“If we want the digital Euro to become a success, we need a clear and convincing narrative of why we need it in the first place. People need to see the benefits of a digital Euro in their day-to-day lives. The European Central Bank and the European Commission have yet to make a compelling case of why we need the digital Euro and what added value it will deliver,” explained Markus Ferber MEP, the EPP Group Spokesman in the European Parliament’s Economic and Monetary Affairs Committee.
They keep speaking about advantages but list none nor can i see any.
I can already use my ec card to pay and i need a bank account for my bills anyways so why would i get another digital option
EC is Maestro and it has been discontinued. Once your card gets renewed, you basically move to a Mastercard, since they own Maestro/EC More: https://www.mastercard.com/news/europe/en/perspectives/en/2021/blog-from-valerie-nowak-why-this-maestro-is-retiring-after-30-years/
If you mean German EC cards, afaik they mostly don’t work outside Germany.
And most Credit and Debit cards today are operated by either Visa or Mastercard, two American companies.
I think one of the main purposes of the digital Euro is to counter that monopoly.I’ve used the EC card in Austria, as well as Sweden and Italy without any issues.
When? Because until last month they still had Maestro on them. It’s likely that you used that in those other countries unknowingly. EC is a distinctly German thing.
My Sparkassenkarte worked perfectly fine in the Netherlands just 3 weeks ago.
I didn’t even know they killed Maestro and assumed it used that.
They killed it at the end of June, so I assume it did still use Maestro.
right my bad, yes ofc with maestro on it i thoguht ec was a general word for electronic payment with a debit card
It’s important to note that Maestro was just killed off by Mastercard. So now you’ll need a Visa or Mastercard Debit Card. Which is probably one of the reasons why the EU would like a system that isn’t dependant on these two US companies.
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Cash only.
The idea of a digital Euro is, to be a digital cash equivalent. No central insurance involved that could track the payment, should work offline, … Just without the hassle of having to deal with physical coins and bills.
Will it be possible to pay for a service in Poland online while residing Portugal and not have to use paypal, visa, mastercard, or some other USAian service?
Bank lobbyists are going to kill this so hard. They could lose all control they currently have over people’s money.
Digital euro will complement cash, not replace it
For how long? The EU is also restricting cash payments as well as decentralized, privacy-respecting currencies like Monero through MiCA. At the same time, CBDC will open the gates of total control what you do with your money. Headlines like that are pure PR.
Yes please! I’d love the ability for electronic money transfers (even offline!) without being dependent on private service partners like fucking Google, Apple and Mastercard.
Maybe explain it more as a payment standard, a protocol, not so much as another currency.
Right? Currently, the most accepted payment Systems are under the control of us companies. Having a European alternative (even a shitty one) would not be the worst thing.
Niemand hat die Absicht, eine Mauer zu bauen!