No one wants the digital euro (and why should you want a CBDC?)

No one wants the digital euro (and why should you want CBDC?)

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Look, good questions exist. When citizens indicate they do not need a digital payment method that cannot be used for saving (such as a CBDC) because there is already a digital payment method...

is what enables that, so why does the ECB continue on the chosen path? The ECB itself has devised to conduct a survey among the future users of CDBC, where an unpleasant

The answer came out: we do not need it because there is already digital money.

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Yet the project continues, and in October of this year it will become a reality. Therefore, we at Current Ratio created the big CBDC show with eight stimulating, concise questions.

CBDC is digital money from central banks, which will come alongside the existing money from central banks (cash) and debit cards. An additional source of money increases the money supply, so something will have to come off the other payment methods.

Central banks want this because a negative interest rate cannot be applied to their existing money (cash). You will not be able to save with CBDC, so in a future negative...

interest is forced to be accepted on your regular checking account. This way, the central bank can lower interest rates when they are already almost at zero percent, and a citizen cannot then

fleeing and gets an urge to spend more.

This will stimulate the economy. In such constructions, it is necessary for banks and central banks to know exactly what your balance is, which is why a digital login method is being introduced.

If cash ever actually disappears, it will come at the cost of privacy; no payment method offers as much anonymity as cash.

Digital money will by definition be programmable; such things are simply easier in a completely digital environment. Central banks would do well to prevent...

If CBDC becomes programmable immediately, it will quickly become unpopular, which will affect the profitability of the issuer of the digital euros, namely the ECB itself.

For that profitability, it doesn't matter citizens have cash.

Using CBDC, it is both money from central banks. The House of Representatives does not want a digital passport (needed for CBDC) but the ECB does. The Netherlands is not a parliamentary democracy.

more, so the House of Representatives is further irrelevant (just like the voter).

The Minister of Finance has nothing to say about money either, strange but true. That is the summary of our major CBDC broadcast on Current Ratio.

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CBDC is an important part of the digital agenda, which my latest book is about (not a coincidence). Democracy at stake buy it here, there is an e-book (digital, really convenient) and

a paper book.

Would you like to make my digging possible? Go to BackMe, or buy my other book, The Euro Gospel: You can also show your appreciation for this article via the button below.

Or just enjoy it. Enjoy watching!

Source: Arno Wellens

Follow Arno here: https://www.arnowellens.nl/