Explain this to my dad, he is almost 60 years old, barely knows how to use his smart phone! Like others mentioned, last time I saw the news, they where still confused and having conversations. What did it change?
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Last I heard about this, they did not fully commit on a singular technical solution yet. The closest I know being NGI Taler (FLOSS, created by a Swiss company, and plans a lauch in Euro this year), but it doesn't support offline payments yet, unlike what the digital euro's brochures say.
Hopefully this will be resolved, but I hear this is a very polarized subject since it would remove a lot of powers from the banks (by concentrating it around the ECB), and they are lobying heavily against it, and the right wing is listening.
Nice
Any actual link?
https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html
didn't see anything about a card by the end of 2025.
What's digital euro? Some kind of crypto?
Yeah, but instead of by mining (BTC, ETH, etc) or breng issued by a private company (USDC, USDT, every scam coin), it would be the ECB issuing the tokens. Not too different as to how they're currently 'printing' money by digitally conjuring it up on a computer. Challenging the transaction fees by Visa / MasterCard is big tho.
It's super confusing when anyone tries to explain it, but it's actually simple. You get a free as in paid for by the taxpayer bank account from the central bank and you will be able to use that card as freely as cash. No card processing fees, no account fees no nothing.
That said I'd be extermely sceptical about any plans since it would kill commercial banking in our current sense.
You know many countires have implemented something as simple as that. Singapore has PayNow, India has UPI, Thailand has prompt pay. And they've had it for about half a decade or more. West (EU, US, UK are catching up). Commercial banking is still alive in these Asian countires. And it's not so hard for banks to adapt.
Yeah I think they want the front end experience to be as much like what we have now, but the inner workings of the digital euro (or any CBDC) is very different compared to what we have now.
Crypto coins are a digital currency just like the digital euro is, but there is a big difference in how they are managed. I don't know enough to explain the difference in details but a Central Bank Digital Currency (CBDC) doesn't necessarily have a Blockchain behind it and the coins aren't mined like the bitcoins are for example. The big win is you will no longer need a 3rd party for moving the money. If you now move money on your account to my account our banks need another company (likely either visa or MasterCard) to 'verify' that the money actually moves from a to b or something like that. There was a post with a link posted just 2 hours ago on Lemmy here: https://lemm.ee/post/60966980
If I remember it correctly the big banks lobbied enough that you still need them for an account and moving meaningful amounts of money
No, it is a centralized digital payment system run by the ECB.