By Vassos Angeletou In Athens, the board of directors of the European Central Bank will meet on October 26 in order to announce its crucial decisions, not only for the interest rates of the euro, but also for a historic project in the history of the Eurozone – the digital euro. It has been known… Continue reading From Athens, the...
Maybe I’m talking from a privileged country, but none of this would benefit me at all in my country as the banking system already does all of this. It’s a bit disappointing that they seem to be intentionally kneecapping the digital euro so that they can placate private banks. Although I wouldn’t mind what they’re doing if they also provided a government run bank that didn’t shoo away customers if they didn’t have the right risk profile, that competed with private banks (e.g. Norway’s state-run consumer bank exists alongside private ones). For example, legal sex workers are often pushed out by private banks.
If it’s reasonably private and a third-party morality police isn’t deciding what you should be allowed to spend your money on, it’d be a big improvement over the US system.
So the UK for instance has a central bank that can adjust interest rates, print money etc. Even for rich companies like the US with the Fed etc, these are important mechanisms. With people increasing using bank transfer instead of cash, there is a risk users or their banks can effectively remove themselves from that control, undermining the counties economy. For instance, UK users could adopt the digital Euro leaving the Bank of England with no tools and no power over its economy.