Digital euro plan faces strong opposition
The European Central Bank's (ECB) plan to promote a digital euro is facing strong opposition from Germany, Austria, the Netherlands and Slovakia. According to a report by Bloomberg, people in these countries are concerned about the potential risks of digital currency, believing that central bank digital currency (CBDC) may make them overly dependent on technology and pose a threat to their privacy and savings.
Opponents worry that a digital euro will infringe on their personal privacy and put the financial system at greater risk if there are problems with the technology. In addition, they also believe that digital currency may be used by the government to monitor individuals’ financial activities, thus infringing on individuals’ financial freedom.
ECB’s response and commitment
In response to these objections, the European Central Bank stated that the digital euro will have advanced security and privacy protection features, using encryption and hashing technology to ensure the privacy of transactions. In addition, the central bank also assured that the digital euro will be easy to use and will provide convenience for seniors and new immigrants.
ECB President Christine Lagarde said in a statement in 2023: "The digital euro will coexist with physical cash, and its transactions will not charge any handling fees." The ECB plans to vote on the implementation of the digital euro at the end of 2025, but opposes it The outcry could make the plan more challenging.
Digital Currency Global Trends and Concerns
The push for digital currencies has not only caused controversy in Europe, but has also faced backlash in the United States and elsewhere. In particular, conservative politicians in the United States, such as former President Trump and Florida Governor Ron DeSantis, have expressed strong opposition to central bank digital currency (CBDC), believing that it may lead to excessive government intervention in individuals' Life.
Currently, many central banks around the world are studying or promoting digital currency. China has launched a digital yuan, and the UK is also in the design stage of a digital pound, with final decisions expected to be made in the next two to three years. However, as this trend develops, the concerns and resistance of people in various countries are also increasing, which makes the promotion of digital currency face more challenges and uncertainties.