Digital Euro: What is it good for? | DW News
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- čas přidán 27. 06. 2023
- The European Commission this week publish legislation on a digital euro, bringing the bloc's long-mooted plans to introduce such a currency a step closer to reality. On June 28 Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, presented proposals to European governments and to the European Parliament on both the digital euro and a parallel law to protect the legal tender status of euro cash.
It's not the final step, though: Even if national governments and the European Parliament endorse the plans, the European Central Bank (ECB) will ultimately decide whether or not a digital euro will be issued. The ECB says it expects to make a final decision on the digital euro later this year sometime around October.
What is the digital euro?
A digital euro would exist alongside the existing euro as an additional form of online or electronic payment. McGuinness says the digital euro would be a "complement" to physical cash and the euro itself. It would be an exclusively digital or electronic form of the euro that could not be converted into cash. The key difference between a digital euro and an online transaction involving the euro is that payments made in digital euro could only be made electronically or digitally, whereas all standard online banking payments can theoretically be converted into cash.
Importantly, all euro and digital euro would be backed by the ECB. Users would likely be able to buy digital euro from their existing commercial banks and keep them in a separate account.
Why does the EU want this?
The rise of cryptocurrencies and other third-party payment systems have intensified debate around whether or not central banks should introduce their own digital currencies.
When Facebook announced in 2019 that it was planning its own virtual currency, some European policymakers worried it could eventually undermine the ECB.
In October 2020, the ECB launched a public consultation on establishing a digital euro and since July 2021, it has been looking at various design options and user requirements while trying to establish how a digital euro would actually work in practice.
The EU says such a currency could "support the Eurosystem's objectives by providing citizens with access to a safe form of money in the fast-changing digital world."
It also says that a digital euro could harness the technological benefits associated with other digital payment methods without the risk and instability that have been associated with others.
Is it really needed?
The EU appears keen on the project, but many critics say it is not needed. Markus Ferber, a spokesman for the European People's Party grouping in the European Parliament, said the legislation looks technically sound but "it does not answer the question: Why?"
Many say the steep fall in the value of cryptocurrencies over the past few years suggests the apparent threat they posed to central banks has passed. Banks themselves have been less than enthusiastic. The European Banking Federation has suggested that creating such a system could lead to bank runs, whereby people buy digital euro with their regular euro, as they will regard it as a safe haven in times of crisis.
With that in mind, it is believed the ECB is considering capping the amount of digital euro that can be held by an individual at around €3,000 ($3,280).
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#digitalcurrency #digitalmoney #euro
This is a horrible idea. It has nothing to do with economic competitiveness, it's all about state control.
you got it!
Louder
as opposed to what? corporate control? why do you love the theiving visa mastercard duopoly so much?
@@shway1If you post a tweet they don't like, sorry you can't eat. It's already there in China
@@northerngamingygo4274 you don't know the difference between social credit and CBDC. stop spamming. you're a child
Replace real money, for digital money that only exists on a computer……
What could possibly go wrong 😂😂😂😂
It won’t replace physical cash.
@@rubenhamer5175 That's what the ECB says. We all know that cash will eventually die if we rely too much on digital forms of payment.
Tyranny
This is the worst form of payment system in history
They lying. Anything with ip address can track you and and gain your info and it will be easier to freezed your assets vs physical money cus you can't turn digital money into physical money. And you can hack your device by having an ip address
The cherry on top for government being able to control everything. Your electric vehicles, when your allowed to charge & use your electric vehicles, what your allowed to purchase. Forced green energy = unrestricted government power dominance.
except that's not happening and a revenue neutral carbon tax would be more effective.
Permanent digital mass surveillance, that is what it is good for.
I'd much rather have Europe control the payment system than some American company like Paypal. Things can't get any worse at this point.
Nah, we don't!
It’s almost time to make a bankrun, and take out as much cash as possible, that’s a clear signal the people dont want a digital euro. Dont give up your freedom to control your own spending.
It’s the only way to change their plans because to them Cash is king.
This wouldn't help much.the older generation would resist and vote against it. But eventually a generation will accept this anyway. This is true on many other things too.
Aha it’s thime on my self after 2008 bankruuuuuuuuuuun every month haaaaaaaaaaaaaaaaaaaa
Yes, Europe needs more control over what you think you own.
Sarcasm?
@@carlosdesousa6712 Literal
@@MrLoobu 🤣😂🤣😂🤣😂🤣😂🤣😂
As far as I am for digitalisation. And use card in 99% cases, I dont carry cash.
