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

• Barbarian@sh.itjust.works ⁨6⁩ ⁨months⁩ 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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• Meron35@lemmy.world ⁨6⁩ ⁨months⁩ 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 ⁨6⁩ ⁨months⁩ 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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  • Alphonsus@lemmy.world ⁨2⁩ ⁨months⁩ ago

    Exact 👌👌👌

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• just_an_average_joe@lemmy.dbzer0.com ⁨6⁩ ⁨months⁩ ago

  Surveilence

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  • Marvie@lemmy.world ⁨6⁩ ⁨months⁩ ago

    For real, isn’t this allowing them to have much more control over what you have in the bank? Preventing bank runs as they call it(aka blocking withdrawals)

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    • Alphonsus@lemmy.world ⁨2⁩ ⁨months⁩ ago

      I read almost all the comments here, your words are just exactly my thoughts. 👌

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  • ExcessShiv@lemmy.dbzer0.com ⁨6⁩ ⁨months⁩ ago

    There will be the exact same level of surveillance, it’s still just run by banks so there’s no difference there.

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    • Schlemmy@lemmy.ml ⁨6⁩ ⁨months⁩ ago

      Not really. I was scammed for a few hundreds of euro’s last year. I knew the company, I knew the account but the bank was incapable of reacting because of ‘reasons’. They know where the money went but they can’t follow where it got transferred to. So they can only follow one transaction and after that it’s gone. (Except when you get a court order)

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      • Alphonsus@lemmy.world ⁨2⁩ ⁨months⁩ ago

        That’s exactly the problem. “Reversible in theory” doesn’t mean much if banks can’t or won’t act fast. Without real-time intervention and enforcement, the protections are mostly on paper, by the time they move, the money’s already gone.👌

        For the past 11years I only transact with Crypto and I feel very much comfortable because any mistake I make is traceable and also refundable with zero charge. Almost everyone here in US has adapted to Crypto. The bank is just a reflection of the bad government. 👎

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• divingdonkey@sh.itjust.works ⁨6⁩ ⁨months⁩ 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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  • exu@feditown.com ⁨6⁩ ⁨months⁩ ago

    But a central bank shouldn’t be in competition with its customers, the other banks. That’s massively stupid

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    • a4ng3l@lemmy.world ⁨6⁩ ⁨months⁩ ago

      Well honestly I’m not quite sure I would not welcome the removal of some of the influence the banking sector has on us all. It is very predatory in nature all the lending and such. Additionally money is a limited resource so it is maybe not the worse thing to « nationalise »

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    • divingdonkey@sh.itjust.works ⁨6⁩ ⁨months⁩ ago

      It is. That’s why banks have publicly backed Wero in favor of the digital euro. It might also be a reason for the relatively low limits of the digital euro wallets, but that’s just my speculation.

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