Outside of these countries Canada, Norway, Denmark, Australia, New Zealand, Ireland, Mexico and other nations are currently either proposing or rolling out programs that will ban cash from certain transactions if not completely.
And if you think this is impossible in the US, think again. A campaign is already underway to do precisely this.
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* The One Hundred Thousand Dollar bill is a banknote of the United States that was printed by the Bureau of Engraving and Printing from 1934 to 1935. It was never publicly circulated and was only used for transactions between Federal Reserve Banks. With a face value of 100,000 dollars, it is the highest-denominated piece of paper money ever produced by the United States. The note technically still holds the status of legal tender, but has not seen circulation since the 1960s.How Close Are We To the Cashless Society?
There is little denying it, we are edging closer and closer every year. Here are some key facts
- In the UK over half of all payments in 2015 were cashless
- Many EU countries have capped the amount that can be legally paid in cash
- In India a radio address from Prime Minister Modhi urged citizens to stop using cash
- In Kenya about a quarter of it’s GNP is through mobile payments app M-Pesa
- In the U.S. the economist Kenneth Rogoff’s latest book ‘The Curse of Cash’ has put the quest to reduce cash firmly on the agenda of many central banks and governments.
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