Denmark will get rid of its largest-valued banknote representing a third of its cash in circulation, citing concerns about its use by criminals and as Danes are increasingly switching to other payment methods.

The Danish central bank will phase out the 1,000-krone ($150) note as legal tender by June 2025, according to a statement on Thursday. It also plans to launch new banknotes in 2028-2029.

There’s “no longer a need” for the note considering Danes’ current payment habits, Nationalbanken’s Governor <-bsp-person state=”{“_id”:”0000018c-20b8-df28-a5cc-22be7d0f0000″,”_type”:”00000160-6f41-dae1-adf0-6ff519590003″}”>Christian Kettel Thomsen-bsp-person> told a news conference. The note, which represented 34% of the value of cash in circulation at …