Economy and digital euro: the European Central Bank wants to put your freedom in a cage

Free, but guarded – You may have heard of the digital eurothe latest innovation from the European Central Bank (ECB) intended to facilitate transactions and improve economic efficiency. In these lines. Or even in these. But before jumping on the opportunity to deal with new news around the long-awaited – or not – launch of thedigital euro, it is important to understand what is behind this “innovation”. Because yes, we learned recently that the euro 3.0 will be free to use, but not really private. Explanations.

The ECB’s digital euro: because it is its project!

The European Central Bank (ECB) therefore announced, in a statement on January 23, for the Committee on Economic and Monetary Affairs of the European Parliament, that she was working on a draft digital currency within the euro area (MNBC). This project, which has been in place for a year, is, for the Central Bank, obvious in the face of the decline in the use of fiat currencies in cash.

“Personal payment behaviors are changing at an unprecedented rate: over the past three years, the share of cash payments has fallen in the euro area, from 72% to 59%, while digital payments have become increasingly popular. In the Netherlands and Finland, for example, cash is only used in one in five transactions. »

Introductory statement by Fabio Panetta, member of the Executive Board of the ECB

Faced with this situation, theEurope therefore confirms the development of his project. L’digital euro will be accessible to all EU citizens and businesses, with characteristics comparable to the euro in circulation. Furthermore, the representative of the ECB wishes to emphasize the ease of use in order to promote the adoption of this new euro:

“It would complement cash and offer Europeans the possibility of making their payments throughout the euro zone, free of charge. Ease of access and use would be an element in favor of its adoption and financial inclusion. »

Reading this quote, perhaps you are thinking of Satoshi Nakamoto and the pioneering values ​​that have made the very essence of Bitcoin…and yet. This is just the beginning.

The ECB confirms that the digital euro will be accessible at no additional cost, but not without conditions.

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Confidentiality of transactions: the ECB is watching you

Beyond the ode made to the development of the digital euro and the possibilities it would allow Europe, the Central Bank wishes to perpetuate its monetary sovereignty.

“Our priority for the digital euro project has always been clear: we want to preserve the role of central bank money in retail payments (…). »

However, it is important to note that the confidentiality of transactions will be monitored by national legislators. The ECB clarified that it will work closely with national authorities to ensure compliance with applicable laws and regulations.

“The privacy features of transactions will be determined by national legislators and regulators ensuring that they comply with international standards in the fight against money laundering and the financing of terrorism. »

In other words – and you might know the song by now – you can say goodbye to your anonymity.

The EU is getting up to speed, but maybe not for the right reasons. Forget your dreams of economic freedom, the digital euro by its very existence kills – one more time – the king of cryptocurrencies and confirms the wishes of monetary governance of the European Union. Monetary governance, which is also overlooked out of the corner of the eye by the Central Bank of Spain, which is also planning the launch of a digital euro.

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