No More 500-Euro Notes

The European Central Bank has ordered national central banks, including the Banco de España, to cease printing 500-euro notes.

SPN 500-Euro NotesOne of the reasons for this is that cash is being used less and another is to curtail money laundering activity.

In the case of the former, although cash is a long way from being phased out, it is true that more and more people are paying with cards or transfer platforms using smart phones and watches.

The fact is that during 2022 paper money sank to its historic minimum at 13.1m notes in circulation, which is close to the 12.7 new notes printed in 2002.

As the 500-euro note is the largest denomination, it is the least used; people prefer to use smaller denomination notes and use internet & bankcards for larger transactions. You can’t pay for anything in cash over 1,000 euros anyway.

Obviously when it comes to exchanging large sums of money illicitly, the 500-euro note – or Bin Laden, as it is known, was the chosen method.

But all this does not mean that these large notes are not legal tender or will cease to circulate; possessing them is not illegal.

(News/Noticias: Spain)

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