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Digital euro will complement cash, not replace it (www.eureporter.co)

submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]

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“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.

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[–] [email protected] 6 points 1 year ago (2 children)

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.

[–] [email protected] 9 points 1 year ago

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

[–] [email protected] 4 points 1 year ago

Technology wise, think of it as some sort of crypto euro. The point is to have the un traceability, privacy and security advantages of crypto, but with a currency that can't be speculated upon that is an actual real currency.

If the central European bank sold 1 digital euro for 1 euro, and bought 1 digital euro for 1 euro, always, the currency would always have a real value attached.

Anyway, I have not read anything on the currency, but color me surprised if they do something that I'd not similar to what I mentioned.