The war on cash continues. It’s over for the 500-euro banknote.
The European Central Bank (ECB) announced Thursday that it will end the production and the issuance of the 500-euro banknote. The reason for this move, after months of speculation, is because the paper bill is mostly used by criminals and money launderers.
Banknotes in this denomination will remain as legal money right now, but the European monetary authority will not issue additional currency from the existing supply as of late 2018. The ECB added that the 500-euro banknote will maintain its value and could be exchanged at anytime.
Ostensibly, the ECB says it’s doing this for your own good, to protect you from those participating in illicit activities.
The next highest denominations are the 200-euro and 100-euro banknotes, followed by the 20-euro banknote and five-euro banknote. It will work hard to ensure there is a sufficient supply of these bills.
Be sure to check out our new book “The War on Cash: How Governments and Banks are Killing Cash and What You Can Do to Protect Yourself.”
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