Euro Banknotes Invalid by Friday
September 26, 2040 - Hurry up if you still have euro banknotes lying around in your drawers, Friday is the last day for you to cash them in. Officials said yesterday that they are very pleased with the transition in removing the banknotes and coins from the market.
Due to the lack of demand for cash and the development of smartcards, the decision was taken five years ago to remove all euro banknotes and coins from the market. The major information campaigns and exposure in the media has given a great result, collecting more than 99,96% of the cash in circulation.
The euro was established as a unit of exchange in 1999 by 12 European Union member states and entered circulation in 2002. After only 38 years on the market you will in the future only be able to see them in a museum.
Argument: Bank of England cut the number of banknotes issued by 25 per cent between year 2001 and 2005. Due to the increase of e-commerce and the development of smartcards, the need for cash will continue to decrease, and finally be removed in year 2040.
Questions: What complications might occur if you remove banknotes and coins from a market? What necessary steps have to be taken to make it possible to take them out of circulation?
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Comments:
Should bank notes be taking out of circulation, it does two things.
1-Promotes exact spending
2-undercurrent cash activities which helps the economy as well would disappear and the economy would suffer.
Posted by: Vika
Money is a tool to acheive basic goals of nature, such as evolution, survival, procereation, death and destruction.
In my openion, do you really need to eat the 10th pizza the same day?
Posted by: Joey
Bring it on.... Cash is archaic.
Posted by: Steve
Humanity will not be the same to even get to 2040...Money and trade will be a thing of the past...lets see who survive War world III
Posted by: Patrice King
I´ve got in a bank in Helsinki a very special error 50 ero banknote and Europian Central Bank emailed to me about the numbers of my banknote and reported After the numbers of your banknote it doesn´t belong to the counterfeit case. Do plese present your banknote to us. Big bank wants my error 50 euro banknote. Banknote must be extreamly valuable that´s my future
Posted by: Tapio Hollender
how will people pay for weed?
Posted by: george bush jr.
this is the mark of the beast:
Rev 13: "He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or[f] the name of the beast, or the number of his name."
the cash will be recorded on a chip implanted in the right hand or forehead. It will be the mark of the beast. Do not take it or you are doomed.
Posted by: Joel
We still have the false Banknotes as backup.
Posted by: King Willem van Oranje
I bet if this does happen. Then you can still use the new currency to buy drugs.
Posted by: jhonks
This would help track the flow of money so as to generate better economic data and prevent tax evasion. It would also improve the utilization of capital and the velocity of money (no change sitting around doing nothing, instead all money is kept in banks where it is invested).
I've argued for this for years.
Posted by: Anonymous
It is only a matter of time; there will soon be no need for money. When the world becomes heavily automated, and 'almost' all our jobs have been taken by robots and machine, there will be no need for us to define or occupy ourselves with material currency.
Posted by: C. Sunday
Hyper-inflation will kill the Value of Cash
Posted by: Alex