Eurozone banks stop issuing €500 note in fight against crime.
Euro’s highest-value banknote is going to be phased out. Eurozone banks took a major step toward this step on Monday.
Central Banks of European countries stopped issuing €500 bill over the concerns that “it makes life easier for criminals”.
Some call the banknote’s association with money laundering as “Bin Laden”.
Causes of such decision made is that the €500 banknote makes it easier to transport larger amounts of money. As an example eurobank’s representatives say that €1 million in €500 banknotes weights just 2.2. kg, when this sum in the €50 notes weights more than 20kg.
However, German and Austria central banks will continue issuing €500 notes. At the start of this year, there were 521,630,046 €500 banknotes in circulation at a value of €260,815,023,000.