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.
Base it on Monero and I’m fine with a digital Euro.
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.
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.
I don’t want a volatile currency as my main currency.
FIAT is also volatile,
you can look up the EUM3, GBM3 or USM2 (= money supply) charts for proof.They continuously increase in amount due to fractional banking and deficit spending,
meaning more circulating supply, which makes each unit of them worth less.
Which is the main reason for inflation.Also, I think PoW isn’t the way to go anymore. A digital PoS “Monero”
Proof of Stake is much less secure then Proof of Work.
PoS decreases the amount of devices you need to attack a chain by a heap.
Instead of needing a massive fire-wall (to block access to 33% of the miners) +
34% malicious actors in a network (to gain majority over the remaining 67%)
of hundreds of thousands of miners to attack a PoW chain.You only need to target a few hundred validators in a PoS chain.
stablecoin is what I was thinking about.
“Stable-coins” are still tethered to FIAT currencies, so they’re not a valid replacement.
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.
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.
This is confusing, doesn’t EU mandate a free / basic tier of banking account already? And isn’t pretty much every currency digital too?
Public payment processor is a pipe dream though. Someone has to do AML, insurance. Free wire transfers are subsidized by other revenue streams.
It technically could be subsidized by taxes. Not saying if that’s good or bad.
There’s a catch here. Large amount of AML regulations imposed on banks is an indirect form of taxation, even if it wasn’t the original goal. Banks have to do bulk of investigative work that makes sense to do there. To do that they have to employ crapload of people (in Poland, Hungary, Estonia etc). I’m not sure individual governments or EU want to get into that because they could turn out to be less competitive than private sector which has no qualms with outsourcing / offshoring as much as possible.
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.
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.
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.
deleted by creator
Yucky icky ew
deleted by creator
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.
deleted by creator
Monero exists…
deleted by creator
Let everyone carry around large amounts of cash on a regular basis, there is no way that could be exploited by criminals. Or even better, valuable metals like gold so the stolen money is not even traceable as being stolen.
deleted by creator
Virtually every scam used today was first invented back when cash was the only form of payment.
deleted by creator
Good for you!
And I want that from now on you specifically are given change exclusively in 1 cent coins.
deleted by creator
“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!
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
