After a long period of speculation about the digital euro, there is now a draft law from the European Commission, which will be presented in the next few days. It describes how the digital euro is to become legal tender.
Paolo Gentiloni: The digital euro will be "an additional option" for European citizens to pay in euros. "It is not about replacing cash, but complementing it, that is as clear as day."
Really, the non-abolition of cash is as clear as day?
While companies have to accept the new digital euro, as legal tender, but on the other hand entrepreneurs - the also legal tender - cash, are allowed to refuse to accept it, then there is a need for explanation.
The argumentation is quite exciting. It says something to the effect that cash alone cannot "support the EU economy in the digital era".
Are SEPA credit transfer, instant payment solutions or even national solutions like the Girocard system on the one hand and international solutions from Mastercard and Visa to Paypal not viable and expandable ways?
Not to mention that genuine native blockchain, such as Infinity-Economics or Bitcoin, are highly performing and have the most secure solution to offer worldwide to date.
The statement is telling
Another payment system that does the same and would compete with European market participants is superfluous.
Position Paper of the German Savings Banks and Giro Association (DSGV)
The digital euro is much more about getting ahead of unwelcome competitors. The fear of having to give up power and control is too great. The fact that the accounts are to be capped - a maximum amount of 3,000 euros is being considered - probably points in the same direction.
Markus Ferber, CSU financial expert and MEP, takes a more sober view.
Weder EZB noch Europäische Kommission haben bisher plausibel erklären können, worin der konkrete Mehrwert des digitalen Euros für die Bürger besteht.
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