Still better than the app of my bank. I’m forced by the government to keep my money in a bank, hopefully this will change that and banks can all go fuck themselves. I’d rather store my money in a European institution rather than a private bank.
Who do you think is the bank behind the EU? It’s just another central bank, and the BIS. Digital programmable money is a method of control, not a currency.
Wouldn’t that be backed by the EU and thus officially be money? That is quite different from a bank account, which is just a credit you’ve got with the bank and which they may or may not honor. Why would this not be a currency?
The EU is a political body. It does not back anything. Each countries central bank is backed by other larger banks, the final one being the Bank of International Settlements (BIS).
Programmable money is their next goal, linked to your digital ID. This means when there is no cash, you cannot spend money the way you want.
Imagine that you are paid 100€. Right now you can spend it how you see fit. If you want to use all of it and go buy meat at the store, you can. However, with digital money, the EU/bank/etc can say that you can only spend 29€ on meat, because it’s bad for the environment.
This is the problem of digital money and digital id. The banks get to track all spending and determine who can buy what and when.
i thought it was the EU to issue and back Euro, not a private bank. Here I’m saying backing the Euro as defining it money and having police that will enforce its validity.
This is a way to track you
How is this worse than a regular bank account, which you’re required to have anyway?
Bank decides who can buy what and then
Banks could do that already, they do not. Really doubt that is going to happen as it would strongly undermine the utility of Euro.
Do you have reasons to believe this is going to happen or this is just wishful thinking?
It’s in their documentation:
https://www.bis.org/publ/arpdf/ar2023e3.htm
Here’s a simpler explanation via video: https://www.youtube.com/watch?v=PnSIWWAYj40
What is in the documentation? I skimmed over and thy don’t seem to talk about stopping payments or rationing ones money. They do seem to focus quite a bit on privacy and how to protect user data.
Who is the YouTube video by and why should I care to watch it?
She is a former BIS banker and explains the core concepts in simple terms.
Bro it’s a two minute long fucking video if you can’t be bothered enough to watch that I can’t help you.
