Abstract: A banknote includes a security element with a processor and a memory. A private cryptographic key of an asymmetric key pair of the banknote is stored in a protected memory area of the memory. The asymmetric key pair is assigned to a banknote-specific blockchain address in a blockchain. A payment method executed with the banknote includes receiving a payment request for a payment with the banknote in the form of a transaction of an amount to be paid from the blockchain address of the banknote to a blockchain address of a payee, signing a transaction approval with the private cryptographic key of the banknote, and sending the signed transaction approval.