Good news: ECB delays CBDC launch to 2029

[DrBeer]

Not entirely sure if it is a good news. If you are against it, then you should dislike it because it is not cancelled and it's only postponed, and if you like it then you should be unhappy because it's postponed and not happening now. So in either case, doesn't matter how you feel about it, this is not a good news.

Because waiting for something inevitable is never good, you know it's out there and you do not know what's going to happen and you are just unhappy that it is not happening right now so you can take your position based on the reality.

On the other hand, you have time to prepare for this-for example, by converting your fiat savings, which will later be forcibly converted into CBDC, into something safer, such as cryptocurrency, gold, or other stable currencies that will remain in fiat form. I’m sure many people will do just that, since CBDC really amounts to total government control over your funds.

[Don Pedro Dinero]

On the other hand, you have time to prepare for this-for example, by converting your fiat savings, which will later be forcibly converted into CBDC, into something safer, such as cryptocurrency, gold, or other stable currencies that will remain in fiat form. I’m sure many people will do just that, since CBDC really amounts to total government control over your funds.

The good thing is that there will be a limit to begin with; I think there was talk of €3,000 per personal account. But it seems to me that these will be the first steps towards an attempt at total control through CBDCs. They’ll try to boil us slowly, like the frog that doesn’t realise what’s happening. The good thing is that gold, Bitcoin and other alternatives will serve to store value and trade.

[DrBeer]

On the other hand, you have time to prepare for this-for example, by converting your fiat savings, which will later be forcibly converted into CBDC, into something safer, such as cryptocurrency, gold, or other stable currencies that will remain in fiat form. I’m sure many people will do just that, since CBDC really amounts to total government control over your funds.

The good thing is that there will be a limit to begin with; I think there was talk of €3,000 per personal account. But it seems to me that these will be the first steps towards an attempt at total control through CBDCs. They’ll try to boil us slowly, like the frog that doesn’t realise what’s happening. The good thing is that gold, Bitcoin and other alternatives will serve to store value and trade.

You are absolutely right to suspect that this is all about total control. Control over finances - not at the level of who sent what to whom, but at the level of "blocking all of a user’s financial assets with a single click" - that is the key goal of CBDC. I’ve been writing about this for a long time, ever since the first bits of information about the internal structure, the "contracts", came to light. This is TOTAL CONTROL, and a complete loss of citizens’ right to own money.

[fillippone]

On the other hand, you have time to prepare for this-for example, by converting your fiat savings, which will later be forcibly converted into CBDC, into something safer, such as cryptocurrency, gold, or other stable currencies that will remain in fiat form. I’m sure many people will do just that, since CBDC really amounts to total government control over your funds.

The good thing is that there will be a limit to begin with; I think there was talk of €3,000 per personal account. But it seems to me that these will be the first steps towards an attempt at total control through CBDCs. They’ll try to boil us slowly, like the frog that doesn’t realise what’s happening. The good thing is that gold, Bitcoin and other alternatives will serve to store value and trade.

Lukily it will be very difficult for them to do so, as there are subjects that will never allow that. Not the citizens, beware! But the banks! In case the retail digital Euro is released, and each citizen will be allowed to hold money directly at the ECB, a lot of deposits will flee the commercial banking system to be deposited in the ECB, rightly so.
The banks would be in dire need to recover that liquidity, so they will. fight forever against that.

[Abiky]

You are absolutely right to suspect that this is all about total control. Control over finances - not at the level of who sent what to whom, but at the level of "blocking all of a user’s financial assets with a single click" - that is the key goal of CBDC. I’ve been writing about this for a long time, ever since the first bits of information about the internal structure, the "contracts", came to light. This is TOTAL CONTROL, and a complete loss of citizens’ right to own money.

Not only they will control money, but also other aspects of your life. This will be achieved through a combination of emerging tech, such as AI, Quantum Computing, Blockchain, and the Internet. Slowly but surely, our society is being drawn into full-blown totalitarianism. Thank goodness privacy coins were invented. Because even Bitcoin can be easily exposed by the government. All because of its transparent ledger. Not only that, but it's starting to get mass accumulated by institutions.

