Today is the last day of circulation of the 50 euro banknote.
The new banknote will belong to the second generation of 5, 10 and 20 euro banknotes that are gradually circulating in the eurozone from 2013.
The differences between the old and the new banknote are many, such as the indication of the denomination, which will be printed in emerald color. The old banknotes remain in force and will be gradually exchanged by the national banks of the Member States.
As for what prompted the European Central Bank to proceed with this decision, the improved security standards. Banknote counterfeiting is a highly lucrative criminal activity.
In 2016, 899.000 counterfeit banknotes were withdrawn from circulation, more than ever since 2002, when the euro came into our lives. 11% of them were located by banks, police and the business world in Germany.
In any case, the 50 euro banknote has fallen more than any other "victim" of counterfeiting. Therefore, the new pennies are considered safer than the previous ones.
Like those of 5, 10 and 20 bear a portrait of the goddess of Europe with the technique of watercolor. What is new in the fifties is that the window has a built-in hologram, where if you hold the banknote in the light you will see the portrait of Europe. Another feature we also find in lower denomination banknotes is that they have a lacquer coating that makes them harder and more durable.
The renewal of the 100 and 200 euro banknotes will follow, while the 500 euro banknote will be completely abolished, which will be withdrawn by the end of 2018. The reasons for such a decision are the fight against the financing of terrorist organizations and the black work. Many, however, have doubts about whether this will be achieved.
The president of the European Central Bank, Mario Draghi, assured, however, that "the abolition of this 500 euro banknote has absolutely nothing to do with the rumors that the cash payments will be abolished at some point."
Source: Cnn.gr