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If the endgame is to ban cash, what would be the back up plan for in case of war, solar flare* or other natural disaster? *electromagnetic pulse destroy electronic devices (no ATMs, card readers)
Give it a decade or two of inflation, and that's cash effectively outlawed
In Canada, and I think the US we cannot cross the border with > 10k in cash (edit: more if you declare it as mentioned below). The law has been there for as long as I can remember, be I sure purchasing power of 10k has gone down by at least a factor of 4-10 over the life of the law. All regulation type laws need sunset clauses and all dollar amounts should be inflation linked. The government shouldn't be able to scam…
If the endgame is to ban cash, what would be the back up plan for in case of war, solar flare* or other natural disaster? *electromagnetic pulse destroy electronic devices (no ATMs, card readers)
Some countries like Denmark (starting 2020) have banned paying with the 500 Euro bank note. It's also no longer printed, but some 600 million of them still exist. I've seen a documentary where (I think it was Swedish police) would like to ban 200 Euro notes as well.
The only reason the 500 Euro bank note exists in the first place was that the Germans wanted a replacement for their 1,000 Mark note. (Apparently their reasoning was something along the lines of: what if you want to buy a car?) Meanwhile in Singapore we have a 10,000 dollar note (which is worth about 6,800 Euro at the moment.)
"Note: MAS has stopped issuing the following notes as a pre-emptive measure to reduce the potential money laundering and terrorism financing risks associated with large denomination notes:
The $1,000 notes with effect from 1 January 2021. The $10,000 notes with effect from 1 October 2014. Existing $10,000 and $1,000 notes in circulation remain legal tender in Singapore and can continue to be used as a means of payment for goods and services."
https://www.mas.gov.sg/currency/circulation-currency/circula....
The maximum limit for cash payments in Italy is 1000€, so 3k would still be a lot. Why would someone need to pay for 10k in cash? Where does that cash come from? 60% of the times, it's money laundering every time. edit: I suppose since I'm in EU and I'm only 30 I'm "used" to the 1k limit, while non-EU (or specifically USA) people might be grabbing their pitchforks.
There are many similar restrictions on other countries. Here is a list for Europe: https://www.europe-consommateurs.eu/en/shopping-internet/cas... The equivalent of 3,000 - 4,000 Euro seems to be the norm.
I'm very much a fan of choice here. I haven't personally used cash more than twice in the last 3 years, I love the convenience of Apple/Google Pay, but cash clearly still needs to exist
Use it or lose it.