The European digital wallet fails to meet the security and privacy standards set by the very regulation that created it. Welcome to the land of the absurd.
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?
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?
I watched your 2 minutes video. It is very sensationalistic and doesn’t really explain anything about how the system works or why it could be problematic.
The speaker is American, not European.
She doesn’t address the fact that such a system is already in place and the norm for everyone. As of now it is not a 3 party system but a 4 party system: the two persons involved in the transaction and the two private banks handling the transactions. I don’t get how taking out the private banks and having a public institution doing the handling would make the system worse.
It would indeed be worse for private banks, which I guess is why a bank employee may be opposed to it.
Moreover, a video by a person who supported Donald Trump in the elections and opposed COVID lockdown is not very reassuring.
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.
How is this worse than a regular bank account, which you’re required to have anyway?
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.
I watched your 2 minutes video. It is very sensationalistic and doesn’t really explain anything about how the system works or why it could be problematic.
The speaker is American, not European.
She doesn’t address the fact that such a system is already in place and the norm for everyone. As of now it is not a 3 party system but a 4 party system: the two persons involved in the transaction and the two private banks handling the transactions. I don’t get how taking out the private banks and having a public institution doing the handling would make the system worse.
It would indeed be worse for private banks, which I guess is why a bank employee may be opposed to it.
Moreover, a video by a person who supported Donald Trump in the elections and opposed COVID lockdown is not very reassuring.
https://en.wikipedia.org/wiki/Catherine_Austin_Fitts