Free, but guarded – You may have heard of it the digital eurothe latest innovation of European Central Bank (ECB) intended to facilitate transactions and improve economic efficiency. In these lines. Or also in these. But before we take the opportunity to address the new news about the long-awaited – or not – launch of thedigital euro, it is important to understand what is behind this “innovation”. Why yes, we recently learned that euro 3.0 will be free, but not really private. Explanations.
The ECB’s digital euro: why it is its project!
The European Central Bank (ECB) therefore announced, in a statement dated 23 January, to the European Parliament’s Committee on Economic and Monetary Affairs, that it was working on a draft digital currency within the euro area (mnbc extension). This project, which has been underway for a year, is, for the Central Bank, obvious in the face of the declining use of cash fiat currencies.
“Personal payment behaviors are changing at an unprecedented pace: over the past three years, the share of cash payments has decreased in the euro area, from 72% to 59%, while digital payments have become increasingly popular . In the Netherlands and Finland, for example, cash is used in only one in five transactions. »
Introductory statement by Fabio Panetta, member of the Executive Board of the ECB
Faced with this situation, theEurope therefore confirms the development of his project. L’digital euro it will be accessible to all EU citizens and businesses, with characteristics comparable to the euro in circulation. Furthermore, the ECB representative would like to underline the ease of use in order to promote the adoption of this new euro:
“It would complement cash and give Europeans the ability to make their payments across the eurozone, free of charge. Ease of access and use would be an element in favor of its adoption and financial inclusion. »
Reading this quote, you may be thinking Satoshi Nakamoto and the pioneering values that made it its very essence bitcoins… it’s still. This is just the beginning.
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Transaction confidentiality: the ECB is watching you
Beyond the ode to the development of the digital euro and the possibilities it would allow for Europe, the Central Bank wishes to perpetuate its monetary sovereignty.
“Our priority for the digital euro project has always been clear: we want to preserve the role of central bank money in retail payments (…). »
However, it is important to note that the transaction confidentiality will be monitored by national legislators. The ECB made clear that it will work closely with national authorities to ensure compliance with applicable laws and regulations.
“The privacy characteristics of transactions will be determined by national lawmakers and regulators, ensuring they comply with international standards in the fight against money laundering and terrorist financing. »
In other words – and you may know the song by now – you can say goodbye to your anonymity.
The EU is catching up, but maybe not for the right reasons. Forget your dreams of economic freedom, the digital euro by its very existence kills – another time – the king of cryptocurrencies and confirms the wishes of the monetary governance of the European Union. Monetary governance, also overlooked out of the corner of the eye since Central Bank of Spain, which is also planning to launch a digital euro.
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