14 Feb '13, 3pm
Is the 500-euro note the unicorn of Europe? #payments #cashless #bitcoin
Richter illustrates the ban’s impact with an example of purchasing a used car: “two crisp 500-euro bills and a single coin — voilà , an illegal transaction.” Used cars could easily cost more than €1,000 and accepting cash protects the seller, but the larger problem may be finding those 500-euro bills in the first place. While the southern coast of Spain was once believed to have the highest concentration of 500-euro notes in circulation, the distinctive purple bill has become more like the unicorn of Europe because they are rarely seen. The UK banned the sale of 500-euro notes at exchange offices in 2010.