway.

I hardly carry cash with me anymore, just use the card.

[Denker]

I can't see I would mind them banning these bills. When do you ever use them nowadays? Any big purchase will be done through a bank transfer anyway.

I hardly carry cash with me anymore, just use the card.

To me it's completely the opposite.I pay as much as I can with cash. And on my bank account I only have the amount of money deposited which I need to pay my monthly fixed bill with (rent, telephone, insurance).

[markj113]

I can't see I would mind them banning these bills. When do you ever use them nowadays? Any big purchase will be done through a bank transfer anyway.

I hardly carry cash with me anymore, just use the card.

Start with the big bills, then the medium, then all the others.

The banks will own your ass and you wont be able to fuck all about it.

[Denker]

I can't see I would mind them banning these bills. When do you ever use them nowadays? Any big purchase will be done through a bank transfer anyway.

I hardly carry cash with me anymore, just use the card.

Start with the big bills, then the medium, then all the others.

The banks will own your ass and you wont be able to fuck all about it.

Therefore we're having crypto currencies.People who know how things work will have ways to mave around the banks.I'm not really worried about that to be honest.

[Q7]

If they come up with the ban on big notes, and people have to resort to using huge stacks of smaller notes and the banks are charging negative interest rate for keeping your money there, what would that mean? Eventually people would be left with limited option but to turn to banks. Not sure how would that help.

[gentlemand]

The biggest note in the UK is the £50 note. In my entire life I have handled one three times. Each time not a single business would accept them and I had to go to a bank to deposit it instead. Looks like it's a voluntary ban to me.

[RealBitcoin]

Bank of England? Last time I checked Great Britain was not part of the Euro zone (and they were going to leave the EU at that), nor was it one of the cantons... What did I miss?

Shouldn't they better ban the British pound first (some part of)?

Bank of England is a shareholder of the ECB and has 13.6743% share of the ECB

https://en.wikipedia.org/wiki/European_Central_Bank#Shareholders

[deisik]

Bank of England? Last time I checked Great Britain was not part of the Euro zone (and they were going to leave the EU at that), nor was it one of the cantons... What did I miss?

Shouldn't they better ban the British pound first (some part of)?

Bank of England is a shareholder of the ECB and has 13.6743% share of the ECB

https://en.wikipedia.org/wiki/European_Central_Bank#Shareholders

What about Swiss frank? Do they have a hand in it too?

[moneyart]

It is simple. When the inflation is coming, and it will come in 3-5 years, we will see banknotes with increasing numbers.

[RealBitcoin]

Bank of England? Last time I checked Great Britain was not part of the Euro zone (and they were going to leave the EU at that), nor was it one of the cantons... What did I miss?

Shouldn't they better ban the British pound first (some part of)?

Bank of England is a shareholder of the ECB and has 13.6743% share of the ECB

https://en.wikipedia.org/wiki/European_Central_Bank#Shareholders

What about Swiss frank? Do they have a hand in it too?

Quoting from wikipedia:


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

As of 2015 the Nationalbank was privately owned,[8] with the majority of shares belonging to cantons and banks of cantons, and the smaller remainder in the possession of private individuals.[9][10] Shares of the SNB existed within SIX Swiss Exchange from 1907 onward

So probably all central banks have a share in eachother. They are all private.

[Demille]

...

A bankster at the Bank of England (Charles Goodhart) wants to ban 500 Euro notes as well as 1000 Swiss Franc (that would be some $1050) notes as well.  That will get tongues wagging in the USA to ban our $100...

I think having 1000 notes is a bix extreme and they must be a big target for counterfeiters but I can't imagine many places accept them. In my country most shops wont accept 50 notes because of the chance of them being counterfeit. In fact it is very rare to see them at all and I have only ever see a couple in my lifetime. Trying to ban them just because criminals use them is sill though but maybe we should ban banks too since they're the biggest criminals.

[NorrisK]

The biggest note in the UK is the £50 note. In my entire life I have handled one three times. Each time not a single business would accept them and I had to go to a bank to deposit it instead. Looks like it's a voluntary ban to me.

I agree, that may be a bit extreme.

In the Netherlands it is quite the same actually. 100 euro notes and up are mostly not accepted by shops, just because of the risk of running into counterfeit notes.

[cellard]

500 euro note are mainly used in black markets, money laundering and other illegal activities that require huge amounts of cash to be moved anonymously.

In the majority of countries that's what they are used for, I never had even one of those notes, I've seen a few.

The minimum wage in my country is 505 euros, so there's not much use for such notes and I always assumed they were created to facilitate high profitable illegal markets, considering 1 million euros in 500 euro notes weights only 1.6 kg.

Granted it allows for easier money laundering, but this is a doubled edged sword argument. It's like saying, oh okay let's ban Bitcoin because it allows for easier money laundering, ignoring the positives.
If you were healthy wealthy and you wanted to move money legally, you would save space if you had 500 euro notes available.

