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EC moots trackable cyber euro

  • 26-05-2003 11:30am
    #1
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭


    EC moots trackable cyber euro
    By Lester Haines
    Posted: 23/05/2003 at 13:15 GMT

    The European Central Bank (ECB) is considering embedding tiny radio tags into euro notes in a bid to combat counterfeiters and money launderers, a report today notes.

    The ECB is in talks with Hitachi, whose 0.3mm "mu-chip" responds to radio signals by sending out a 128-bit number. This information could include a serial number and date and place of origin. It could also be used to track the note as it wends its happy way around the EU.

    The plan's authors hope that such tagging will fight the trade in dirty money with the spin-off benefit of pointing the finger at kidnappers and armed blaggers.

    [...]
    CNET, Slashdot (via IIU)


Comments

  • #2
    Chaos-Engine
    Closed Accounts Posts: 772 ✭✭✭Chaos-Engine


    Nice idea actually
    But its totally impracticle
    one of the qualities of token money is that it is relativly cheap to produce. By imbedding 0.3mm chips in notes it would make production of such notes extremely costly. Perhaps for €500 and possibly €100 and €200 notes if it was worth while.

    As fas as civil liberties go. It wouldn't really bother me that there were small chips in my money unless it told the shop that it was a fake :rolleyes: . Tracking Transactions would worry me however. BUt to be honest holding on to money isn't something i'm known for(cash anyway ) ;)


  • #3
    eirebhoy
    Closed Accounts Posts: 14,013 ✭✭✭✭eirebhoy


    .


  • #4
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    Far as I'm aware, modern RFID units cost about one cent each? Possibly less?

    adam


  • #5
    Capt'n Midnight
    Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators, Technology & Internet Moderators Posts: 93,581 Mod ✭✭✭✭Capt'n Midnight


    ever heard of a Faraday cage ???

    also once the freqency is known then people will figure out workarounds - remember the one about CB's interfereing with pertol pumps - or the putting in the freezer of phone cards / mobiles etc...

    But the metal strip would make a nice aerial.

    There are also health concerns - the chip recieves power from the scanner - using more than healthy amounts - it would allow the chip to resond from further away ...

    Still it makes a very good anti counterfiet tool - saw some american money recently - don't know what all the fuss in the films is about regardng paper - the dollar and 100 dollar are same size / same paper / same colour and no real security features - 1200dpi might be tight for the micro printing.....


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