European and US stablecoins or digital Euro - privacy concerns?

[paxmao]

How can a "corralito" be implemented in one minute? With a digital Euro of course.

I do not know about you guys but I have zero trust in the digital Euro that is being sold as a way for faster transactions and may end up like a control mechanism of how people use their money. I have zero trust also in what might become of the US backed stablecoins and how these could be manipulated to bypass the fed or control people's funds.

[o48o]

How can a "corralito" be implemented in one minute? With a digital Euro of course.

I do not know about you guys but I have zero trust in the digital Euro that is being sold as a way for faster transactions and may end up like a control mechanism of how people use their money. I have zero trust also in what might become of the US backed stablecoins and how these could be manipulated to bypass the fed or control people's funds.

How is this a problem compared to current banking system? People can get their assets frozen already if they get blacklisted for money laundering / terrorism etc.

If we forget cryptocurrencies for a moment and not compare digital euro to them, i could see some advantages in it depending how it's build. But since we don't have any clue how it's going to be build, i can't even make up my mind what i would think of it.

I think i might be long gone already when and if ever it comes.

I mean EU has organized a group to shape guidelines for it. And European consumer organization has published some recommendations about the legislative framework. But that's basically where we are. Not even the way it's going to be build has been decided. Sure, there are recommendations on how to do it, and all kind of pilot programs, but those are just for gathering data.

[Agbamoni]

How can a "corralito" be implemented in one minute? With a digital Euro of course.

That's the only way the digital euro can be adopted by the masses, especially among those in the diaspora. With the urgent need to send or receive money from their loved ones they will be left with no option to use the digital Euro

I do not know about you guys but I have zero trust in the digital Euro that is being sold as a way for faster transactions and may end up like a control mechanism of how people use their money. I have zero trust also in what might become of the US backed stablecoins and how these could be manipulated to bypass the fed or control people's funds.

So far, the digital US dollar has'nt faced the kind of pressure that might push people away from using it, which is why i believe the digital euro is a welcomed development. But when it comes to something as sensitive as money, i think trust should be earned not forced on. The digital euro may foster fast and safe transactions but everyone should have a choice to use it.

[BADecker]

How stable are stablecoins when the war between Russia and the West might turn into WW3?

[btc78]

How can a "corralito" be implemented in one minute? With a digital Euro of course.

for those who are unaware, Corralito (Spanish pronunciation: [koraˈlito]) is the informal name for the economic measures taken in Argentina at the end of 2001 by Minister of Economy Domingo Cavallo in order to stop a bank run which implicated a limit of cash withdrawals of 250 ARS per week (source: wikipedia) so with stablecoins issued by corporate or the government themselves can be easily manipulated depending on what the economy is going through

I do not know about you guys but I have zero trust in the digital Euro that is being sold as a way for faster transactions and may end up like a control mechanism of how people use their money. I have zero trust also in what might become of the US backed stablecoins and how these could be manipulated to bypass the fed or control people's funds.

no need to use this digital euro you can always just stick with what you have always been comfortable and familiar with or at least for now

[montaga]

There will be a breakaway civilizazion, the CBDC enslaved and the Bitcoin free riders. Most likely it will be along the lines of vaxxed to shot free once. (Former cabinet member Katherine Fitts)
https://youtu.be/piDqTbBwWRM

[paxmao]

Answering in general:

- Thanks, yes a corralito is when the state does not let you freely use your savings. Only until recently, in Agertina, there were strong restrictions on how much money could people get from their own money.

- No it is not the same as today o48o, as of today you can get assets frozen, but they cannot freeze your accounts elsewere and it takes time finding out, the banks have to cooperate... With the digital coins (state ones) all it takes is a click of a button.

- People here are thinking that it is going to be optional. It may perfectly happen that is mandatory, e.g. for payments larger than 5000 or when paying taxes....

This is going to become a serious privacy problem.

[Free Market Capitalist]

I hope you realize the contradiction between thinking that the state is the best guarantor of rights and freedoms and being against CBDCs. It is no coincidence that Biden was implementing them and Trump came along and banned them (just like De Santis did before). Regardless of what everyone may dislike each of these characters, the logical thing to do if you believe in a minimal state that meddles little in the lives of citizens is to defend a ban on CBDCs and support bitcoin. If you are of the opposite ideology, the other way around.

[Btcdeybodi]

How can a "corralito" be implemented in one minute? With a digital Euro of course.

I do not know about you guys but I have zero trust in the digital Euro that is being sold as a way for faster transactions and may end up like a control mechanism of how people use their money.

Very unfortunate how the government is development different mechanism to deny people how they use their own money. Very soon they will start controlling people on what to use their money on, it's so unfair how they are using the name of technology to manipulate the minds of people to believe that the digital Euro will enhance fast transactions when they have hidden agenda.

I have zero trust also in what might become of the US backed stablecoins and how these could be manipulated to bypass the fed or control people's funds.

Controlling people's funds is a way to move them out of decentralization, does it mean that we will always have to be under the custody of the government and not have our own private lives to live. US stablecoins at already in the custody of the US government since they have lesser volatility, it doesn't make any difference from the Fiat currency.

[Xylber]

CBDCs are the kind of things that sparks revolutions. I hope we are smart enough to educate people about CBDCs, as they will try to marketing it as the best invention ever.

[o48o]

-cut-
This is going to become a serious privacy problem.

This is one of the reasons i think we are not going to see it any time soon. It would immediately clash with either GDPR law or AML laws.

To comply with both of those, issuer would need have all the control, but no real oversight that would create possibility for outsider spying. It would need to have auditability and it would need to be privacy preserving to the core. That technically could be arranged with zero knowledge but that tech is expensive if you use it to something more then just sending tokens.

These are not a small problems to deal with. And while some are trying to build that, at the end we don't have a clue if it even would work. It would need to be cheap enough to use to be worth it, decentralized enough to make sense compared to current system. It would need to be open source to be resilient against exploits, and it would need test of time as all the cash would flow trough it and one double spend or error might render the trust worthless. And EU countries would need to accept it, good luck with that.

And these are only from the top of my mind. I am guessing there are many other issues.

[Free Market Capitalist]

As an addition to what I said in my previous message, we can see it clearly in what has happened recently. Which UK politician loves bitcoin? Nigel Farage, who spoke at the Bitcoin Conference.

Nigel Farage Vows to Establish BTC Reserve and Pass Pro-Crypto Legislation Once in Government

This stance is not a coincidence, it is a logical consequence of ideology.

[paxmao]

As an addition to what I said in my previous message, we can see it clearly in what has happened recently. Which UK politician loves bitcoin? Nigel Farage, who spoke at the Bitcoin Conference.

Nigel Farage Vows to Establish BTC Reserve and Pass Pro-Crypto Legislation Once in Government

This stance is not a coincidence, it is a logical consequence of ideology.

Nigel Farage at this point will promise absolutely anything that will win him a few more votes, and people do not seem to understand that as much as Brexit failed spectacularly and left Britain well fu*ed, a new Farage adventure will likely mean the national debt will rise as he starts handing out money - that the UK does not have - to virtually anyone - e.g. winter fuel, children support beyond 2nd child,...

Anything goes when one just wants sheer power.