Anyway, the thing it's clear. Cash is going to disappear in the next couple of decades. I can't be the only one here that sees this as very obvious.

[Slark]

I can't see I would mind them banning these bills. When do you ever use them nowadays? Any big purchase will be done through a bank transfer anyway.

I hardly carry cash with me anymore, just use the card.

Start with the big bills, then the medium, then all the others.

The banks will own your ass and you wont be able to fuck all about it.

I feel you are right. This is part of a bigger plan to eliminate 'analog' money from our lives and leave only digitalized currencies.
But don't be fooled it is one of the most dangeous things that could happen, there won't be freedom anymore. Banks/governments will know everything about you. It is Big Brother's dream.

[OROBTC]

...

A bankster at the Bank of England (Charles Goodhart) wants to ban 500 Euro notes as well as 1000 Swiss Franc (that would be some $1050) notes as well.  That will get tongues wagging in the USA to ban our $100...

I think having 1000 notes is a bix extreme and they must be a big target for counterfeiters but I can't imagine many places accept them. In my country most shops wont accept 50 notes because of the chance of them being counterfeit. In fact it is very rare to see them at all and I have only ever see a couple in my lifetime. Trying to ban them just because criminals use them is sill though but maybe we should ban banks too since they're the biggest criminals.

Above commentators

Hey, I LIKE cash!  And large denominations are taken at banks, foreign exchange places, local coin shops (hint, hint).  If the USA's $10,000 notes were there in the 1930s, those would be worth some $50,000 each now... 

And it's NOBODY'S business how I keep and transport my own wealth.

The Swiss 1000 Franc note.  These are hard to find now, at least in the part of the USA where I am from.



I once owned one.  The bill is chock full of interesting anti-counterfeiting features.

[deisik]

The Swiss 1000 Franc note.  These are hard to find now, at least in the part of the USA where I am from.

I once owned one.  The bill is chock full of interesting anti-counterfeiting features.

From the Wikipedia article on the Swiss franc:

According to the central banks, the ratio of counterfeited bank notes is about 1 in 100,000 of real bank notes for the Swiss franc, of 1 in 20,000 for the Euro, of 1 in 10,000 for the United States dollar and of 1 in 3,333 for the Pound sterling

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to leave the Euro alone and finally get themselves busy with strengthening the anti-counterfeiting measures for the sake of the Pound...

[NorrisK]

The Swiss 1000 Franc note.  These are hard to find now, at least in the part of the USA where I am from.

I once owned one.  The bill is chock full of interesting anti-counterfeiting features.

From the Wikipedia article on the Swiss franc:

According to the central banks, the ratio of counterfeited bank notes is about 1 in 100,000 of real bank notes for the Swiss franc, of 1 in 20,000 for the Euro, of 1 in 10,000 for the United States dollar and of 1 in 3,333 for the Pound sterling

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to leave the Euro alone and finally get themselves busy with strengthening the anti-counterfeiting measures for the sake of the Pound...

Those numbers are quite scary... I thought it would be the 100 dollar bill that was the most counterfeited..

How can you trust the pounds nowadays with 1 in 3,333 being fake?

[deisik]

The Swiss 1000 Franc note.  These are hard to find now, at least in the part of the USA where I am from.

I once owned one.  The bill is chock full of interesting anti-counterfeiting features.

From the Wikipedia article on the Swiss franc:

According to the central banks, the ratio of counterfeited bank notes is about 1 in 100,000 of real bank notes for the Swiss franc, of 1 in 20,000 for the Euro, of 1 in 10,000 for the United States dollar and of 1 in 3,333 for the Pound sterling

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to leave the Euro alone and finally get themselves busy with strengthening the anti-counterfeiting measures for the sake of the Pound...

Those numbers are quite scary... I thought it would be the 100 dollar bill that was the most counterfeited..

How can you trust the pounds nowadays with 1 in 3,333 being fake?

This pretty much speaks for itself

I mean the biggest denomination of the British pound is 50£, which is roughly 7 times less that the 500 Euro banknote in terms of purchasing power, but this doesn't in the least prevent it from being 6 times more prone to counterfeiting, lol...

[bryant.coleman]

The most valuable single banknotes in the world are the S$10,000 note from Singapore (worth around $8,000) and the B$10,000 note from Brunei. Counterfeiting is very very rare in these countries, as the punishments for doing it are extremely harsh. And the S$10,000 note is very frequently used by the Singaporeans, in day to day life.

[RealBitcoin]

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to ... get themselves busy with strengthening the anti-counterfeiting measures .... of the Pound...

Hahaha they are the ones that are counterfeiting it by printing bunch of them 

It's like asking your local bicycle thief to install the locks on your bicycle.