The European Central Bank tweeted today about its Digital Euro project it is actively researching. The creation of an ECB issued Digital Euro could pose a threat to cryptocurrencies. The Central Bank is exploring launching the Digital Euro as they are concerned about the unprecedented growth of cryptocurrency they even go as far to say that people could “turn to a foreign digital means of payment, which might undermine financial stability and monetary sovereignty in the euro area” they are worried, and it shows.
“The Euro belongs to Europeans and we are its guardian. We should be prepared to issue a digital euro, should the need arise.”
– Christine Lagarde, President of the ECB
The banking cartel is going digital to compete with crypto
The Digital Euro project aims to facilitate fast, easy and secure payments for individuals and businesses, and the European Central Bank are excited and proud to say unlike crypto assets or stable coins it’s backed by a central bank, which stable coins are not. The truth of the matter is that most individuals firms and investment funds are moving into stable coins and cryptocurrency to get away from the crooked banking cartel in the first place. They are using it as a hedge against bad policies of the bank and central banks of whom continually print money. The world financial system and banking cartel led to the creation of Bitcoin in the first place. A quote Satoshi in the genesis block of Bitcoin Blockchain says “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, and although a digital euro may be convenient, it’s an Orwellian nightmare for some.
“Crypto-assets are fundamentally different from central bank money: their prices are volatile because they lack any intrinsic value and there is no reliable institution backing them.” – European Central Bank
The downsides of legacy money but digital
Centralised and crooked money printing won’t stop at the Central Bank and will devalue your Digital Euro, and the greedy fat cat bankers will still get their bonuses while the taxpayer and ECB bailout banks. Being in a Digital Euro where you do not control just digits in a central ledger at the ECB. There are most certainly a lot more bank failures coming down the road in Europe, and what’s to say if a Digital Euro replaces cash they can implement “emergency” measures such as Greece during the last crisis and Argentina is doing in response to the COVID Crisis, and there will be nothing you can do while your taxed and accounts raided.
The Digital Euro: Orwellian Nightmare
A digital euro exposes you to the old legacy banking system which will undoubtedly involve complete surveillance of every transaction you make and require KYC/AML. They could easily control how much you can spend, tax certain goods or businesses instantly at the time of payment and any moment freeze your funds for enhanced due diligence or political reasons. They want complete control over you, and a Digital Euro allows them to control entire populations and countries in the EU, undoubtedly new taxes will rise perhaps on specific products or services and the ability to invest into cryptocurrencies from your Digital Euro may require a license.
Another worry is, would they attempt to outlaw the off-on ramps for cryptocurrency once the Euro is fully operational? I’m confident it’s a conversation the ECB has had internally and considered, this would only push transactions into cryptocurrencies such as Monero which is private and untraceable by default, unlike Bitcoin and create a dark economy.
With the track record of the greedy bankers and politicians, I will trust Bitcoin and stable coins such as MakerDAO DAI which are open for anyone to use with an internet connection and a smartphone over any centrally issued digital currency.
Source & Digital Euro Information: