From the 7th of April to the 9th, the European Central Bank spoke extensively about the Digital Euro, expressing hope about its potential and publishing an update of its rulebook. Its President, Christine Lagarde, also called for it, wishing to end European reliance on international payment solutions providers such as VISA, Mastercard, PayPal, Stripe and others.
I’m really hyped for this but in typical EU fashion it’s taking years.
Not to mention how long it will take for cardreaders & ATMs / cash machines to be updated to work with this.
I can see this taking a long time, so as long as they move the whole infrastructure forwards, together, then it will better than developing the “eumasterpayvisapalcard” and then thinking about the end devices…
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A digital euro that requires no banks or payment processors definitely has a use. It’s all the benefits of cryptocurrency but with the backing of a central bank.
Exactly. Best of both worlds. We actually want a currency that can be manipulated by government. That’s how they stabilise it. An unstable currency isn’t much use. Block chain transfers is great because it means easy, secure transfers in the open. No gatekeepers like WorldPay.
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I read the article.
Boiled down, it is essentially a direct exchange between physical (money in your bank account) currency and a fully digital counterpart, at a 1 to 1 ratio, that can be done both ways.
Unlike crypto, it is to be issued by a central bank and will have to be accessed through properly licensed bank entities or similar institutions.
This can work. I want to read the full rule book now.
They spoke extensively about it, because relying on US companies is relying on Trumps sanity…
They should just use existing blockchain and publish an EUR pegged stablecoin except with official backing of the central bank
Why do they make it so confusing? In one sentence they talk about replacing visa and stripe and making a euro payment processor, and then they also want a separate wallet for some reason? Even tho our bank accounts are obviously already “digital” euros. Also it seems they want to comoete with Wero??
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From their FAQ:
Privacy is one of the most important design features of the digital euro.
The digital euro is designed to be able to function offline in a way that would offer users a cash-like level of privacy, both for sending money to other people and for paying in shops. When paying offline, only the payer and the payee would know the personal transaction details of the payments made.
For online digital euro payments, privacy would be implemented so that the Eurosystem itself – the issuer and payment infrastructure provider – would not be able to directly connect transactions to specific individuals.
Further reading link they provide: https://www.ecb.europa.eu/euro/digital_euro/features/privacy/html/index.en.html
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Yeah it confuses a lot of people that it is called “digital euro” when it is in fact a new currency, my guess is they chose that name because there would be more resistance against it otherwise
Sounds less like a replacement for Visa/MasterCard and more like yet another bullshit crypto scam.
No. It’s similar to Gnu Taler.
It also says it (indirectly) in the article:
According to the ECB, the Digital Euro is “Central bank money in digital form”. In other words: the Euro, except digital.
Behind this truism, the ECB mean that it would be money, still issued by the ECB, but not taking the aspect of a banknote or a coin, available free of charge for all.
So no blockchain. If implemented correctly this could be not just a replacement for Paypal et al.
