This is even dumber when you consider we’re ~2 years away from the launch of the Digital Euro. As easy and fast to transfer as a cryptocoin with none of the drawbacks. No Blockchain nonsense, backed by banks, transactions can be cancelled and refunded just like any digital transaction, and standardized to all EU banks.
This just sounds like a regular bank transfer to another European bank…input recipient in your self-service online banking and press “transfer”…beep boop done.
What does this “digital” euro do that the existing euro (which is also perfectly working in digital space) solve?
The existing Euro does not have a proper system for day to day transactions. Transfers are currently handled by SEPA, which are only suitable for things like bills. This means that a lot of people especially in less developed EU nations end up using an international bank card, i.e. MasterCard/Visa for day to day transactions.
Details are somewhat vague, but the ECB’s website seems to have many good assurances. This even includes strong privacy features, such as offline capabilities and cash-like privacy.
For real, isn’t this allowing them to have much more control over what you have in the bank? Preventing bank runs as they call it(aka blocking withdrawals)
Not really. I was scammed for a few hundreds of euro’s last year. I knew the company, I knew the account but the bank was incapable of reacting because of ‘reasons’.
They know where the money went but they can’t follow where it got transferred to. So they can only follow one transaction and after that it’s gone. (Except when you get a court order)
The digital euro will be centralized on the European Central Bank, so the transactions do not depend on some local banks. It’s in direct competition with the banks themselves. But yeah, not that big a difference for the end user imho
It is. That’s why banks have publicly backed Wero in favor of the digital euro. It might also be a reason for the relatively low limits of the digital euro wallets, but that’s just my speculation.
Well honestly I’m not quite sure I would not welcome the removal of some of the influence the banking sector has on us all. It is very predatory in nature all the lending and such. Additionally money is a limited resource so it is maybe not the worse thing to « nationalise »
I think it’s weird people would want that USA stable coin. It’s a government controled coin linked to a central bank controlled currency for crypto currency where one of the big arguments for using it is being free of government controlled currencies and central banks. But I guess many like to pay tribute to the new overlord.
This is even dumber when you consider we’re ~2 years away from the launch of the Digital Euro. As easy and fast to transfer as a cryptocoin with none of the drawbacks. No Blockchain nonsense, backed by banks, transactions can be cancelled and refunded just like any digital transaction, and standardized to all EU banks.
This just sounds like a regular bank transfer to another European bank…input recipient in your self-service online banking and press “transfer”…beep boop done.
What does this “digital” euro do that the existing euro (which is also perfectly working in digital space) solve?
The existing Euro does not have a proper system for day to day transactions. Transfers are currently handled by SEPA, which are only suitable for things like bills. This means that a lot of people especially in less developed EU nations end up using an international bank card, i.e. MasterCard/Visa for day to day transactions.
Details are somewhat vague, but the ECB’s website seems to have many good assurances. This even includes strong privacy features, such as offline capabilities and cash-like privacy.
FAQs on a digital euro - https://www.ecb.europa.eu/euro/digital_euro/faqs/html/ecb.faq_digital_euro.en.html#q1
A regular transfer takes at least some hours/days. With digital currency the transfer is instant.
Apart from that, surveillance. There’s a (de)centralized register that shows how much money there is ti be found on any account at any given time.
Surveilence
For real, isn’t this allowing them to have much more control over what you have in the bank? Preventing bank runs as they call it(aka blocking withdrawals)
There will be the exact same level of surveillance, it’s still just run by banks so there’s no difference there.
Not really. I was scammed for a few hundreds of euro’s last year. I knew the company, I knew the account but the bank was incapable of reacting because of ‘reasons’. They know where the money went but they can’t follow where it got transferred to. So they can only follow one transaction and after that it’s gone. (Except when you get a court order)
The digital euro will be centralized on the European Central Bank, so the transactions do not depend on some local banks. It’s in direct competition with the banks themselves. But yeah, not that big a difference for the end user imho
But a central bank shouldn’t be in competition with its customers, the other banks. That’s massively stupid
It is. That’s why banks have publicly backed Wero in favor of the digital euro. It might also be a reason for the relatively low limits of the digital euro wallets, but that’s just my speculation.
Well honestly I’m not quite sure I would not welcome the removal of some of the influence the banking sector has on us all. It is very predatory in nature all the lending and such. Additionally money is a limited resource so it is maybe not the worse thing to « nationalise »
I think it’s weird people would want that USA stable coin. It’s a government controled coin linked to a central bank controlled currency for crypto currency where one of the big arguments for using it is being free of government controlled currencies and central banks. But I guess many like to pay tribute to the new overlord.