So is this what came out of the EPI (European Payment Initiative) from a couple years back, or is that dead in the water, or are they in competition?
Not all good, but sounds like an upgrade.
I bet this is a big motivator:
“Limiting the spread of foreign digital currencies to safeguard the financial stability and monetary sovereignty of the Eurozone”
You want your currency to be the convenient one.
So… GNU-Taler is not gonna be used ? Fuck my life
As for banking systems, there are FOSS Core-Banking-Systems like Apache-Fineract
Man wish would could have something like that here in America.
We do. It’s called Crypto. That’s all the digital Euro is. The problem is: through propaganda every American has been taught to hate crypto the same as democracy, socialism, and themselves.
Because those things would dramatically make American life better if they actually learned about them and implemented any of it correctly. Instead, most Americans convince themselves they know enough from social media about Crypto to down vote me.
Capitalism works because of the entrenched banking and fed system. Crypto doesn’t use any of that, and can’t be captured. That’s why Europe is adopting it. It’s less fraudulent than the current system that let’s you 2008 mortgage crisis anything you want with no repurcussion.
We could be using it too. But that scares the people with all the money in this corrupt system, so they use a lot of that money to convince you Crypto is for crime, while ignoring all the dollars used by drug and human trafficking cartels.
Bitcoin has risen in value from 2009 to now more than any other asset on the planet. Yet most here have been taught to believe that’s from crime instead of utility.
Europe isn’t quite that propaganda’d yet, so is adopting this tech first, and like the Euro with definitley be the first to benefit from it.
I don’t think anything would prevent a site from accepting digital euros from everyone. If you’re in the us, your local grocery store is perfectly free to accept any currency they want, and you’re free to spend any currency you want. If you and your local grocery store agree on it then it’s perfectly legal for you to buy an avocado from them for 1 euro.
Yeah, the law just says that you must accept US currency for debts owed. Doesn’t say you have to accept it for everything.
Yeah by law you must accept us dollars, but you’re allowed to accept anything else you want in addition
Only for debts owed. That’s how stores can say they only accept credit card. If you’re just buying something, a store can refuse US currency.
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There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services.
The federal reserve disagrees with you. https://www.federalreserve.gov/faqs/currency_12772.htm
When you want to buy something, that isn’t a debt. It’s only a debt if you already own the thing and haven’t paid for it yet, so the law about accepting dollars in payment for debt doesn’t apply.
What about GNU-Taler?
IIRC it had a weird sort of quirk where funds inside your wallet can “expire”, which is a bit of a hard sell imo.
Sheesh, that would boost “economy” to no ends, all billionaires would salvate at the thought of the plebs having expiring currency, it would be impossible to boycott
That would indeed be strange. I hadn’t read anything about it before, but I hadn’t really looked into GNU Taler yet either. It just sounds promising to me because it’s FOSS and aims to break the monopoly of payment service providers so we can finally get away from US companies.
I’m not sure that’s Taler’s goal really. Ultimately if you don’t want to use Visa or MasterCard you already can, through instant SCT for example. IIRC that is mandatory to be supported by all banks soon. This does require a SWIFT connection, but I don’t think getting an alternative for that is on the cards anytime soon.
Taler is still a cool project though, and I’m interested to see where it goes next. IIRC it’s main advantage is privacy, though I wonder how certain KYC/money-laundering checks are supposed to happen.
This does require a SWIFT connection
Do you mean SEPA?
Good point, technically it’s a SEPA conenction but they use basically the same ISO messages as SWIFT, and typically use the same endpoints too. It’s quite rare to find a bank that does SEPA but not SWIFT on the same channel for example.
The only (big) difference is that SEPA is controlled by the EU, while SWIFT it isn’t
First time I hear about it. Interesting concept though a bit complicated with fees, need to have wallet offline for a short periods, no periodic payments etc. Nevertheless, it’d be nice for merchants to accept it.
why do CBDC? SEPA/SEPA Instant already exists and can clear payments just fine without involving VISA/Mastercard. Will people recieve salary in this digital Euro account? probably not because banks lobby, they want cheap funding source i.e. customer deposits. most people wouldn’t want it since there is no interest paid (compared to tiny to moderate interest in savings accounts), you don’t have card even as an option. Like I don’t mind ppl using central bank liabilities for payments but the entire capitalist financial infrastructure is built around commercial banks. its just inconvenient having to transfer money between commercial bank and ECB wallets.
It won’t destabilize existing financial system or result in bank runs, all banks in the Eurozone are ultimately backstopped by the ECB. bank lending isn’t reserve constrained, it is true that losing cheap deposits may reduce profitability of banks, but that’s it. they will be able to lend just fine because of ECB’s LTROs, TLTROs etc.
the privacy argument against CBDCs is silly though. Commercial banks ultimately work because of Government, they use Government money for clearing. Governments can just ask them for your data if needed.
Subsidize SEPA/SEPA Instant. Make it free, a public service. Market it by using the said arguments, people will use it more then. Maybe even force banks to issue cards like Mir in Russia or Unionpay in China.
Plus, a government can’t track or earmark money. With a digital euro, they gain much more control over how you are allowed to spend your money.
Considering the autocracy trend, the timing is “unfortunate”.
As said, this will not replace physical money. And there is nothing with the digital one they couldn’t do already. Not really sure what is the scare about.
You have obviously never driven change in an organization.
You don’t claim to change everything on day one. You say: “people will have the choice”.
Then, you reduce the choices. Your taxes? They have to be in digital euros.
Then, you increase the scope. Purchases over 50k? Digital euros. It’s only a minority of transactions anyway.
Then, you lower the bar. Anything above 10k.
Then, you reduce the printing of physical money (lower values) and you say: “digital euros are more convenient anyway”.
The digital euro is going in pair with the new privacy laws.
Sounds like a good idea. The only downfalls/speed bumps I’m seeing mentioned is that to increase the transaction speed the amount of data carried is limited, which doesn’t allow for the same securities.
Not sure if it’s legitimate fears or not. I hadn’t heard of it till you mentioned this.
Thanks for mentioning it though, it’ll be cool to see if it goes that way
We’d be better off just using cash more.
Where do I put the money into my phone and or pc
Digital euro is a lot like virtual cash
Nobody skimming a percentage off the top?
Probably not
After card payments it became much safer for small family owned shops, because if someone empties the cash register, the shop is still not out of business.
Food for thought
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Brave of you to use AI on Lemmy
You’ll probably het down voted because of the AI = Bad mentality here.
Even though you’ve used it in a useful way to provide a transcript, which if people read instead of watching the video would probably save electricity
