Will the Digital Euro strengthen financial security?
The digital euro is being considered by the European Central Bank as a new payment method available on a reloadable card, a digital wallet or a mobile phone app.
This aims to include in the transaction trend: between 2019 and 2022, payments with banknotes and coins fell from 72% to 59% of the total transactions in the European Union. In contrast, the number of electronic money transactions increased from 4.6 billion to 8.4 billion in the same period.
The European Commission's proposal is being worked on not only by the ECB, but also by the European Parliament, with Damian Boeselager, a German MEP from the Greens, one of its most enthusiastic supporters.
"I think it's super exciting. It's a great innovation to think about. More and more people are using digital means of payment and currently we rely heavily on, for example, Apple Pay and other credit card providers to be able to pay , "said Boeselager, who is one of the vice-presidents of the Committee on Economic and Monetary Affairs.
The project is billed as inclusive as people without a private bank account or internet access can use the digital euro by creating an account through the post office or an online platform.
But privacy is a thorny issue, despite the ECB claiming it will not be able to identify payment habits. Fraud and money laundering can be difficult to detect without tracking mechanisms, and private banks fear they could lose customers.
The digital euro could also increase Europe's financial sovereignty, but at what cost? In any case, we will have to wait two to three years for the process to begin, if it is ever approved.
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