Digital euro will complement cash, not replace it

“If we want the digital Euro to become a success, we need a clear and convincing narrative of why we need it in the first place. People need to see the benefits of a digital Euro in their day-to-day lives. The European Central Bank and the European Commission have yet to make a compelling case of why we need the digital Euro and what added value it will deliver,” explained Markus Ferber MEP, the EPP Group Spokesman in the European Parliament’s Economic and Monetary Affairs Committee.

woobwub,

Will it be possible to pay for a service in Poland online while residing Portugal and not have to use paypal, visa, mastercard, or some other USAian service?

0x815,

Digital euro will complement cash, not replace it

For how long? The EU is also restricting cash payments as well as decentralized, privacy-respecting currencies like Monero through MiCA. At the same time, CBDC will open the gates of total control what you do with your money. Headlines like that are pure PR.

klingelstreich,
@klingelstreich@feddit.de avatar

Bank lobbyists are going to kill this so hard. They could lose all control they currently have over people’s money.

Quetzacoatl,

Yes please! I'd love the ability for electronic money transfers (even offline!) without being dependent on private service partners like fucking Google, Apple and Mastercard.

Maybe explain it more as a payment standard, a protocol, not so much as another currency.

Jagermo,

Right? Currently, the most accepted payment Systems are under the control of us companies. Having a European alternative (even a shitty one) would not be the worst thing.

randomaccount43543,

No, thanks!

Kekzkrieger,
@Kekzkrieger@feddit.de avatar

They keep speaking about advantages but list none nor can i see any.

I can already use my ec card to pay and i need a bank account for my bills anyways so why would i get another digital option

geissi,

If you mean German EC cards, afaik they mostly don't work outside Germany.
And most Credit and Debit cards today are operated by either Visa or Mastercard, two American companies.
I think one of the main purposes of the digital Euro is to counter that monopoly.

Kekzkrieger,
@Kekzkrieger@feddit.de avatar

I've used the EC card in Austria, as well as Sweden and Italy without any issues.

Proweruser,

When? Because until last month they still had Maestro on them. It's likely that you used that in those other countries unknowingly. EC is a distinctly German thing.

Kekzkrieger,
@Kekzkrieger@feddit.de avatar

right my bad, yes ofc with maestro on it i thoguht ec was a general word for electronic payment with a debit card

Proweruser,

It's important to note that Maestro was just killed off by Mastercard. So now you'll need a Visa or Mastercard Debit Card. Which is probably one of the reasons why the EU would like a system that isn't dependant on these two US companies.

toastus,

My Sparkassenkarte worked perfectly fine in the Netherlands just 3 weeks ago.

I didn't even know they killed Maestro and assumed it used that.

Proweruser,

They killed it at the end of June, so I assume it did still use Maestro.

Jagermo,

EC is Maestro and it has been discontinued. Once your card gets renewed, you basically move to a Mastercard, since they own Maestro/EC More: https://www.mastercard.com/news/europe/en/perspectives/en/2021/blog-from-valerie-nowak-why-this-maestro-is-retiring-after-30-years/

GataZapata,

This will crowd out extremely vulnerable people, like people who are jobless. Every cent spent can be seen, criticized, marked off etc etc. Cash cannot be tracked, and yes, that invites crime, but I do not want all my transactions to be visible at all times. My friend who gets unemployment already cannot participate normally or borrow money from me because he has to show his PayPal and declare everything as income.

Cash is freedom.

AngrilyEatingMuffins,

It’s pretty easy to pretend that crimes are necessarily bad but we all know that that isn’t true. Keeping a method around to fund illegal activities is highly necessary for continued social progress. Imagine if every donation to the black panthers had been traced.

hardypart,
@hardypart@feddit.de avatar

Niemand hat die Absicht, eine Mauer zu bauen!

ThesePaycheckAvenging,

Of course it's only complementary - now, that people still need convincing. Once it's installed they'll push to remove cash for good as ultimately it's about control. And not being able to track cash transactions has been driving our governments crazy since forever.

ghostermonster,

This should be based on something like GNU Taler, then I’ll be happy.

MiddleKnight,

How is this different from normal the normal Euro. I seem to be able to use these digitally just fine. That is without even living in a euro zone country. Various digital payment services just makes thing work. also I know that actual printed cash is a vanishingly small amount of euros in circulation anyway.

Wander,

The difference is that european citizens shouldn't be required to deal with profit driven companies (banks) to have access to legal currency.

CookieJarObserver,
@CookieJarObserver@sh.itjust.works avatar

🤡

Cash only.

daniskarma,

There’s a thing I still have doubts.

Will I be able to open an account of digital euro directly in the EC for free?

I doubt it as it would mean ruin for banks.

I suppose banks could still lock you down to their accounts when asking for a mortgage but still, they would loose million of accounts.

I really hope that could be the case, but I suppose banks are lobbying hard so that would not materialize in that way.

copacetic,

Why we need it? Lagarde said it sounds cool and also others are doing it. We want to be cool for once. /s

synapse1278,
@synapse1278@lemmy.world avatar

I didn’t know a digital Euro was on the drawing board! I am very intriguing but his article is very short and doesn’t say very much. Thanks for sharing anyway!

NorskSud,
@NorskSud@lemmy.pt avatar

There’s not much info because everything is still quite vague. But you can check this article from Euronews as well.

synapse1278,
@synapse1278@lemmy.world avatar

Thanks, this article gives more information about the basic concept. From what I understand it’s a digital wallet hosted in your phone (or another device, could be a card as well maybe?), the wallet must be loaded manually and replenish the same way, and from there the payment can take place completely offline. Sounds similar to concept already in use at small scale (e.g: during university we had our students card used like a small wallet that can be use to pay for meals, snacks and parking through out the city).

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