this post was submitted on 08 Aug 2023
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I really don't see the added benefit in this. We can already use our existing money in a digital way.
Doesn't this just complicate things? Am I missing something?
Current transactions have a transaction fee. The digital euro will have maybe lower fees? Or 0 fee for non commercialized transactions?
The digital euro will be available to everyone, not just to people with bank accounts. In some countries, poor people have a hard time getting a bank account.
Privacy. Currently your bank knows what you buy and they can even potentially sell that information. Maybe with digital euro, only the government will know.
Offline. With digital euro you can buy stuff offline, ie without an internet connection. This in theory could also provide the same privacy as cash.
Maybe we can eventually cut the middleman, banks, out of the equation.
Cutting banks out of equation would be nice, but I donβt think they will ever let it happen, they will always lobby for their interests and will find ways to monetize us.
And funnily enough banks always seem to have money to spend on lobbying