CBDC will be *programable*, you could get paid with money that has expiration date.
Or could be deleted from your account by third party.
No, won’t. Unless you just don’t believe the ECB and EC. Only limits are a cap of 3000 euros so people won’t save it like on a regular bank.
@@rubenhamer5175 of course I dont belive them. .why would I.
If they open source the code. Then I would belive them.
deleted , frozen whatever they want
@@rubenhamer5175 It's in the hands of a small group of "supervised intermediaries". Unlike Bitcoin, which sis fully decentralized, it is pretty easy to freeze your account, steal your funds or manipulate the entire blockchain.
Time to remove my cash from the bank.
No way!
What is it good for? Absolutely nothing.
Declining use of cash? Not in Germany 🤣🤣
lagging behind but still declining
"Consumers said yes we want that."
[X] Doubt
Certainly not a centralized one!
And definitely not a decentralized one. Crypto is a glorified ponzi scheme.
I think cash should always be an option, but I wouldn't be opposed to Visa and Mastercard going away in some form.
Visa and Mastercard are not competing with "crypto" or "digital cash".
@@SkyGlitchGalaxy I didn't say they were competing with anything. I said that I wouldn't mind them going away in some form.
You're right. In China you hardly see payment with cash, everybody paying by mobile phones, but cash is still forced to be an option. It is illegal for the shops or restaurants to deny cash.
You need the cash or the government can freeze your bank account for donating 5 bucks to a protest they don’t like, they did it in Canada for that trucker protest
Stuped Plastik Card for wat only cahs is nice
Can not be converted into cash? Wtf does that mean?
govs want cashless economies which means total control over money.
It means that over time there will be NO CASH and you are at the mercy of your handlers 👌
@@kreight_ If I can trade it to normal euros, then wouldn't that be "converting it into cash"?
@@miket591 exactly 👍🏼
@@kreight_ you can't convert it back to Euros. That's exactly what the presenter is pointing out. The globalists, WEF, UN, want a cashless society so that they can know exactly where all your money comes from and where you spend it. It will also be controlled depending on your social obedience and performance scores.
" they " will let you know if and when you can go on holiday and they will ALSO determine if you get a car and what car you will get. 🤣😂🤣😂🤣 remember that you will own NOTHING 😂👌
As long as “printing” more digital euros are possible, the value of each euros are not guaranteed at all
Printing maybe done for every form of money. Governments are not restricted this way
@@user-kg4fr9jr7v
Wrong. Bitcoin you can’t print there’s a cap and there will never be a new limit.
Then again “printing” will be required because the richer continue to accumulate wealth at a larger pace then the rest of the pyramid. So if there was no printing everyone would be jobless, homeless and starving in the long run.
Absolutely nothing! Say it again!
(Edwin Starr reference, due to title)
Digital Currency
is part of the Basel III Accords, one consequence of which is to ensure banks never require being bailed out as in 2008 by turning depositors into third level 'creditors', their money no longer theirs, but the property of the bank as soon as it is deposited.
We already have a digital currency. Every single bill has a unique code on it, or a 'token' you could say...
Yur thinking to deep. What your talking about only applies to banks not everyday ppl. Every day ppl dont use digital currency
@@LSmoney215 We do....If I transfer you 1000$ it's just digital money
@@LSmoney215 thats correct they dont use digital slave dolar
Unless it's going to be a limited resource, it's useless.
Before few years it was "conspiracy"..
They going to tracking yall 😂😂 goodluck eu😂😂. So the eu are followers.
It’s all about controlling the people..
EU doesn't need anything 💶
Banks already create 'digital' money when they lend it to others so this discussion is lacking substance.
The value is guaranteed by the central bank of Europe 😂😂😂😂
I think this man is joking
Say no to the NWO
I prefer physical cash.
Every once in a while the card system goes down and you cant pay for things.
Also i dont trust private banks.
And what happens if people stand in line at the store because the digital payment system is overloaded, this happens many times already!
Let me just go get some cash from the bank and pay the store…oh wait…
I think the main question is: If this is the digital euro - then what do i have on my bank account?
Here is the other point: Why not make the current euro also digital? Because apperantly its just a law thing that is the "problem"
you have numbers in a bank database related to your name that are incremented up or down
we have almost 30000 cryptocurrencies, and now every country is gonna have their own type of digital money... next up, every town is gonna have its own type of money... it's all going to blow up in a few years
Ridiculous reasoning.
