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European banks to launch euro stablecoin in bid to counter US dominance (www.reuters.com)
submitted 11 months ago by to c/technology@lemmy.world
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[–] 14 points 11 months ago* (14 children)

This just sounds like a regular bank transfer to another European bank...input recipient in your self-service online banking and press "transfer"...beep boop done.

What does this "digital" euro do that the existing euro (which is also perfectly working in digital space) solve?

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  • [–] 7 points 11 months ago (5 children)

    Surveilence

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  • [–] 3 points 11 months ago (2 children)

    There will be the exact same level of surveillance, it's still just run by banks so there's no difference there.

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  • [–] 1 point 11 months ago (1 child)

    Not really. I was scammed for a few hundreds of euro's last year. I knew the company, I knew the account but the bank was incapable of reacting because of 'reasons'. They know where the money went but they can't follow where it got transferred to. So they can only follow one transaction and after that it's gone. (Except when you get a court order)

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  • [–] 4 points 11 months ago (3 children)

    The digital euro will be centralized on the European Central Bank, so the transactions do not depend on some local banks. It's in direct competition with the banks themselves. But yeah, not that big a difference for the end user imho

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  • [–] 1 point 11 months ago (2 children)

    But a central bank shouldn't be in competition with its customers, the other banks. That's massively stupid

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  • [–] 1 point 11 months ago

    Well honestly I’m not quite sure I would not welcome the removal of some of the influence the banking sector has on us all. It is very predatory in nature all the lending and such. Additionally money is a limited resource so it is maybe not the worse thing to « nationalise »

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  • [–] 4 points 11 months ago

    The existing Euro does not have a proper system for day to day transactions. Transfers are currently handled by SEPA, which are only suitable for things like bills. This means that a lot of people especially in less developed EU nations end up using an international bank card, i.e. MasterCard/Visa for day to day transactions.

    Details are somewhat vague, but the ECB's website seems to have many good assurances. This even includes strong privacy features, such as offline capabilities and cash-like privacy.

    FAQs on a digital euro - https://www.ecb.europa.eu/euro/digital_euro/faqs/html/ecb.faq_digital_euro.en.html#q1

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  • [–] 2 points 11 months ago*

    Late response, but anyways: the big advantage over regular bank transfers is you can use it like a virtual card without Visa or Mastercard. In essence, the biggest draw is pushing US companies out of the EU financial system.

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