Removal of $100 bills from circulation

[mbakruroh]

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.

[zasad@]

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

[Gozie51]

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 ,

[edgycorner]

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.

[Fortify]

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.

[coupable]

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 .

[wheelz1200]

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.