The European Central Bank (ECB) recently confirmed the progress of the digital euro project, which caused quite a stir in the crypto world. Christine Lagarde, the President of the ECB, spoke in a video message about the next steps the project will take. But is everything as rosy as it seems? Why then are central bankers, legal experts and politicians in the US warning and even planning an anti-CBDC law about the great dangers? This blog article highlights the progress and dangers of the digital euro. Learn the truth now while you still can!
Progress on the digital euro
Christine Lagarde emphasized that The digital euro project is progressing well and is in an exciting transformation phase. Lagarde pointed out that the Governing Council of the ECB has approved the preparatory phase for the digital euro.
This phase is scheduled to begin in November and last two years. Your main objectives include the Finalization of a set of rules for the digital euroselecting vendors to develop a Central Bank Digital Currency (CBDC) platform and conducting additional testing.
One of the key elements that Lagarde highlighted is that Coexistence of traditional cash and digital currency. For consumers, this means a choice that is both convenient and cost-effective. “Cash is here to stay. You have all the options; Cash and digital cash”said Lagarde.
However, it is a common practice in politics that one slowly introducing revolutionary and unwelcome steps for the population, so as not to have to fear a revolution or a threat to the decision-makers’ plans. The water in the cooking pot is slowly brought to the boil so that the frog does not jump out in fright, but rather is boiled alive.
Although the project has entered the preparatory phase, there are concerns about privacy and legislation. Critics have criticized the ECB’s lack of communication about the benefits of a digital euro. There are also rumors that France is considering Ripple’s technology XRP for its digital currency aspirations.
The ECB will only make a decision on issuing a CBDC once EU legislation is finalized. The central bank emphasized that the digital euros would meet the highest data protection standards and enable offline transactions, which no currently existing digital payment option is intended to offer.
With regard to terrorist financing, as in the case of Hamas, this is certainly desirable for most people in the world, However, we were already promised human rights, which were criminally disregarded during Corona, among other things.
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Why many central bankers, politicians and legal experts expressly warn against CBDCs
The debate about central bank digital currencies (CBDCs) is gaining momentum not only in the financial world, but also in politics in the USA. Robert F. Kennedy Jr., a candidate for the US presidency, goes even further. He sees CBDCs as “ultimate mechanisms for social surveillance and control” as well as “slavery” and describes Bitcoin as “freedom” that is not influenced by the government.
Similarly, they have Legal experts Epstein and Raskin their concerns about the move by CBDCs as a threat to financial privacy, democracy and personal freedom expressed.
Also Ron DeSantis, another presidential candidate, has expressed his fears, as has Warren Davidson, who described them as the “financial equivalent of the Death Star.” But Anastasia Tselykh also called CBDCs “digital gulags”, which do not really bring any benefits or advantages for citizens.
What’s interesting is that Michelle Bowman from the FED has not yet found any convincing arguments for the introduction of a US CBDC. She notes that oft-cited benefits such as financial inclusion and resolving payment system frictions are not unique to CBDCs. She also warns of the risks of premature implementation.
In addition, the Russian, US, Canadian and British populations have more worries than hopes about CBDCs. This raises the question of why those responsible are spending the public’s money on CBDCs, in which citizens have little to no interest and have great fears.
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The first dangers of digital central bank currencies are becoming apparent
It is not without reason that US politicians like Rep. Tom Emmer are working on an anti-CBDC law. Because in Brazil a disturbing example of the power that central bank digital currencies (CBDCs) can give a central bank is emerging.
The Brazilian central bank would have the digital real Ability to suspend individual user accounts, alter balances, and even initiate fund movements without the knowledge or consent of account holders. In extreme cases, the bank could delete a person’s digital assets completely.
These digital currencies could go further and limit the use of CBDCs for specific products or services. In the context of an environmentally conscious, “green” government and increasingly authoritarian forms of rule, this could force the purchase of insects instead of conventional meat.
But the risks don’t stop there. Analogous to developments in countries like China, CBDCs could be used as a tool to suppress political opposition, making them a serious threat to democratic structures and freedom of expression.
This becomes particularly relevant when considering the Trend towards restricting freedom of expression taken into account in countries that were previously considered liberal and democratic, i.e. interested in public debates with contrary opinions instead of indoctrination and paternalism.
In addition, will A kind of Chinese social points system is already planned in Germany. The potential dangers of CBDCs for society and democracy should therefore not be underestimated.
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Between utopia and dystopia – Why CBDCs could be Pandora’s Box of the financial world
One would like to see more transparency, healthy skepticism and honesty from its central bankers. Laguard’s euphemistic statements seem more like calming pills for citizens, while the more liberal USA, on the other hand, warns of the fatal consequences and possible irreversible catastrophes as well as little benefit. The question for the Eurozone should be whether it can endure further human experiments by some self-appointed elites economically, emotionally and health-wise. It would also be very desirable if, in such critical and dangerous decisions, the will of the peoples of Europe were taken more into account through referendums in a direct democracy and their wishes were respected.
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About the author: Simon Feldhusen came into contact with the stock market for the first time 17 years ago and has been intensively involved in the topics of trading, cryptoassets, stocks, P2P, corporate financing, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following daily news. Since then, not a day goes by without him dealing with the markets. He publishes, among others, for Finanz.net, ETF-Nachrichten.de, Coincierge.de, P2E News.com and News.de.