European authorities are winning the war on cash.
On Friday, Germany and Austria joined the rest of the eurozone in killing off 500-euro notes. European central banks began terminated this banknote in January, but Berlin and Vienna were given an additional three months to play catch up.
The currency will remain legal tender and consumers can utilize it as a means of payment or store of value. But no news will be printed.
Many had anticipated greater withdrawals prior to the move, but officials say there was hardly any noticeable difference.
The 500-euro note is one of the highest-valued bills in circulation in the world, just behind Brunei’s 10,000-dollar note ($7,313) and Switzerland’s 1,000-franc ($979).
Proponents of the move say it was essential in preventing illicit activities, such as drug trafficking, terrorism financing, and money laundering. Of course, everyone knows better: it is just another measure in the war on cash.
Europe is leading the way to a one-world currency (SEE: Globalists renew calls for one-world currency).
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