EU nears final phase of “digital euro” - Concerns have arisen about the abolition of physical money
The European Union is approaching the final stage of developing a “digital euro,” a step considered the first step towards the complete replacement of cash. According to the European Central Bank, the main goal of the digital euro is to provide usage options that are similar to cash, focusing on privacy, security and accessibility for citizens.
However, while some see this initiative as a step forward, others are concerned about the possibility of eliminating cash and the consequences this process could bring. German MEP Patrick Breyer has warned of the risks associated with the loss of privacy and the possibility of banks controlling the money supply more, which could lead to unpleasant consequences for the economy.
Meanwhile, following a surge in digital payments in the eurozone during the COVID-19 pandemic, and a decline in the use of cash, the European Central Bank has begun developing a digital euro that could offer an alternative to physical money. This development has been accelerated by proposals for a legal framework from the EU Commission in 2023.
For some, this effort could serve as a means to gradually phase out cash, allowing banks and state authorities to better oversee financial transactions.
Meanwhile, some countries have taken a positive view of the spread of digital payments, such as the Nordic countries, which have made great strides in this direction, while some countries such as Armenia and Germany lag behind. Ultimately, this trend has raised many discussions, with some experts seeing it as an opportunity for a cashless future, while others are concerned about the loss of the ability to use physical money and the potential impacts on the mainstream economy.
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