In a story that's been developing over several years, most Euro zone nations have stopped printing their largest denomination banknote, the 500 Euro. -Editor
The eurozone is moving to stop printing 500-euro banknotes, the violet-coloured bills that authorities fear are favoured by criminals, with most of the 19 nations in the
currency bloc to halt issuing them next month.
"As of 27 January 2019, 17 of the 19 national central banks in the euro area will no longer issue 500-euro banknotes," the European Central Bank said on its
However, Austria and Germany will both continue printing the banknotes until April 26 "in order to ensure a smooth transition and for logistical reasons", the ECB
The 500-euro notes in circulation remain legal tender and can be used to make payments.
The ECB announced in May 2016 that it would halt issuing new 500-euro notes, saying at the time that it expected to do so around the end of 2018, due to "concerns that
this banknote could facilitate illicit activities".
The largest denomination banknote in the single currency area is one of the world's most valuable bills, alongside the 1,000 Swiss franc ($1,017, 888 euros) note.
Because of its high value and portability, experts believe the 500-euro note had become prized by criminals for money laundering and even terrorist financing, earning the
nickname "Bin Laden" in some circles.
To read the complete article, see:
500-euro note gets last print run
To read earlier E-Sylum articles, see:
ORGANIZED CRIME AND THE 500 EURO BANKNOTE (https://www.coinbooks.org/esylum_v13n31a22.html)
THE 500 EURO 'BIN LADEN' BANKNOTE (https://www.coinbooks.org/esylum_v16n15a26.html)
EUROPE TO DISCONTINUE 500-EURO BILL (https://www.coinbooks.org/esylum_v19n19a29.html)
BLACK MARKET PRICE OF €500 NOTE COULD RISE (https://www.coinbooks.org/esylum_v19n20a29.html)
Wayne Homren, Editor
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