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EU is going to launch its digital Euro by the end of this year

European Union is going to launch in 2021 the digital Euro, which is just a digital coin with nothing special, obviously controlled by the ECB.

It has nothing to do with crypto, but most news are comparing it to Bitcoin.

I’m afraid most investors will switch from crypto to this useless digital Euro, mostly because they don’t even know what’s a blockchain or a decentralized crypto coin.

What are your thoughts?

Here you can find the official description, which to me looks like just random words screaming “we’re afraid of crypto so let’s give you something that looks like and that will make you lose interest in Bitcoin

[Official Website](https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html)



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29 Comments

  1. “The euro belongs to Europeans and we are its guardian. We should be prepared to issue a digital euro, should the need arise.”

    Thanks, I don’t need a guardian for my money, that’s why I want crypto 😂

  2. They truly see us as complete brainless monkeys that have no clue what we’re doing. Don’t get me wrong, we’re pretty moronic and usually don’t have a clue what we’re doing, but this isn’t one of those times.

    The entire deal with cryptocurrencies is not it being a digital fucking coin, it’s the decentralization part. You’re completely right about the fact that they just copied one component of the entire package and are expecting people to fall for it.

  3. I don’t think it’s a threat for Bitcoin, if anything, it’ll probably boost it?
    Like, this digital euro still has all the same issues as paper fiat, it still loses value, it’s centralised etc
    And if people can get used to the idea of digital money, I think it’ll normalise crypto in the long run

  4. >We have not yet decided whether to issue a digital euro.

    They are preparing for it but still don’t know what to do or where to start since they don’t want to create a cryptocurrency. They don’t want to hand out too much freedom to the people. On the other hand the competition from the crypto scene has started an avalanche and it could hit them hard.

  5. “We have not yet decided whether to issue a digital euro.” “We will decide whether to launch a digital euro project towards the middle of 2021, in order to be prepared for the possible issuance of a digital euro at some point in the future.”

    What made you think that the digital Euro would be launched by the end of this year? I’d say that we can be happy if they’d even manage to gather a team for the project by that time.

    This document actually goes into details on some of the benefits of the CBDC: [https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf](https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf)

  6. It’s even worse than that. The European institutions are eager to have you switch to an all digital, cash less society because you can’t hide lines of code under your bed. They know FIAT money is starting to get worthless, Italy’s debt is nearing the 165% of its GDP and everybody fears for a bank run like in Greec. Banks don’t have any money, it’s all thin air.
    FIAT is a scam, stick to crypto

  7. As someone who works in the industry let me clarify a bit on the questions and concerns raised in the comments section.

    **> How does the digital euro differ from the money I can already see in my online banking / ATM??**

    Demand deposits aka the numbers you see on your ATM is an entirely different thing. Banks can either **store** physical money in a safe, or at the European Central Bank (ECB).

    The interest of parking the money at the ECB is currently -0,5% which pressures the banks to hand out loans or use it to invest it in something else like gov. bonds e.g.

    So in fact these numbers are just a claim you can redeem from the bank at any time.

    **> Okay but smh this euro is still “digital”, what is the technological difference?**

    Yes you can call the euro you see in your ATM “digital”, though what you see is not the euro, but rather the digital representation of your claim towards the bank. This claim is denominated in euro, but not the euro itself. Just imagine this is a digital cheque you can claim at any time, a cheque is a cheque and does not represent money.

    Talking about the technology, the difference lies within the IT infrastructure and communications between banks. Many banks today still use very old and slow large-scale computer-system architectures from the 70s to process their transactions. Most of the communication between financial institutions is standardized (ISO 20022) so that different banks with different systems can exchange messages between each other. The actual settlement of the transaction happens at Clearinghouses, these are centralized entities that are there to reduce cost, complexity and risks related to exchange of payments.

    **> This sounds very complex, is the reason why my bank transaction is so slow?**

    Depending on where you live and what payments system you use, the short answer is yes. There are is a multitude of steps that need to be done in order for a payment to go through and arrive at the recipients bank.

    **> Alright and what’s the deal with the digital euro? We have crypto curriencies & blockchains popping up everywhere with thousands of different use-cases.**

    A digital euro could eliminate a lot of inefficiencies as described above, and it would also be a first step to digitalize fiat money. Not only that it would make the payments infrastructure more efficient and more secure, but it would also allow fintechs & banks to develop new financial products such as PayAsYouGo with automated payments e.g.

    Another thing is Smart Contracts. The digital euro could be made interoperable with different blockchains we see today, so that they can be used in Smart Contracts for use-cases as described above.

