By
Reviewed by ERIKA RASURE
In 2016, the European Central Bank (ECB) announced that it would stop minting €500 notes, in a move that they say is meant to curb fraud and money laundering. The 500 euro note is the second-largest denomination currently across the common euro currency zone, and the ECB says that it is the banknote of choice among criminals.
While the stated purpose was to stop financial crime, others have speculated that this move was part of a recent “war” on cash, essentially with the government trying to get rid of cash and eliminate money from the economy. In a “race to the bottom” to weaken currencies in order to stimulate flagging economies around the globe, we may ultimately see a complete elimination of paper cash in favor of electronic money – not to be confused with digital currency, such as bitcoin, but rather fiat currencies stored as entries in bank accounts.