COINsult | EU to probe €500 banknote
post-template-default,single,single-post,postid-26,single-format-standard,qode-quick-links-1.0,ajax_fade,page_not_loaded,,qode-title-hidden,transparent_content,qode-theme-ver-11.0,qode-theme-bridge,wpb-js-composer js-comp-ver-5.1.1,vc_responsive

EU to probe €500 banknote


A week after I drew MEPs’ attention to the large number of €500 notes in circulation, despite not being a common means of payment, the European Commission is to launch an investigation into high-denomination Euro notes, according to the FT.

Representing EDCAB, the European Digital Currency and Blockchain Technology Forum, at a public hearing into virtual currencies held by the European Parliament’s Committee on Economic and Monetary Affairs, I explained that “€500 notes account for 30% of the €1 trillion banknotes in circulation, despite not being a common means of payment.”

MEPs were surprised to learn that detailed analysis of the Bitcoin blockchain “…made possible by its inherent transparency, allows us to deduce that virtual currencies account for something considerably less than 1/100,000th of 1% of global money laundering.”

It is gratifying to hear European policy-makers are at last paying attention to totally anonymous high-denomination banknotes.

Join Our Newsletter
Sign up today and be the first to get notified on new updates.
We respect your privacy.