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The European Central Bank decided to discontinue issuing the €500 note back in 2019[0], "due to concerns of widespread use for illegal purposes"[1]. It wouldn'

The European Central Bank decided to discontinue issuing the €500 note back in 2019[0], "due to concerns of widespread use for illegal purposes"[1]. It wouldn't surprise me if other central banks/governments were to take this approach in a future crackdown on cash, step by step getting rid of the largest denomination. It would get pretty hard to use cash for large payments if there weren't any large banknotes available. (Full disclosure: the largest cash payment I've ever made was in fact made in those very €500 notes, pre-2019...) [0] https://www.ecb.europa.eu/euro/banknotes/html/index.en.html https://www.ecb.europa.eu/euro/banknotes/html/index.en.html [1] https://en.wikipedia.org/wiki/500_euro_note https://en.wikipedia.org/wiki/500_euro_note

wsc981 4y ago
The Bank of International Settlements (BIS) wants to have full control of everyone’s money in the future [0]. This is not possible with cash, but with CBDCs it’s possible to exercise full control. ——— [0]: https://m.youtube.com/watch?time_continue=10&v=9FM4Fu2ujDE https://m.youtube.com/watch?time_continue=10&v=9FM4Fu2ujDE
sjaak 4y ago
If you want to deposit an EUR 200 banknote at some banks in my country the bank will charge you EUR 5. Per note.
- redox99 4y ago
  How is that even legal?
- barry-cotter 4y ago
  Is that a Euro using country?
  - sjaak 4y ago
    Yes, The Netherlands See this (in Dutch): https://radar.avrotros.nl/nieuws/item/rabobank-5-euro-betalen-voor-storten-van-200-euro-en-500-euro-vanaf-1-oktober/ https://radar.avrotros.nl/nieuws/item/rabobank-5-euro-betale...
patates 4y ago
I made a significant payment recently with cash and the only bills the bank would give me were 50€ bills. It was very annoying. A few bills in my wallet vs me having constant fear of dropping a ball of money from my pockets.
- logifail 4y ago
  > I made a significant payment recently with cash and the only bills the bank would give me were 50€ bills All the ATMs I've used (across Europe) recently have at least offered me a choice of bills (notes) when I make a withdrawal. I took €300 out of a cash machine in Italy yesterday, didn't specify the bills, and got it all in €20s... left me thinking the machine must have had lots of them and wanted to shift some :)
jillesvangurp 4y ago
There are not a lot of normal people using suitcases full of cash as a way to conduct business anymore. Probably the largest transactions relate to things like used cars and similarly large second hand purchases where both parties might prefer to keep the transaction off the books. Otherwise, most people would consider handling large cash transactions as a risky thing to do. And with modern payment solutions, you don't have to. Unless of course you are intent on keeping things off the books. Unfortunately, I live in Germany where cash is still king. When possible, I use Google Pay. It's just easier. But there are still a lot of cash only places here. All the fun places basically. To get cash, I have to find an ATM affiliated with my bank (Deutsche Bank, one of inept and hopelessly customer hostile local banks) and there are only a few of those in Berlin and none close to where I live. The fees if I go to the wrong bank are pretty substantial. And then they inevitably give me 50 and 100 euro notes. Especially the latter are really a pain in the ass because shops and restaurants hate having to deal with those because it means they lose all their remaining change, which they need for other customers. Digital currencies get a lot of bad press (and rightly so) but a lot of banks and national banks are starting to adopt blockchains as a way to keep their ledgers. Ledgers are the core thing a bank does and blockchains are basically very good ledgers. So, there's nothing strange about that from a technical point of view. IMHO, we are heading to a cashless future where all transactions go via blockchains. Cash is obsolete basically.
- not_a_sw_dork 4y ago
  Ever heard of CashGroup?
- EVa5I7bHFq9mnYK 4y ago
  >> blockchains are basically very good ledgers "Blockchain" means very different things for different people. Blockchains such as Bit--in blockchain are very bad ledgers. The only thing they are good for is if you want to get rid of trusted intermediaries such as banks.
- beagle3 4y ago
  > Unfortunately, I live in Germany where cash is still king No, that's actually very fortunate for you, and likely a result of the collective memory among the (previously) eastern German population about the meaning and abuse by government of tracking every little thing you do. Government abuse of all-knowing and all-controlling abilities is a question of "when, what and who", not a question of "if". Cash is like a standing army. You don't want to ever have to use one, but if you don't even have one you can use, you'll lose the next war that breaks, which historically has been a question of "when", not "if". So every country - including Switzerland who hasn't been part of a war in centuries - maintains a capable army. You wouldn't dismantle your army just for convenience. Don't stop using cash.

