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May 21, 2006
RFID Chips on Euro Bank notes
The European Central Bank is working with its technology partners on a new project related to RFID technology. In the project, RFID tags will be embedded into the fibers of Euro bank notes by 2005. The main objective of the project is to tackle the counterfeit problems. As Europe is all set for a massive changeover to the Euro, the project will be beneficial for ensuring protection to the consumers.
According to the banking community and chip suppliers, the integration of an RFID antenna and chip on a bank note is technically possible. However, banks do not employ such type of technologies. It is still not clear whether the technology can be implemented at a reasonable cost. Although Euro bank notes already include security features such as holograms, foil stripes, micro printing and watermarks, it is believed that further enhancements in security features would make it more popular.
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