Social media is buzzing with rumors that the US is going to have its own’notebandi’ (demonization) time next year.

It has been widely claimed that the US government has decided not to accept printed dollar banknotes until 2021 from January next year.

Fact Crescendo got the viral message on our WhatsApp Tipline (9049053770) with fact check requests.

We have found that like many things on the internet, this is just baseless speculation.

WHAT IS THE CLAIM?

Many users tweeted that “after January 31, 2023, old dollar bills printed before 2021 will no longer be legal tender anywhere in the world.”

Some websites also reported the same. Observer Times says the decision to reject the old dollar notes was taken after the meeting between the US Federal Reserve Bank, the International Monetary Fund (IMF), the World Bank and African central bank governors.

The report further claims that “this effort is aimed at reducing the billions of illegal money in dollar bills stored on the African continent stemming from drugs, terrorism, kidnappings and the money of corrupt politicians”.

Original post – Twitter | Archive | Twitter | Archive

FACT CHECK

First, we checked whether or not such a decision was really made by the US government.

Given the seriousness and magnitude of the decision, it would have been reported and discussed in all media. But we couldn’t find a single credible report on the supposed decision of this so-called ‘notebandi’ in the USA.

We even checked the US Federal Reserve, International Monetary Fund (IMF), World Bank and various central banks in Africa and found no such announcement.

The absence of any report on the viral claim raises the question of its authenticity.

The American banknote system

The Treasury Department operates and maintains the production of coins and currency in the United States. He also has no update on this speculative ban on old dollar bills.

The U.S. Currency Education Program (CEP) clearly states that it is U.S. government policy that all models of U.S. currency remain legal tender, regardless of date of issue.

The Bureau of Engraving and Printing (BEP) is responsible for developing and producing US banknotes. The United States currently issues $1, $2, $5, $10, $20, $50, and $100 notes. You can read the full history of the US currency here.

In the FAQ section of its website, the Federal Reserve Bank of the United States states that “people don’t have to exchange your old notes for new ones.”

In other words, old banknotes remain in circulation even after new banknotes are issued.

CONCLUSION

Therefore, it is fake news that the US government banned old dollar bills printed before 2021. The claims and viral reports are baseless rumors and merely speculative. The US government has neither announced nor taken such a decision.

(If you also come across such videos and images that you think are fake viral, submit them to our WhatsApp phone support (9049053770) or tag us on Facebook, Twitterand instagram.)

Title:Rumour: Did the US government ban the printing of dollar bills before 2021?

Fact check by: Factcrescendo Team

Results: Fake