2017-03-10 Fri

Unlike other countries that are looking to minimize their dependence on currency notes, the Swiss National Bank has no plans to do so, as per an official statement that was released on 27th February at the World Banknote Summit in Basel. .

The European Central Bank announced last year that it will discontinue €500 notes by the end of 2018 to nab counterfeiters and criminals. Swiss Bank officials, on the other hand, believe that use of hard cash reduces security issues that digital payments can cause sometimes.

Large-denomination notes will continue to be in circulation in Switzerland for buying expensive products like cars. Officials claim that there are no risks involved in using 1,000-franc ($993.05) notes in Switzerland.