European Central Bank scraps 500-euro note

The European Central Bank on Wednesday said it would stop producing and issuing 500-euro banknotes, amid fears that the violet-coloured bills were favoured by criminals for money laundering and even terrorist financing. Existing bills can also be exchanged at national central banks of eurozone nations for an unlimited period of time, added the ECB, announcing its decision to scrap the denomination after "taking into account concerns that this banknote could facilitate illicit activities". The la