New iOS App Can Tell if You're Passing Counterfeit Cash: 'Czech Money' Debuts in Europe

The Czech National Bank, the central bank of the Czech Republic, has launched an iOS app that will help people tell if their cash is legit or not. It's marketed to tourists who may not know what real Czech cash and coins look like. Using the camera on an iPad, iPod or iPhone, the app can tell if the security elements are in the right place or even there at all.

We are one of the first central banks in the European Union to use new technology to inform people about the protective elements of banknotes, CNB spokesman Marek Petruš said in a statement.

We regard this as part of our legal mandate to ensure smooth circulation of money.

Many nations around the world update their currency to thwart counterfeiters, and in a small country like the Czech Republic, people may be completely in the dark as to what the official cash looks like. It's a hot topic right now. There's a new book out called The End of Money, by David Wohlman. He argues that cash is not safe, not secure and not fast and that it's in fact the currency of crime. Wohlman thinks there is more room in the digital world for things like mobile payments with near field communications and smartphones.

Start the slideshow to check out the new app. Tell us in the comments if you think Wohlman is right or if you think this app is a great idea.