The Italian and Spanish segments of social media have been flooded with messages about possible plans by local authorities and the European Central Bank (ECB) to ban the circulation of 50 euro banknotes. These rumors have caused panic among residents of both countries; however, fact-checkers have been able to debunk this misinformation.
This is reported by Finway
In particular, as noted by euronews, some Spanish media outlets spread information that all 50-euro banknotes had supposedly already been counted and were set to be withdrawn from circulation in April. This led to concern among Spaniards, who feared a potential financial blow. However, the Bank of Spain refuted this information, assuring that all banknotes can be used as usual.
The financial regulator explained that the confusion arose from regular checks of the authenticity and quality of banknotes returned from credit institutions. During these checks, banknotes that do not meet current security standards may be withdrawn, destroyed, or reissued. However, this applies to banknotes of all denominations.
“Although banknotes are made for durability, over time they show signs of wear from regular use,”
– explained the Bank of Spain.
Italian media also picked up this news, claiming that the ECB plans to ban the circulation of 50-euro banknotes in April to combat money laundering and the financing of terrorism. However, local fact-checkers quickly refuted this claim, stating that neither the ECB nor the Bank of Italy had made such a decision.
“Neither the Bank of Spain nor any other central bank in the eurozone has ordered the withdrawal of any euro banknote or coin. All euro banknotes retain their value and remain in circulation,”
– stated the ECB in a message.
Such disinformation campaigns create panic and distrust among the population towards their governments, fueling the widespread claim that European countries are seeking to eliminate cash in favor of a digital euro, in order to have more control over citizens’ money and spending and to be able to block transactions.