Thursday , January 21 2021

Have you ever seen them alive? You have until the end of the month. 500 euro notes will go out of circulation

There are notes that we have all heard about, from which we have already seen the images, but who were lucky enough to handle a few. On January 27, national public banks (except Austria and Germany) in each country will maintain the banknotes of 500 euros in their possession, through the orders of the European Central Bank.

Measure, explain
, To prevent "illegal activities" such as money laundering and tax evasion, drug trafficking or terrorism. 521 million of these notes are included in Europe. Ours Neighbors26% of them stored.

Against this background, the European Central Bank has moved towards the end of its distribution "In the context of this concern, note that this amount can simplify the execution of illegal activities." In 2013, the president of the ECB, Mario Draghi, defended this note to complete the "role as the maintenance of deposit, payment instruments and preservation of assets", refusing to pull them back from the market.

According to ECB sources, this will continue to take off from circulation during January: Banknotes will continue and become legal, and can be used as a form of payment, but once they enter the central bank within the zone, the euro will be retained. However, they maintain their value and may be exchangeed for other notes at a later time.

In relation to Federal Bank of Germany and Austria's National Bank, the reasons for the exception are reasonable by trying to ensure "easy change" and "rational reasons". Both will re-submit these notes to the market until April 26, 2019, because, according to the ECB, "they have the most effective uses of these notes." Market does not accept support and it only sees German criticism of this measure as a way of depreciation.

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