Europe prepares to scrap the €500 note, saying the large bills help fund terrorism – and most of the denominations are kept in Russia

Tuesday, February 16, 2016
By Paul Martin

European bank bosses are planning to scrap the high-value 500 euro note
They say it has become the ‘currency of choice’ for criminals and terrorists
Financial officers also believe most of the notes are being kept in Russia
The note’s purchasing power and convertibility makes it ideal for criminals

16 February 2016

Europe is likely to scrap the 500 euro note following a realisation the majority of those in circulation are being hoarded in Russia and have become the ‘currency of choice’ for criminals and terrorists.

Admitting the note is almost never used by normal people to ‘get a bite to eat’, European Central Bank bosses say it is likely to be scrapped.

The rarely-seen purple bill is one of the highest-value notes of any currency across the world and offers a rare concentration of purchasing power and global convertibility.

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