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As Bulgaria are set to become the latest country to implement the euro (replacing the Bulgarian Lev) this blog discusses the technical changes and security implications for cash handling equipment providers ahead of the currency changeover.
The euro (€) was introduced as the European Union (EU) currency in 1999 with the first banknotes and coins entering circulation in 2002. On 1 January that year the euro was adopted by 12 countries with a total population of 308 million.
It soon replaced the national currencies of more EU member nations and has been described by The European Union as the “biggest cash changeover in history”. It is now the official single currency of 20 out of the 27 EU member countries which are also known as the eurozone.
The current list of counties who have adopted the euro are: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain.
By adopting the euro as their single currency on January 1, 2026, Bulgaria will become the eurozone’s 21st member state.
Out of all the currencies in the world, the euro has the highest total value of notes and coins in circulation, and only the US dollar is ahead of the euro in terms of trading. There are seven banknote denominations in circulation: €5, €10, €20, €50, €100, €200, and €500. The €500 note is still legal tender although it is no longer printed.
Despite the shift to cashless payments for some countries and industries, cash is still the preferred payment choice for many. Paying with cash makes it easier to keep track of spending and setting limits, and also maintaining privacy. It’s the only inclusive method of payment and unlike electronic methods is not effected by outages. As one of the leading manufacturers of cash validation and cash recycling equipment we have a range of solutions that are widely used by many sectors globally that authenticate both notes are coins and recycle cash to keep payment machines running
The introduction of the euro in a country when replacing their existing currency requires a logistical and technical changeover, updating or replacing all cash handling machines to accept the new currency. We are proud to provide free currency datasets across our current product range to our customers so that they can update existing machines to recognise the euro banknotes and coins.
Almost all of our current note and coin validators already work with EUR datasets so we can ensure a seamless transition from the legacy Bulgarian lev to the euro. The dataset files know which security features and note dimensions to look for to accurately accept euro banknotes and coins. Our devices also undergo regular central bank tests to ensure they can reliably distinguish between euro banknotes and counterfeits and many of our devices are listed as approved on The European Central Bank (ECB) official website.
Our datasets are readily available and provided free of charge. Currency datasets can be downloaded from our website support hub. Some of our obsolete products cannot be updated to support the euro, but our Bulgarian customers can contact us to check if their existing machines are compatible to ensure outdated equipment does not stop the business operating. We make the transition from obsolete units to our latest devices simple with an easy ordering process, free datasets for all validators, fast and easy reprogramming and expert technical support at no extra cost.
Euro notes incorporate advanced anti-counterfeiting technology and security features include, watermarks, holograms colour-shifting ink, raised printing and microtext.
At Innovative Technology, we have dedicated over 30 years to developing cutting-edge cash validation solutions to also help combat counterfeiting, ensuring that businesses can operate securely and efficiently. A key benefit of our equipment is the inclusion of Spectral Technology which authenticates banknotes and coins, detecting and rejecting any counterfeit or fraudulent money. All of our latest cash validation and recycling products now incorporate Spectral Technology as standard. It offers complete note image capture scanning millions of datapoints to authenticate the validity of notes to deliver outstanding fraud protection. Our systems use advanced algorithms, multi-wavelength sensors, and high-speed processing to analyse cash authenticity in real time. The support team are also vigilant and respond to any reports of fake notes in the market and quickly provide security updates to combat both known and potential fraud attempts.
All our Bulgarian customers can check out our latest range of products to see what options are available to replace obsolete devices.
Or if you have already have an ITL euro supported validator, our technical support team can be contacted on +44 161 507 1818 or by email: support@innovative-technology.com to assist with the latest dataset files.
