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[-] thericofactor@sh.itjust.works 130 points 1 week ago

a proposed electronic version of the physical euro that has banks and right-leaning politicians fuming.

That should tell you enough about why we need it.

TL;DR the digital euro isn't stored in a bank, but in a digital ledger, making it impossible for banks to use it as they wish for investments, mortgages or trading.

Never again do banks need to be saved by governments from their own bad and risky investment decisions because they are "too big to fail".

[-] john_t@piefed.ee 51 points 1 week ago

From what I've read in other news, the digital euro wallet will have a hard limit on the amount you can store in it, something like 1000 euros for example. Also, it needs to be linked to a physical euro bank account. Those features combined prevent fraud and speculation. It's mostly to be used as an online payment method to circumvent the Visa/Mastercard american payment duopoly.

[-] Amberskin@europe.pub 12 points 1 week ago

I can confirm European banks are actively participating in the definition and implementation of the ‘digital euro’. So the ‘banks are fuming’ thing is bullshit.

Crypto-scam ‘companies’, on the other hand…

[-] wewbull@feddit.uk 15 points 1 week ago

That doesn't mean bank accounts disappear. Banks will still hold your digital euros for you and pay you interest so that they can invest your money and make more money.

Nothing changes.

[-] Cyber@feddit.uk 4 points 1 week ago

But isn't the bank lending out your money and charging interest... which they pay back (some) to you?

If that doesn't happen and the digital euro just sits under your bed, then how do savings work vs inflation?

[-] grue@lemmy.world 13 points 1 week ago

I don't know if it's different in Europe, but where I live bank savings account interest has been so low as to be a joke my entire adult life. If your goal is to have an investment or even just beat inflation, a bank account ain't it.

[-] wintermute@discuss.tchncs.de 6 points 1 week ago

The digital euro doesn't stop you from keeping doing it. It only replaces cash. Instead of withdrawing cash from the ATM to keep it in your wallet, you withdraw digital cash and keep it in your phone.

[-] Cyber@feddit.uk 2 points 1 week ago

True, but that would be a phone app which has to come from an official (US) app store on a phone that is using offical (US) firmware...

I'm all for having a financial system that we can use 100% disconnected from the US, but it's the details that makes this hard, not the initial concept of e-Money.

But, back to the original point, I don't know how interest would work on money in an eWallet. I'd want to keep all my funds earning for me, which means loaning to others and then getting something back... so I don't want those transactions sitting in a 0% "safe" place... I'm either saving or spending.

So, if we can just have a EU version of Visa / Mastercard as step 1 that would be best. I think that's just arriving...

[-] DacoTaco@lemmy.world 4 points 1 week ago

All depends on how its implemented tbh. If its not regulated correctly it'll turn into what any digital currency is: a shitshow.
Im all for, if its done right.

Granted, i have yet to look into the proposal so no idea what they have in mind! Its on my todo list!

[-] rikudou@lemmings.world 20 points 1 week ago

Why not simply mandate all banks to support immediate payments? And to support webhooks for all payments? That would make it extremely easy to not rely on Visa/MasterCard.

[-] ChairmanMeow@programming.dev 13 points 1 week ago

Instant payments have already been mandated through SEPA. It will come into force quite soon.

[-] rikudou@lemmings.world 1 points 1 week ago

Even for non-Eurozone countries?

[-] ChairmanMeow@programming.dev 3 points 1 week ago

Just SEPA afaik. But that makes sense for Brussels to dictate, the rest of the world is a little beyond their jurisdiction.

[-] rikudou@lemmings.world 1 points 1 week ago

Well, Eurozone != EU. And if I'm not mistaken, it either was or will be mandatory for Eurozone, but not the whole EU. Though I might be mistaken.

[-] Microw@piefed.zip 1 points 1 week ago

The only reason why eurozone and EU are not the same (bar the countries with exceptions) is that multiple countries still fail to adhere to the criteria needed to join the euro - and some, like Poland, fail on purpose.

[-] rikudou@lemmings.world 1 points 1 week ago

I do know that, I live in country which fails on purpose. Not sure why the lecture?

[-] Microw@piefed.zip 1 points 1 week ago

Nothing against you personally. It is just a bit annoying when people from EU countries who refuse to join the Euro then complain about their currencies/financial market getting treated differently than the Euro zone.

[-] rikudou@lemmings.world 1 points 1 week ago

I wasn't even complaining, I was simply asking whether something changed.

[-] Muscle_Meteor@discuss.tchncs.de 20 points 1 week ago* (last edited 1 week ago)

So the right is against it: good

The banks are against it: probably still good

It might stifle innovation: okay.. where has that been up until now?

The ECB has already made concessions to appease banks, the digital euro will have a 0% intrest rate for example so banks should still be more appealing to store money in... Not that i've seen an intrest rate at a bank above 2% since 2008, but hey... Room to innovate..

Germany doesnt like the idea of potential snooping... So i guess they trust big american corporations more than an institution they have an actual say over?

I dont see a real downside to trying it, other than upseting american companies and special interest groups, and i'd much prefer this to some crypto bullshit

[-] dumnezero@piefed.social 19 points 1 week ago

What are "Politco.eu" political and billionaire ties? Just out of curiosity.

[-] phneutral@feddit.org 27 points 1 week ago

Politico was bought bei conservative German publisher Axel Springer SE some years ago. Their tabloid Bild is populist to right-wing. They have ties to German car manufacturers and other uber rich. CEO Döpfner is for example friends with Peter Thiel afaik.

[-] Taalnazi@lemmy.world 6 points 1 week ago

Okay, so politico then can be discarded as reliable. I mean, it's soort of independent ish still, but I don't trust it to be that forever.

Going to stick with the Jacobin and Freedom (the British journal).

[-] Taalnazi@lemmy.world 3 points 1 week ago

Not sure what's wrong, since I seem to be unable to edit the comment, so here's an addition.

Can rec this site also.

[-] Microw@piefed.zip 2 points 1 week ago

Euobserver and Euractiv are the leading media for EU developments and news, especially scoops from Brussels

[-] The_Che_Banana@beehaw.org 9 points 1 week ago

The main sources of revenue are advertising, event sponsorship and paid subscriptions with nearly half coming from the subscription business.[10]

from Wikipedia

'event sponsorship' is where you probably want to dig into to see where the money is being funneled

[-] HenriVolney@sh.itjust.works 7 points 1 week ago

Will it still be relevant once Wero has spread throughout the continent?

[-] dumnezero@piefed.social 6 points 1 week ago

Is Wero a private corporation? If yes, it can be bought by bigger corporations (such as ones from the US or China).

[-] Zwiebel@feddit.org 4 points 1 week ago* (last edited 1 week ago)
[-] dumnezero@piefed.social 2 points 1 week ago

I see. Looks like a precursor to digital euro.

[-] kayazere@feddit.nl 3 points 1 week ago

Will there be a fixed supply or will the ECB be able to creat more like with fiat and devalue everyone’s money?

[-] MrSulu@lemmy.ml 2 points 1 week ago

If this is correct, and I am not expert or well enough informed, then I'm all for it and will move over ASAP when available. Like many, I will rely upon trusted and unbiased sources for guidance.

[-] quediuspayu@lemmy.dbzer0.com 1 points 1 week ago* (last edited 1 week ago)

I hear all the time people saying that it is an attempt to eliminated physical money to track us down. I remember reading somewhere that one of the requisites was to work offline, also for what I see is that the only thing that this is threatening to replace are things like Bizum and small payments with credit and debit cards.

this post was submitted on 20 Sep 2025
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