Euro cash could be embedded with radio frequency identification tags if a reported deal between the European Central Bank and Hitachi becomes reality
Published:
10 July 2003 y., Thursday
The bank is working on a hush-hush project to embed RFIDs, wireless transponders the size of a grain of sand, into the fibers of euro bank notes to foil would-be counterfeiters. The bills currently have a number of security marks, including threads that glow under ultraviolet light, but as the euros wear thin, these are less perceptible.
If the deal goes through, it will be a boon to the nascent RFID industry, which has long been in search of a market. However, consumer privacy advocates have questions about other possible uses of the tags.
A spokesman for the ECB in Frankfurt confirmed on July 4 that the bank intends to add further protection to the euro and that the next series will incorporate updated features, "because technology is advancing rapidly and you have to keep pace with that."
The spokesman, Jean Rodriguez, stopped short of identifying the new features or their makers, saying all contracts with third parties are subject to strict confidentiality agreements.
A Hitachi spokesman acknowledged awareness of the ECB project, but said his company was under a nondisclosure agreement and could not confirm whether Hitachi would provide RFID chips for the bank, which released 8 billion euros in January 2002. The deadline for the project has been reported as 2005.
Šaltinis:
wired.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
A record 131 economies around the globe reformed business regulation in 2008/09, according to the IFC–World Bank Doing Business 2010 report.
more »
The World Bank’s Board of Directors today approved a US$5 million grant to improve the quality of electricity services in Haiti and strengthen the financial and operational performance of Electricité d’Haïti, the public electricity utility.
more »
Firuza Ziyoeva, a 42-year old mother of five, lacks any sustainable income for her family – her husband is unable to work due to disabilities and their children are all young.
more »
The Managing Director of the International Monetary Fund (IMF), Mr. Dominique Strauss-Kahn, made the following statement today regarding Singapore’s commitment to increase fourfold its contribution to the Fund’s New Arrangements to Borrow (NAB) by US$1.5 billion, to a total of US$2 billion.
more »
Statistics Lithuania reports that, based on non-final data obtained from customs declarations and Intrastat reporting data, exports in I half-year 2009 made LTL 19 billion, while imports – LTL 21.2 billion.
more »
Since 7 September 2009 AB Bank SNORAS for residents and economy subjects begins to distribute a new savings product - certificates of deposits.
more »
“We are 53 diverse countries differently affected by the crisis, 1 billion people that cannot be ignored”. That was the stark message to Members of Parliament's Development Committee from Donald Kaberuka, the head of Africa's Development Bank at a hearing on 3 September in Brussels.
more »
The European Investment Bank has granted a EUR 450 million loan to AENA (Aeropuertos Españoles y Navegación Aérea) for upgrading and expanding Spain’s air traffic control facilities in order to optimise their overall efficiency and ensure that they comply with international regulations.
more »
Statistics Lithuania informs that in August 2009, against July, prices for total industrial production sold increased by 0.9 per cent.
more »
Despite signs the near two-year U.S. recession may be over - Americans are still finding it hard to get a job.
more »