ECB presents new 50 EUR banknote

The European Central Bank (ECB) presented on Tuesday, July 5, the new 50 EUR banknote, which should replace the most commonly forged banknote and confirm the ECB's dedication to the use of cash, reports Reuters.

The new banknote, with a portrait of the Greek goddess Europa, features improved safety characteristics and a window which turns transparent when held against the light, and it will enter circulation in April 2017.

Each banknote will have a lifespan of almost four years, and its manufacture will cost between six and ten cents.

The use of 50 EUR banknotes has increased four timed in the past 15 years, with over 8.5 billion banknotes currently in circulation, which points to a stable growth of the use of cash in countries like Germany and Austria, where many consumers are suspicious towards paying electronically, which can be tracked by the authorities.

An average German will, at any given moment, have around 100 euros in their wallet, and around 80% of Germans and Austrians still purchase using cash, according to the estimates by Bundesbank, the central bank of Germany.

The percent in the USA is lower than 40%, and in Sweden it is around 20%.