    The development and adoption of a digital euro is definetly something good for the entire crypto space. A use-case that uses the digital euro in Ethereum Smart Contracts still needs to pay gas.

    **> Digitalize (& possibly) eliminate fiat money? This doesn’t sound good at all.. I don’t want the governement and banks being able to see my transactions.**

    [The ECB is also looking into anonymous payments](https://www.ecb.europa.eu/paym/intro/publications/pdf/ecb.mipinfocus191217.en.pdf?3824c3f26ad2f928ceea370393cce785) that could be made possible up until a certain threshold where it complies with current KYC/AML regulations. Low-value payments are anonymous, high-value payments not.

    From what I know, this will almost certainly be a feature of the digital euro.

    ​

    So all in all there is nothing to worry about. This blockchain adoption is good for the entire industry, the digital euro will **not** squeeze out other crypto projects but will very probably coexist in the future.

  8. Looks like we taking crypto degen definition level to the whole new level. Reading comprehension ftw lol

    *We will decide whether to launch a digital euro project towards the middle of 2021, in order to be prepared for the possible issuance of a digital euro at some point in the future.*

  9. This isn’t unexpected. With the emphasis of the crypto community on the new digital money, it wasn’t going to be too long before countries followed. What can crypto offer on top? Serious question.

  10. >It has nothing to do with crypto

    Not strictly true. CBDC’s would likely be issued on a permissoned version of Ethereum.

    > At ConsenSys, we strongly believe that Ethereum is one of the only technologies available today that has the potential to answer the technical requirements for such CBDC over the short and mid term.

    > As the global user base of public Ethereum shows, the protocol is well suited for large- scale platforms. Ethereum can also easily handle the privacy and confidentiality requirements of a CBDC, through a mix
    of public and private smart contracts complemented by cryptographic techniques such as zero-knowledge proofs, homormorphic encryption and secure multi- party computation or newer technologies like rollups.

    > Finally, as an Ethereum-based platform, it would be easily interoperable with the public Ethereum network as well as other blockchain networks, allowing for broad, far-reaching use cases in many different contexts, including in settlement networks in other jurisdictions.

    [Central banks and the future of digital money – Consensys Whitepaper](https://cdn2.hubspot.net/hubfs/4795067/Enterprise/ConsenSys-CBDC-White-Paper_final_2020-01-20.pdf?__hstc=148571112.4cd1f133b859c7d3248bcfb375378b8a.1580026541510.1580026541510.1580026541510.1&__hssc=148571112.2.1580026541511)

    Consensys have already performed a number of pilots with various central banks.

    [https://consensys.net/blog/enterprise-blockchain/cbdc-pilots-on-ethereum/](https://consensys.net/blog/enterprise-blockchain/cbdc-pilots-on-ethereum/)

  11. Venezuela is rumored to launch the “Digital Bolivar”. Of course the Venezuelan economy is absolutely nowhere near the EU economy. However, Every year more countries around the world will be adapting to digital currency.

  12. I dont think crypto is going anywhere and soon governments will have to accept that they dont control the money anymore or the people. A democracy is a government of the people for the people, this doesnt feel so.

  13. I never understand this like i have a bank acc is that not digital euro? What is the difrence i can alrady send money instenly whitout fee. (Idk if you can do that white like 10k plus or somting I never transferd that)

  14. > *I’m afraid most investors will switch from crypto to this useless digital Euro, mostly because they don’t even know what’s a blockchain or a decentralized crypto coin.*

    Why would they do such thing? They will have two choices:

    1. Bitcoin, an asset which price increase over time by design, open to anyone without any regulation
    2. LagardeCoin, which will be most likely require KYC and offers a super bad UX, will have usage limitation, and will decrease in purchasing power over time?

    LagardeCoin is not an investment, it’s a digital fiat. People already have fiat. You don’t “invest” in fiat. So no I would not worry about this.

    ​

    *Self-promotion: If you are looking for a way to keep your portfolio balanced automatically, you can try my service here for free* [*cryptolaze.com*](https://cryptolaze.com/)

  15. I think that coin will pump for a few weeks, untill people understand it is not real crypto and switch back.

    Soo buy that coin sell it within a few weeks and buy crypto in the dip. Aka easy profit

  16. There is a benefit – if the blockchain is public, it’s an improvement. Money laundering should be harder that way. That being said, it’ll also make sure you pay taxes on everything (which I do anyway). My hope is this also makes the rich pay the taxes.

    It’ll be long before “whole world” switches to decentralized crypto – maybe even never. Although this is not the final solution, I think it’s the right direction.

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What do you think?

I’m trying to figure out if I’m getting scammed or not, I’m new to crypto

#Stingy😁