economy
500 Euro Banknote Abolished: Here's How Long It Can Be Used
The redesign of euro banknotes represents one of the biggest changes in the eurozone in the last two decades. The European Central Bank is completing a major project to change the appearance of the euro, which began at the end of 2021.
TL;DR
- The European Central Bank (ECB) is redesigning euro banknotes, a major change in the eurozone.
- The project to update the euro's appearance started at the end of 2021.
- A competition for graphic designers was held in July to gather proposals for the new look.
- The 500 euro banknote will be discontinued.
- The decision to remove the 500 euro note aims to reduce money laundering and aid in tracking financial flows.
- Existing 500 euro banknotes will remain valid and usable without time limits.
- The new series of banknotes will be introduced after the ECB finalizes design and technical solutions.