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It won’t respect privacy and it will be centralized, so the central bank can create money and thus devalue the currency. They also won’t share the source code, so you have to trust them…
It’s almost like it will be a central bank currency just digital. But without all the environmental waste, scamming and rugpulls like in normal crypto
I see it as a good replacement for Debit/Credit transactions for cashless payments that function closer to cash in ordinary contexts without the need for paper.
It’s not a replacement for BitCoin/cryptocurrency, as peers on the network determine the inherent legitimacy of the data rather than a central authority. With Digital Euro, the government could potentially de-authorize or seize any particular token if they believe it was acquired by fraudulent or illegitimate means. Central banks already print out tons of money to suit their purpose anyway, this will just help reduce friction, overhead between government and lenders.
While I can understand the reasons why a government wants to create CBDCs, I never understood why they’re eyeing at cryptocurrencies.
As you said. For cryptocurrencies, Decentralisation is a core value. A government is inherently centralised. So, the tools that are used in cryptocurrencies (namely Blockchains and co.) don’t really make sense, as they’re trying to create verifiable trust in a decentralised system. A government doesn’t want to be Decentralised. What is it going to protect itself from? From itself?
Blockchains only make sense, when an authority like a government or an oligopoly doesn’t control 100% of it.
The idea, as outlined in the whitepaper, does look quite reasonable. Though I have to admit that I don’t know much about finances ^^’
It’s like centralized hell
Better than some volatile shit like decentralized crypto currency usually is.
Thats not because its decentralized its because stock people think crypto is a gambling game with ods in thir favor, and its not accepted as money at many stores. If a large govt like the US or EU decreed that some specific ordinary cryptocuency was legaly equivalent to their currency and must be acceptied as such, that would instantly end the volatility.
Its just too bad that using an open currency is apparently not the plan for the EU. (According to the ppl here)
