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The Digital Euro: Decoupling from PayPal, VISA & Mastercard (www.ecuradio.eu)

submitted 5 days ago by [email protected] to c/[email protected]

33 comments fedilink hide all child comments

From the 7th of April to the 9th, the European Central Bank spoke extensively about the Digital Euro, expressing hope about its potential and publishing an update of its rulebook. Its President, Christine Lagarde, also called for it, wishing to end European reliance on international payment solutions providers such as VISA, Mastercard, PayPal, Stripe and others.

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[–] [email protected] 9 points 5 days ago* (last edited 5 days ago) (7 children)

Why do they make it so confusing? In one sentence they talk about replacing visa and stripe and making a euro payment processor, and then they also want a separate wallet for some reason? Even tho our bank accounts are obviously already "digital" euros. Also it seems they want to comoete with Wero??

[–] [email protected] 9 points 4 days ago (5 children)

Because it's basically a new currency:

"it would be money, still issued by the ECB, but not taking the aspect of a banknote or a coin"

The problem here is that this requires new digital wallets. The downside also means that governments have even more control and surveillance options on your finances. While currently your normal bank account can be blocked or frozen. They can't really do it on a per payment basis. With the new digital wallets they could, potentially, restrict your use on a per payment basis. So rationing fuel could happen by only allowing someone to spend X digi-Euros on fuel. Also it would be impossible to spend money anonymously like you can do with cash.

There are of course upsides, but giving governments the option to do bad things is more likely to lead governments doing bad things.

[–] [email protected] 5 points 4 days ago (2 children)

From their FAQ:

Privacy is one of the most important design features of the digital euro.

The digital euro is designed to be able to function offline in a way that would offer users a cash-like level of privacy, both for sending money to other people and for paying in shops. When paying offline, only the payer and the payee would know the personal transaction details of the payments made.

For online digital euro payments, privacy would be implemented so that the Eurosystem itself – the issuer and payment infrastructure provider – would not be able to directly connect transactions to specific individuals.

Further reading link they provide: https://www.ecb.europa.eu/euro/digital_euro/features/privacy/html/index.en.html