Chiefs focus The United States is in the midst of a currency overhaul in order to improve security against possible counterfeiting of their dollar bills. This joint effort between the country’s main institutions, as well as the cooperation of the financial and retail sectors, aims to minimize the impact of illegal activities and optimize control over the cash in circulation.
Cash has been in a second position to electronic methods of payments for a while now, however, many people still prefer to handle bills because they consider that they have better financial control. After all, studies have proven repeatedly that it is easier to spend money when using a bank card than when using cash because of the psychological aspect of seeing the money disappear.
Despite this ease of spending with a bank card, or perhaps just because of it, there has been an undeniable upward trend in the use of electronic means, and that has caused a problem to emerge that affects the country’s economy: the circulation of counterfeit bills, especially in low-value transactions.
In light of this, there is a new measure taken by the Bureau of Engraving and Stamping, the Secret Service, and the Advanced Counterfeit Deterrence Steering Committee (ACD), which determines that dollar bills that are damaged, cut, or torn will no longer be accepted in various commercial establishments. This is because damaged banknotes can be easily altered and replicated, which is a major challenge for economic security.
The adoption of this measure will take some time to be fully implemented, but some major chains, such as Walmart, Target, and Dollar Tree, which see heavy cash transactions, have already begun to fully implement this regulation, which seeks to reduce the issue of counterfeit currency.
Suspect or damaged bills will have to be turned in to the bank directly, and not through an ATM, but to a teller who can verify the legitimacy of the bill. But for this plan to be effective it will have to be accompanied by other measures.
The Plan to Renew the Dollar Bills in Circulation
To help avoid counterfeiting, the U.S. has set a plan in motion to revamp all its banknotes over the next 14 years, mainly to improve their current security features. Starting in 2028, new bills will gradually be introduced and the older ones will be phased out as they are damaged. The $50 bill is set to roll out first in 2028, followed by the $20 bill in 2030. The $5 bill will come between 2032 and 2035, and finally, the $100 bill will be updated between 2034 and 2038.
The strategy not only aims to eliminate banknotes that are easily counterfeit, but also to adapt the financial system to future threats of counterfeiting, money laundering, and other crimes. The aim is to “improve security to prevent counterfeiting, money laundering, and further criminal acts”, thereby ensuring that legal tender provides the necessary confidence to the consumer.
The changes in the design of the new bills will also serve to adapt to a global environment that demands greater security in transactions. The U.S. is no stranger to criminal activities related to counterfeiting money, with one of the biggest scandals being a “superbill” produced by North Korea, and this measure is part of a broader effort to counteract these risks. In this way, it seeks to provide greater confidence and security in monetary exchanges.
In the meantime, this transition towards the reduction of the use of cash and the introduction of more secure banknotes also reflects a significant cultural and economic change. Technological advances in payment methods may have introduced new challenges in terms of security, but the continued efforts by the authorities to correct the issue will ensure the sustainability of the dollar bills in the future.
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