If we want an escape route against totalitarianism, truly-decentralized and private technologies are the answer. Monero would be a great way to regain control of your financial life. The EU is desperate for control, considering that the EUR is losing ground. A quick change into a CBDC, and Europeans would be off to their worse nightmare. Will America be next? It should only be a matter of time...

[DrBeer]

You are absolutely right to suspect that this is all about total control. Control over finances - not at the level of who sent what to whom, but at the level of "blocking all of a user’s financial assets with a single click" - that is the key goal of CBDC. I’ve been writing about this for a long time, ever since the first bits of information about the internal structure, the "contracts", came to light. This is TOTAL CONTROL, and a complete loss of citizens’ right to own money.

Not only they will control money, but also other aspects of your life. This will be achieved through a combination of emerging tech, such as AI, Quantum Computing, Blockchain, and the Internet. Slowly but surely, our society is being drawn into full-blown totalitarianism. Thank goodness privacy coins were invented. Because even Bitcoin can be easily exposed by the government. All because of its transparent ledger. Not only that, but it's starting to get mass accumulated by institutions.

If we want an escape route against totalitarianism, truly-decentralized and private technologies are the answer. Monero would be a great way to regain control of your financial life. The EU is desperate for control, considering that the EUR is losing ground. A quick change into a CBDC, and Europeans would be off to their worse nightmare. Will America be next? It should only be a matter of time...

Believe me-AI and quantum computing are nothing compared to what they’ll know:
- your ONLY account
- where, when, to whom, and how much you pay
and, on top of that, they’ll be able to INSTANTLY freeze not only your account but also any transactions involving your money.

As for Monero-didn’t you notice how, all of a sudden, Monero found itself “outlawed” on all centralized exchanges operating within the legal framework? Believe me-coins like this will soon reach a point where simply owning them will be “evidence of a crime”…

[Don Pedro Dinero]

Lukily it will be very difficult for them to do so, as there are subjects that will never allow that. Not the citizens, beware! But the banks! In case the retail digital Euro is released, and each citizen will be allowed to hold money directly at the ECB, a lot of deposits will flee the commercial banking system to be deposited in the ECB, rightly so.
The banks would be in dire need to recover that liquidity, so they will. fight forever against that.

The banking sector has changed a great deal in recent years, and all the signs suggest it will continue to do so. I don’t think the ECB is going to burden the banks with this, and even if deposits were to be placed on a massive scale with the ECB, the banks still grant loans and mortgages – I don’t think that’s going to change. So, they'll survive. These days, they even sell you mobile phones at a bank branch (on finance, of course).

Believe me-AI and quantum computing are nothing compared to what they’ll know:
- your ONLY account
- where, when, to whom, and how much you pay
and, on top of that, they’ll be able to INSTANTLY freeze not only your account but also any transactions involving your money.

On the bright side, I think the good thing is that they’ll do it gradually, so we’ll be able to prepare ourselves, but for most people it’ll be like the frog in slowly boiling water.

[avp2306]

Lukily it will be very difficult for them to do so, as there are subjects that will never allow that. Not the citizens, beware! But the banks! In case the retail digital Euro is released, and each citizen will be allowed to hold money directly at the ECB, a lot of deposits will flee the commercial banking system to be deposited in the ECB, rightly so.
The banks would be in dire need to recover that liquidity, so they will. fight forever against that.

The banking sector has changed a great deal in recent years, and all the signs suggest it will continue to do so. I don’t think the ECB is going to burden the banks with this, and even if deposits were to be placed on a massive scale with the ECB, the banks still grant loans and mortgages – I don’t think that’s going to change. So, they'll survive. These days, they even sell you mobile phones at a bank branch (on finance, of course).

They really change a lot and we have seen their role is shifting. Because what's really happening right now is those banks are starting to became a financial service hub, which they are known as loan and deposit institution before. Banks need to do those things you have mentioned to survive.

Even if their client starts to use digital currency systems now instead of those traditional deposit, we have seen those banks expanding their services and diversifying because the traditional system is no longer their battlefield . They need to adopt because financial sectors nowadays is very different, especially now that we are on digital age.

[DrBeer]

....

Believe me-AI and quantum computing are nothing compared to what they’ll know:
- your ONLY account
- where, when, to whom, and how much you pay
and, on top of that, they’ll be able to INSTANTLY freeze not only your account but also any transactions involving your money.

