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Digital euro will complement cash, not replace it (www.eureporter.co)

submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]

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“If we want the digital Euro to become a success, we need a clear and convincing narrative of why we need it in the first place. People need to see the benefits of a digital Euro in their day-to-day lives. The European Central Bank and the European Commission have yet to make a compelling case of why we need the digital Euro and what added value it will deliver,” explained Markus Ferber MEP, the EPP Group Spokesman in the European Parliament's Economic and Monetary Affairs Committee.

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[–] [email protected] 0 points 1 year ago (2 children)

There's a thing I still have doubts.

Will I be able to open an account of digital euro directly in the EC for free?

I doubt it as it would mean ruin for banks.

I suppose banks could still lock you down to their accounts when asking for a mortgage but still, they would loose million of accounts.

I really hope that could be the case, but I suppose banks are lobbying hard so that would not materialize in that way.

[–] [email protected] 5 points 1 year ago

There's going to be a limit (3000€?) for how much you can store on the digieuro account

[–] [email protected] 1 points 1 year ago

At the moment, the plan is for the digital euro to be issued/"minted" by the ECB and also all transactions will be resolved by the ECB, however the ECB won't offer any sort of digital euro account or banking service, the banks will do that instead. The ECB is planning for the digital euro to be free to use for paying for private customers, free to use for donations or exchanges of money between people and free to use for online payments as well. They also want provisions specifically for poor and underbanked people.