Brunei’s B$10,000 bill is worth, at press time, roughly $7,584. Bitcoin, according to CCN’s price Index, is trading at about $7,700 after surging from about $7,460 in the last 24-hour period. The bill has a portrait of Sultan Hassanal Bolkiah, and was issued in 2006.
Sultan Hassanal Bolkiah, one of the last absolute monarchs, is notably one of the richest men on Earth, as reports suggest he is worth over $20 billion, thanks to the country’s vast oil and gas fields, which account for nearly all of its economy.
Brunei has less than half a million residents, and recently adopted strict Islamic sharia law, which drew criticism from various international rights groups. Back in December, when most cryptocurrencies were at an all-time high, the country’s central bank reportedly cautioned against cryptocurrencies.
Phasing out high-denomination notes
The Brunei dollar’s value is legally par with the Singaporean dollar. Singapore itself had its own S$10,000, but reportedly discontinued it. High-denomination bills are being retired throughout the world, as these reportedly make it easier to conduct illicit activities such as terrorism financing, money laundering, and tax evasion…