There’s been another shot fired in the “war on cash.” Recently, the International Monetary Fund (IMF) published a working paper offering governments suggestions on how to move toward a cashless society even in the face of strong public opposition.
Over the last several years, we’ve seen a steady push to eliminate, or at least limit, the use of cash around the world. In May of 2016, the European Central bank announced it will stop producing and issuing 500-euro notes by the end of 2018. Not long before the EU announcement, a former Obama economic adviser/ex-Treasury secretary floated the idea of eliminating the $100 bill in the US.
Banks have also gotten in on the act. Last year, Chase capped ATM withdrawals for non-Chase customers at $1,000 per day. Recently, ATM’s in Mexico stopped issuing 500-peso notes, leaving the 200-peso note as the highest denomination available. CitiBank Australia stopped handling cash transactions altogether late last year.