can they launch it into the sun?
It’s not that dumb. There’s a market for this, if you want it or not.
And if you’re going to use crypto, it’s better they use a currency that’s not tied to the currency of an unstable country.
Also, the EU is looking to make a digital Euro anyway, which will not be a crypto coin as you know it, but a way to take power away from VISA and Mastercard, which will save European countries for billions each year.
The digital euro is where it’s at! I can’t wait to give billions of dollars worth of middle fingers to American credit card companies.
Well, I was against the idea, but now you got me thininiking.
Another reason to move to the digital euro is to circumvent the censorship on steam and various adult websites that credit card companies are imposing on us.
The purpose is to boost European companies. Right now they pay between 1-3% of every single transaction.
Next, banks will also get hit. If a digital Euro exists, bank transactions will go down, meaning less transaction fees for both consumers and companies.
Then there’s convinience. People will be free to transfer money across the continent, and also to friends and family without any costs (some countries have that, some dont).
VISA and MasterCard is just a very unneccesarry middle man in 2025.
Who takes the bill then? Well, the EU does, because they work for the people, and the money gained is much larger than money spent. Net positive matematics.
What is the use case of stable coins? Fast international money transfer? Or are there other I’m not aware of
Money transfers, online payments for whatever, place to park your assets in volatile times in the market, integration into other on-chain investment systems, etc…
“Fast” international money transfer without value fluctuations. AFAIK, it’s used to send money back overseas without fees and for online casinos. Most stablecoins are based on the USD, which has been dropping due to the actions of a certain person. It seems like a reasonable decision to create an “official” euro stablecoin. The EU has been pushing for an EU payment processor to avoid reliance on US based / connected payment countries, this seems like it might be related to that.
money laundering
Hey, don’t forget legalized forgery.
Why? Is so dumb.
The market can stay irrational with various crypto currencies longer than you can stay solvent, so you fight irrationality with your own brand of irrationality.
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.
