The ECB is taking the “next step” towards introducing the digital euro and the first petition against this new form of surveillance is online

There is still a lot of discussion and uncertainty, but the introduction of the digital euro is getting a small step closer. After two years of research, the European Central Bank (ECB) says it is entering a “preparatory phase”.

Among others, the central bank plans to select developers who can build the appropriate infrastructure around the currency and set rules. According to the bank, this should pave the way for political decisions about the digital euro.

Recently, the technical feasibility of the currency has been researched, but whether it actually comes depends on the approval of the European Union. Ultimately, the digital euro should become legal tender.

The digital euro is not here yet, but countries in the eurozone are working on it, together with European organizations. It should be money issued by the government (ECB), but digitally.

The ECB also published the results of the technical investigation. “The digital euro should be accessible to the general public, consumers and businesses and distributed through intermediaries such as banks,” writes the central bank. The new phase officially begun on November 1st and lasts two years.

The political decision on the possible introduction of the digital euro will be made later, the Ministry of Finance said today in a reaction to X. There is still a lot of discussion about the plans. There are concerns about privacy when using the digital euro and decision-making around the currency.

“Straight into a totalitarian hell in which the bankers decide what you can and can’t spend your money on,” she didn’t mention.

The Digital Euro is upon us.

“It’ll be a journey”, @Lagarde says.

“Straight to a totalitarian hell in which we will decide what you may and may not spend your money on”, she left out.pic.twitter.com/JMDCN822xQ

— Eva Vlaardingerbroek (@EvaVlaar) October 19, 2023

European regulators are calling for better data protection controls in the development of the digital euro. The ability to track users of the currency should be limited. According to the ECB, data protection is “top priority”.

With this announcement, the first country, the Netherlands, launched a petition against the digital euro.

“BVNL wants the Netherlands to oppose the introduction of a digital euro and enforce an opt-out for our country from participation,” said Van Haga.

“With the CBDC, the Dutch government’s authority over the money supply is transferred not to local banks, over which some control is still possible, but to an unreachable international level,” the petition says.

“The CBDC is not ‘money’ in the classic sense, it is a medium of exchange with no independent way for citizens to store values.” That alone is bad enough. Furthermore, it is the next step towards the abolition of cash and thus total control of the citizen. And across the entire economy.

Add to this the possibility of a social credit system linked to this currency, and it becomes clear that the CBDC cuts off the last roots of freedom. The Netherlands would become the China of the North Sea, write the authors of the petition, which has now signed more than 15,000 times.

yogaesoteric
November 3, 2023