Comment on European banks to launch euro stablecoin in bid to counter US dominance

PattyMcB@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

• WanderingThoughts@europe.pub ⁨3⁩ ⁨weeks⁩ ago

  The market can stay irrational with various crypto currencies longer than you can stay solvent, so you fight irrationality with your own brand of irrationality.

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  • Barbarian@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

    This is even dumber when you consider we’re ~2 years away from the launch of the Digital Euro. As easy and fast to transfer as a cryptocoin with none of the drawbacks. No Blockchain nonsense, backed by banks, transactions can be cancelled and refunded just like any digital transaction, and standardized to all EU banks.

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    • ExcessShiv@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

      This just sounds like a regular bank transfer to another European bank…input recipient in your self-service online banking and press “transfer”…beep boop done.

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      • just_an_average_joe@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

        Surveilence

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      • Meron35@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

        The existing Euro does not have a proper system for day to day transactions. Transfers are currently handled by SEPA, which are only suitable for things like bills. This means that a lot of people especially in less developed EU nations end up using an international bank card, i.e. MasterCard/Visa for day to day transactions.

        Details are somewhat vague, but the ECB’s website seems to have many good assurances. This even includes strong privacy features, such as offline capabilities and cash-like privacy.

        FAQs on a digital euro - www.ecb.europa.eu/…/ecb.faq_digital_euro.en.html#…

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      • Schlemmy@lemmy.ml ⁨3⁩ ⁨weeks⁩ ago

        A regular transfer takes at least some hours/days. With digital currency the transfer is instant.

        Apart from that, surveillance. There’s a (de)centralized register that shows how much money there is ti be found on any account at any given time.

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      • divingdonkey@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

        The digital euro will be centralized on the European Central Bank, so the transactions do not depend on some local banks. It’s in direct competition with the banks themselves. But yeah, not that big a difference for the end user imho

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      • Barbarian@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

        Late respons, but anyways: the big advantage over regular bank transfers is you can use it like a virtual card without Visa or Mastercard. In essence, the biggest draw is pushing US companies out of the EU financial system.

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    • WanderingThoughts@europe.pub ⁨3⁩ ⁨weeks⁩ ago

      I think it’s weird people would want that USA stable coin. It’s a government controled coin linked to a central bank controlled currency for crypto currency where one of the big arguments for using it is being free of government controlled currencies and central banks. But I guess many like to pay tribute to the new overlord.

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