On the bright side, I think the good thing is that they’ll do it gradually, so we’ll be able to prepare ourselves, but for most people it’ll be like the frog in slowly boiling water.

Exactly! Abrupt reforms of the financial system would undoubtedly lead to a sharp surge in public outrage and likely cause significant problems for governments. That is why the approach of "boiling the frog slowly" has been chosen. A gradual transition fosters, if not resignation, then at least adaptation, for most ordinary people, this won’t create any real problems, and not everyone will remember or understand that, in essence, they will no longer be in control of their own money.

[Dump3er]

On the other hand, you have time to prepare for this-for example, by converting your fiat savings, which will later be forcibly converted into CBDC, into something safer, such as cryptocurrency, gold, or other stable currencies that will remain in fiat form. I’m sure many people will do just that, since CBDC really amounts to total government control over your funds.

The good thing is that there will be a limit to begin with; I think there was talk of €3,000 per personal account. But it seems to me that these will be the first steps towards an attempt at total control through CBDCs. They’ll try to boil us slowly, like the frog that doesn’t realise what’s happening. The good thing is that gold, Bitcoin and other alternatives will serve to store value and trade.

This counts for savings that everyone has (or other assets). But what if one day they introduce that all salaries be paid with CBDC. Wouldn't that represent a major turning point where slowly but surely most of the wealth will be transferred into CBDCs over time? All money circulation would end up in CBDCs if that is the one single way until then to pay bills etc.

If they launch a CBDC and they realize that people evade using it by using, for example, other cryptocurrencies, couldn't that be the time when the governments or European Union will go rogue on crypto?

[cozytrade]

If you want wider adoption and pick up of things like Bitcoin, then having a huge trading bloc like the EU having an official digital currency would actually be a great thing. It would give many people that extra level of trust and practice with it, which can lead to them becoming more confident in other coins. Bitcoin should be treated like a digital gold and these national currencies would not be a threat in that sense - they would actually complement each other. When the EU bail out or delay such a project it is actually a knock back. Anything that gets people more interested and using new (to them) tech will give people confidence, it could create a new wave of interest in cryptocurrency and it is one of the richest markets in the world.

The implementation of blockchain based digital currencies by key world economies will ensure its validation in large numbers. Based on the infrastructure under official authorities, trust will increase. The role of Bitcoin as digital gold will be enhanced even in this ecosystem. The two work synergistically, where national currencies are used to conduct day to day transactions, and crypto assets can be used as a long term store of value.

I do get the reasoning behind a CBDC, which would help people become more familiar with digital payments and blockchain technology, but I am not sure the slowdown in the ECB's project is wholly bad. The adoption of a digital euro has yet to be widely accepted, and there are many privacy and financial surveillance concerns to be addressed before the new digital currency can be widely adopted. Bitcoin and CBDCs are two different things. Bitcoin is decentralized and scarce. And the CBDC is government controlled. An extended period may even lead to improved adoption and trust in the system. As regulators have sufficient time to develop. A more transparent and secure system.

[STT]

The ideal is to eliminate cash money and coins especially, do that and you have a positive yield from the project.  I don't know governments should try to replace all levels of currency exchange but giving an easier way to pay like coins without the physical is a fair project to attempt at.  I would guess being too ambitious will not work out hence the delay, they should layer the transition if they want the best chance of success just BTC started off as really quite humble at first.

[DrBeer]

The ideal is to eliminate cash money and coins especially, do that and you have a positive yield from the project.  I don't know governments should try to replace all levels of currency exchange but giving an easier way to pay like coins without the physical is a fair project to attempt at.  I would guess being too ambitious will not work out hence the delay, they should layer the transition if they want the best chance of success just BTC started off as really quite humble at first.

That’s where the main problem lies! A CBDC in and of itself isn’t scary. It’s essentially that blockchain we all love—everything just the way we wanted it
The problem is that this very convenient and simple solution has been loaded with "additional features" that completely negate all the advantages of blockchain!
I’ll name a couple of "features" that CBDC creators don’t really talk about:
- the ability to freeze any account-that is, any of your money—because you’ll have "one wallet"
- the ability to "color-code coins", marking all of yours, and fully track your financial transactions, including blocking them once they end up in another wallet.

You can even save this post; let’s check back in 10 years, and for some reason, I’m confident I’ll be right....