Other countries are also moving toward eliminating cash. The elimination of $50 and $100 denominations has been proposed in the US, while DNB, Norway’s biggest bank, proposed eliminating all cash by the end of 2016. First, eliminating cash, particularly high value currency, makes it harder for criminals to carry out their activities. The total of illicit cash transactions annually is estimated to be about $2 trillion. At the same time, there are also serious security concerns over keeping all of one’s money in the financial system.

Source: Manila Times January 23, 2017 14:48 UTC