Economy

What is officially changing for the citizens

Why do euro banknotes disappear? What replaces it in people’s wallets?

Euro banknotes are disappearing and soon this process will be completed: let’s try to understand what it is is happening.

ANSA / Renato Olympo

There is less and less money in circulation. It’s a gradual disappearance process worth knowing Also because it presents many pitfalls. But how can the banknotes disappear?

Banknotes disappear from circulation

First of all, I want the banknotes to disappear Banks and government. Let’s see why.

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Physical banknotes force banks to keep many branches and ATMs open. For banks, this is a huge cost. As long as there is material and material money, there is a need to have branches and ATMs But establishments do not like this and physical offices and ATMs have been cut off for some time. But the government does not like material money either. Indeed, the government is fighting hard against tax evasion, but as we well know, as long as the cash is there, tax evasion will always be possible.

Here are the reasons and how to replace them

Actually the doctor who wants to evade tax They will have a great time ordering cash which cannot be detected and traced. Therefore, banknotes are a big problem for the government that wants to fight tax evasion And for banks that have to keep ATMs and offices open. The alternative to cash already exists and is gaining ground, but for many it is a danger. In fact, digital and trackable payments are becoming a reality But many argue that these payments are actually only beneficial to banks.

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What changes and differences

In fact, digital money can be tracked It does not constitute any cost to the bank which does not have to keep the physical offices open. But with every transaction, that is, with every payment, even small and trivial, it is made using digital money A small commission is always applied. So for banks, there are many advantages in addition to a significant reduction in costs. That is why banknotes will gradually disappear. But this according to many will be useful in the fight against tax evasion but it is a An unfair advantage to banks.

Thelma Binder

"Explorer. Devoted travel specialist. Web expert. Organizer. Social media geek. Coffee enthusiast. Extreme troublemaker. Food trailblazer. Total bacon buff."

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