European banks are scared of the digital euro. Here's how their secret lobbying could torpedo it ( www.ftm.eu )

The launch of the digital euro could give every European a free, universal payment account. But this grand vision is at risk of being curtailed by a well-coordinated lobbying campaign of the banking industry. Banks want to make sure you will keep needing them – and they have EU officials’ ears.

bazmatazable ,

I think this is related to the GNU Taler open source project. Appears they are testing to see if the technology is appropriate.
New EU project NGI TALER will bring private and secure online payments to the Eurozone

Lemmchen ,

Base it on Monero and I'm fine with a digital Euro.

Rikj000 ,
@Rikj000@discuss.tchncs.de avatar

Not based on,
we should stand up for just using Monero itself as our currency.

Based on could mean a centralized wallet and/or surveillance implemented on top of it.

Lemmchen ,

I don't want a volatile currency as my main currency. Also, I think PoW isn't the way to go anymore.
A digital PoS "Monero" (Cryptonote, etc.) stablecoin is what I was thinking about.

shrugal ,
@shrugal@lemm.ee avatar

“If [the] digital Euro can also be used for tax payments etc and general acceptance is mandated, a significant amount of their clients could do their full finances with the digital Euro and won’t need an account with a commercial bank anymore,” German cooperative bank lobbyists warned the Commission in one of the documents.

Imagine "warning" them that their idea could have the desired effect!

makeasnek ,
@makeasnek@lemmy.ml avatar

They're even more scared of Bitcoin. But they can't stop it. People in power are terrified of things they can't control. Imagine how the world might work differently if the government and private banks couldn't print away all your money's value? What would you spend your money on? How would governments fund wars people didn't agree with, by raising taxes? Bitcoin has a clear fiscal policy that has worked for 15 years. It is accessible to anybody in the world with a smartphone and occasional internet service. With lightning, transactions confirm globally in under a second for pennies in fees. Bitcoin's market cap is bigger than Sweden's GDP, 850 billion dollars and growing on average every year.

taladar ,

The only thing anyone is scared about with Bitcoin is that it will burn so much energy that it will accelerate climate change. As a currency it failed years ago in case you haven't noticed.

Wodge ,
@Wodge@lemmy.world avatar

No one is scared of bitcoin. You can't use it down your local shop to buy your groceries with. This EU digital currency can do that.

maynarkh ,

I always thought that commercial banking and the transfer industry will basically lose their whole raison d'être if we ever get CBDCs working, and I didn't understand if they had any plans for it. I guess not.

NoLifeKing ,
@NoLifeKing@ani.social avatar

Just cut every method of digital money in general. I want just cash everywhere.

reev ,

Yucky icky ew

NoLifeKing ,
@NoLifeKing@ani.social avatar

Ah yes of course! Let everyone track what you do.

Man if it was allowed i would pay with gold.

Pringles ,

You can go back to the stone age, but I embrace the digital age. Privacy is an issue that can be fixed through policy if need be.

SamsonSeinfelder ,

VISA will be the main driver to protect the old system where they control the network and the mechants-fees. That is what makes them money. Billions years over years.

The Podcast "Aquired" has a 3h long podcast that tells the crazy story of VISA, its founder and how they came to control the market. If anyone will do anything in its power to not liberalize the payment landscape, then it will be this very Company. It will go thermonuclear on their revenue stream.

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