đđ The battle for the future of money has begun! The European Central Bank (ECB) wants to introduce the digital euro, but four countries are firmly opposed to this financial revolution: Germany, Austria, the Netherlands and Slovakia. đČ
Their concerns? Over-reliance on technology, potential invasion of privacy and risk to their savings. These concerns come as the ECB claims its digital currency will be more secure than cash and promises enhanced privacy through encryption and hashing technologies. Moreover, the digital euro will be accessible and easy to use, even for the elderly and newcomers.
In 2023, Christine Lagarde assured that the digital euro would coexist with physical banknotes, and that its transactions would be free. But fear of CBDCs goes beyond European borders. In the United States, personalities such as Donald Trump and Ron DeSantis express their fierce opposition to a digital currency, described as potentially dangerous due to the infringement of individual freedoms and government control.
Critics go so far as to suggest that CBDCs could allow governments to emulate China and introduce a social rating system. In the US, any introduction of a digital currency would require approval from the Senate, the House of Representatives and the president. Meanwhile, China has already launched its digital yuan, and the Bank of England is in the design phase for the digital pound, with a final decision expected in the next two to three years.
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