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Could the $100 bill be getting the ax? If Harvard University fellow and former bank executive Peter Sands had his way, that would certainly be the case.
In a recent case study on the $100 bill, Sands argued that eliminating the $100 bill would be good for Americans, making criminal activities much harder because they rely heavily on large-amount bills, according to Fox News.
“My argument is if you have something that society doesn’t really need but illegal activity really likes, why are you producing it?” asked Mr. Sands, a former chief executive of Standard Chartered PLC and a senior fellow at Harvard’s John F. Kennedy School of Government.
But, the US government shows no signs of ditching the $100 bill.
In response to Sands, the US Treasury Department, the Federal Reserve and the Drug Enforcement Administration all said the $100 bill plays an integral role internationally, citing that there are 11.1 billion $100 bills in circulation.
Of those, more than 10 billion $100 bills around the world, about 75% of them are held in other countries, mainly because US money is the most prominent international reserve currency.
The federal government says throwing out the $100 bill would “have a ripple effect” globally.
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