@@proc_1 well there's already quite a few, e.g bristol pound only for bristol UK, berkshares in berkshire Massachusetts, Chiemgauer in Chiemgau, Germany, etc.there's like 30 of them currently in use
How to wash money in Germany without cash anymore 😢
NO
Be moneyless
Be free
🤣😂🤣😂🤣😂🤣😂
I thought digital currency was done with.
We have digital currency! What is the purpose of this new currency? How is it different than what we have now?
And you should elaborate on any privacy concerns. Incompetent journalism right here...
State control, absolute
Yes, I want to put all my money in digital cash. Because I like walking around everywhere, I go with €100,000+ of digital cash.
Why not! No one has ever lost cash or had their cash stolen.
You clearly didn't watch the video.
There would be a 3k limit, not to mention there is no final design yet and questions like that are being currently researched.
No cars ...
Working on it.
*Politicians want more powers but 0 responsibilities.*
A digital currency? You mean like sending euros via IBAN / BIC from one account to another? Oh yeah wait, we already have that ^^ am I missing some important parts here besides an improved usability? Don’t see where the big change is supposed to be.
They should make the value of the euro to be one of itself ...xD
We already have a digital currency,the credit cards.
key words “apart of the game..”
People are way too paranoid. You realize this is just digital cash? You would still have your bank account, and mostly this would serve as system to pay digitally instead of card online and offline. Besides, if you are exceptionally paranoid, just buy gold and use physical cash. Just remember to not use banks.
Overall, personally I see quite a bit of benefits, this could be a lot cheaper than use of cards like visa for merchants, and more seamless and safer for users.
Works well for countries with troubled countries with weak banking system.
If it's like UPI then it will be a success and not like the great crypto scam.
People will start to use Bitcoin instead, when they realize its way better than digital fiat money.
Then they will find out that the Ponzi schemes make them lose
@@kreight_ you too and buy in to pump and dump, I am 1st in and 1st out got my Bitcoin at $27 .. but we needsuckers
@@kreight_ like people did in the past about flying to the moon. Sure i will!
Bitcoin adoption is a matter of when not if. We are still very early.
You lost to Bitcoin a long time ago.
The next thing is having a chip implanted in your right arm or forehead bearing your digital cash. It is already happening
A digital currency to make the rich richer, as they will be getting paid a cut for running it?
No ,no no🖐
Eurodollars, here we come!
Eddies for short :D
It's already called the DURO aka digital euro
In any bankruptcy, the money is "virtual" because it is worth nothing. The same is true now with the euro and the dollar due to the bankruptcy of America and Europe.
Lol cope
Dummy, you cannot compare this digital currency with what we have now. You do not realise how much power this give to the ones in control or said state. This is of Orwellian proportion.
Mark of the beeeeeeeaaaast😢😢
No no need
Faz um PIX!!!
So, no cash option, and my digital wallet is restricted to maximum 3k euros.... sounds to me i wont be able to save money, and i will plunge into debt as soon as i need more than 3k euros on any occasion like i dunno buying new car
Digi je dobre aby sme boli na ulici nemali čo jesť
It’s not possible as long as Euro is not the currency in all Europe.
Digital is the first step towards fraud. Like SEO you can do your own marketing. Create reviews and grow your business.
Hotovosť sa zruši
Bitcoin only!
Faster payments. ...
Cheaper international transfers. ...
24/7 access. ...
Support for the unbanked and underbanked. ...
More efficient government payments.
…
Main disadvantage is that a transaction cannot be reversed…eg. If a mistake is made …
Government tracking.
Government can collect taxes on all sales, to include private.
Government/bank control your money for bail-ins.
You can no long control your money, it is their money, you are only borrowing it.
Enjoy your 1984.
Yep
Offline payments? That alone is honestly making my slightly hopeful for this project.
You can already pay offline. In cash.
❤
Often in life, you don't do what you want but what you need. ECB MUST do it, because if they don't, Euro zone will be left behind ( in term of market share and Innovations). And if Euro citizens start to use foreign digital currencies as they go to, it will greatly weaken the whole EU.
Probably the only currency I am fine with because it has good anti-abuse regulations(ex: won’t be able to hire a killer, like people do with Bitcoins)
yes, because no killer was paid with normal money.
Hahaha you got it, what a genius thing to say 👏
Bitcoin would be the worst asset to do that. Everything is traceable on the block chain. Cash is the best for those types of transactions
being cashless is great, i dont even know when i used cash last time, paying with QR code is good.
cheap comment. you won't get any social points for it
Just use bitcoin
Bulslhit eu