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Some rumors about the withdrawal of 50 euro banknotes from circulation have caused confusion, although these rumors are denied by Spain and Italy.
An online publication, which has now been deleted, claimed that the banknote would be withdrawn from Spain in April, raising concerns.
The Bank of Spain denied these allegations, confirming that it has not ordered the withdrawal of any banknotes, that all can continue to be used normally and that none will lose their value.
The bank, according to Euronews, has provided an explanation for how the confusion could have occurred: as part of its daily activities, it systematically checks the authenticity and condition of banknotes returned by credit institutions.
Banknotes that are not in good condition are withdrawn, destroyed and replaced with new ones, while those that are in good condition are put back into circulation.
The Bank of Spain said this is done with all denominations, not just 50 euro notes, and stressed that even if a note is damaged, it does not lose its value and can be exchanged for a new one.
“One of the reasons we try to keep banknotes in good condition is so that their security features can be easily checked,” the bank said. Although banknotes are manufactured to ensure their durability, most of them deteriorate as a result of regular use over time.
Based on this explanation, the media published reports stating that this is not a complete withdrawal of the 50 euro banknote from circulation, but a partial one, explaining how old or damaged banknotes can be exchanged.
Similar false claims have also been circulating in Italy. Specifically, rumors spread that the European Central Bank (ECB) will ban 50-euro banknotes in April, as part of a strategy to combat money laundering and terrorist financing.
However, the relevant Italian authorities have already denied these rumors, saying that neither the ECB nor the Bank of Italy have made such a decision.
"Neither the Bank of Spain nor any other central bank in the eurozone has ordered the withdrawal of banknotes or coins. All euro banknotes retain their value and remain in circulation," the ECB told EuroVerify.
Rumors about the withdrawal of banknotes are part of a wider disinformation campaign that European countries are trying to eliminate cash and replace it with a digital euro, Euronews reports.
Some argue that this would give authorities control over citizens' money, allowing them to block transactions and control spending.
However, the ECB and other European central banks have reiterated that any digital currency would complement cash and not replace it.
Experts told EuroVerify that it is perfectly normal for financial institutions to withdraw and destroy old or damaged banknotes to prevent criminal activity.
"Regular updates of banknotes and their security measures are common practice in all central banks," said Rainer Böhme, professor of security and privacy at the University of Innsbruck, Austria.
The reason 50 euro notes tend to be more sensitive is that it is easier for criminals to handle them in large quantities, according to Michael Levi, a professor of criminology at Cardiff University, in the United Kingdom.
“Obviously, the higher the denomination, the easier it is for criminals to store them, because they take up less space and weight,” he explained.
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