[2020-11-01] The ECB has created a survey on the digital Euro

[Daltonik]

The head of the European Central Bank (ECB), Christine Lagarde, announced a survey on the digital Euro for EU residents  https://twitter.com/Lagarde/status/1322859717329301504 . The survey will be conducted as part of the study of the feasibility of issuing a digital currency of the Central Bank (CBDC). To complete the survey, you will need to register with your country of residence. In addition to the EU member States, the drop-down list contains the other option.



At the end of September, ECB lawyers sent an application for registration of the digital Euro trademark.

In early October, the working group published a report on the possible issue of a new payment instrument, and a number of Central banks decided on the main requirements for CBDC.

Commenting on the initiative, Christine Lagarde said that CBDC will Supplement cash and the issue of paper banknotes will continue.

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[AmoreJaz]

issuance of bank note will still be their main payment but with the use of CBDC, they will see the benefits of using it within their system. how efficient, how transparent and how the transaction fees will be economical in this manner. in time, they will slowly move to CBDCs once they experienced the effectiveness of using this new system.
and if they showed success, other Banks will follow. for now, let's be happy about this progress. they will now understand the true benefits of blockchain technology to financial industry!

[slapper]

Still waiting for the first CBDC to be officially implemented. We have seen so many countries and places claiming that they are heading toward the cashless society, but none of them has a true product yet. Moreover, I can not see the benefits or advances of CBDC when I compare it with Visa or other online payment methods. Those platforms always have the real money to reserve and they have developed the foundation for quite a long time

One day in the future, we might observe the genocide of paper money. But right now, it has proven that the existence of itself still brings many advantages for the people from both developed and developing countries. And from my perspective, having both kinds of money is even better than just having only a digital form

[davis196]

I can see myself accepting the "digital euro",if the transaction fees are low and the supply of '"digital euros" is somehow limited,in order to prevent inflation.Yes,people will have to give away their privacy,but this is the price we have to pay and there's no way to avoid it,without consequences.
However,I will never dump Bitcoin Core and the crypto world,but I will use it as an investment,rather than a currency.I assume that the central banks around the world will never accept BTC,so they will try to create their own CBDCs.

[Fortify]

It's always an interesting development when politicians start discussing things like cryptocurrency in a positive light - they tend to have quite conservative backgrounds and tend to stick with tried'n'tested old methods of doing things. I'm not quite sure whether it would be possible to scale a cryptocurrency efficiently enough to be used across so many different countries and people, but there are some very clever people out there who probably have those answers already. Definitely another positive for the best known and most used currency in the space - Bitcoin.

[so98nn]

Commenting on the initiative, Christine Lagarde said that CBDC will Supplement cash and the issue of paper banknotes will continue.

Thats the most important point here on long journey of digitalisation. Remember that no matter how digitised everything becomes there will always be printing of the money, the physical trade will never go off the planet. I believe this is to reduce the inflation of money by tracking it in the physical form.

If you go digital and use currency like bitcoin for example then how would government track it?

In the above scenario I understand that its Euro that is being made digital and surely it will have lots of tracking mechanism for that matter since it wont be over blockchain and ERC20 type digitalisation.

But in the long run it may not connect with the crypto side if thats what this news is being discussed here.

[Lorence.xD]

It's always an interesting development when politicians start discussing things like cryptocurrency in a positive light - they tend to have quite conservative backgrounds and tend to stick with tried'n'tested old methods of doing things. I'm not quite sure whether it would be possible to scale a cryptocurrency efficiently enough to be used across so many different countries and people, but there are some very clever people out there who probably have those answers already. Definitely another positive for the best known and most used currency in the space - Bitcoin.

They see CBDC as a great solution for preventing a hyperinflation which is true. Less money is spent on printing fiat and the money goes straight to where it needs to be which is the individuals instead of going through banks. In my opinion, this is the best answer for a national scale problem of currency circulation. Pretty envious about it though because here in my country they did have that system already but the services that could be used for it are either limited or so expensive that the digital cash grants that should last you for months will only get you by for a week. Overall, this is a good thing that they are experimenting with new ways to circulate the economy, if more nations were to follow this experiment, hopefully we can see what really works for everyone.

[bits4books]

I may be wrong, but what does it matter to all of you (us)? This is not the cryptocurrency you expect: anonymous, open, uncontrolled, decentralized.
This is just the use of technology to simplify interbank processes and nothing more. What is the benefit of this for me as a user of "classic" cryptocurrencies?
You are afraid to pass KYC on exchanges because " Oh no it's not anonymous the state wants to control me!!" - but at the same time, you are happy to implement the blockchain in a tightly controlled process. Maybe I just don't understand how it works for you?

[bitgolden]

How they do it will make the biggest difference in what they are doing. I understand that people really want to see digital euro in the sense that it would be a stable coin like usdt or usdc and they want to feel like that is the difference. However I would like to point out that we are not going to see something like that most probably. It will probably be more about how they do digital transactions without actually printing money.

So, it will not be backed by gold, it will not be backed by blockchain, it will be just "here is 100 billion digital euro, go use it" to people and that is about it without actually printing the money for it in a machine, literally exactly the same thing as of today without the paper part of it. And to be frank, do we really need that much paper money anyway? Like we do not use banknotes all that much anymore anyway.