wsc981 4y ago

The Bank of International Settlements (BIS) wants to have full control of everyone’s money in the future [0]. This is not possible with cash, but with CBDCs it’s possible to exercise full control. ——— [0]: https://m.youtube.com/watch?time_continue=10&v=9FM4Fu2ujDE https://m.youtube.com/watch?time_continue=10&v=9FM4Fu2ujDE

sjaak 4y ago

If you want to deposit an EUR 200 banknote at some banks in my country the bank will charge you EUR 5. Per note.

redox99 4y ago
How is that even legal?
barry-cotter 4y ago
Is that a Euro using country?
- sjaak 4y ago
  Yes, The Netherlands See this (in Dutch): https://radar.avrotros.nl/nieuws/item/rabobank-5-euro-betalen-voor-storten-van-200-euro-en-500-euro-vanaf-1-oktober/ https://radar.avrotros.nl/nieuws/item/rabobank-5-euro-betale...

patates 4y ago

I made a significant payment recently with cash and the only bills the bank would give me were 50€ bills. It was very annoying. A few bills in my wallet vs me having constant fear of dropping a ball of money from my pockets.

logifail 4y ago
> I made a significant payment recently with cash and the only bills the bank would give me were 50€ bills All the ATMs I've used (across Europe) recently have at least offered me a choice of bills (notes) when I make a withdrawal. I took €300 out of a cash machine in Italy yesterday, didn't specify the bills, and got it all in €20s... left me thinking the machine must have had lots of them and wanted to shift some :)

jillesvangurp 4y ago

There are not a lot of normal people using suitcases full of cash as a way to conduct business anymore. Probably the largest transactions relate to things like used cars and similarly large second hand purchases where both parties might prefer to keep the transaction off the books. Otherwise, most people would consider handling large cash transactions as a risky thing to do. And with modern payment solutions, you don't have to. Unless of course you are intent on keeping things off the books. Unfortunately, I live in Germany where cash is still king. When possible, I use Google Pay. It's just easier. But there are still a lot of cash only places here. All the fun places basically. To get cash, I have to find an ATM affiliated with my bank (Deutsche Bank, one of inept and hopelessly customer hostile local banks) and there are only a few of those in Berlin and none close to where I live. The fees if I go to the wrong bank are pretty substantial. And then they inevitably give me 50 and 100 euro notes. Especially the latter are really a pain in the ass because shops and restaurants hate having to deal with those because it means they lose all their remaining change, which they need for other customers. Digital currencies get a lot of bad press (and rightly so) but a lot of banks and national banks are starting to adopt blockchains as a way to keep their ledgers. Ledgers are the core thing a bank does and blockchains are basically very good ledgers. So, there's nothing strange about that from a technical point of view. IMHO, we are heading to a cashless future where all transactions go via blockchains. Cash is obsolete basically.

not_a_sw_dork 4y ago
Ever heard of CashGroup?
EVa5I7bHFq9mnYK 4y ago
>> blockchains are basically very good ledgers "Blockchain" means very different things for different people. Blockchains such as Bit--in blockchain are very bad ledgers. The only thing they are good for is if you want to get rid of trusted intermediaries such as banks.
beagle3 4y ago
> Unfortunately, I live in Germany where cash is still king No, that's actually very fortunate for you, and likely a result of the collective memory among the (previously) eastern German population about the meaning and abuse by government of tracking every little thing you do. Government abuse of all-knowing and all-controlling abilities is a question of "when, what and who", not a question of "if". Cash is like a standing army. You don't want to ever have to use one, but if you don't even have one you can use, you'll lose the next war that breaks, which historically has been a question of "when", not "if". So every country - including Switzerland who hasn't been part of a war in centuries - maintains a capable army. You wouldn't dismantle your army just for convenience. Don't stop using cash.