First India, Now Australia Should Abolish Big Bank-Notes According To UBS
by Tyler Durden
ZeroHedge.com
Nov 15, 2016
Despite widespread chaos, bank runs, tumbling currency, and economic uncertainty in India following its surprise announcement last week, UBS analysts think Australia should follow India’s lead and scrap its biggest bank notes, extending the war on cash further across the globe.
The war on cash really began to escalate in February when The European Central Bank said it was considering withdrawing 500-euro notes because of an “increased conviction in world public opinion” such high-value notes are used for criminal purposes.
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