European News 🇪🇺The EU will launch the digital euro as a 100% European digital payments system to replace reliance on Visa, Mastercard, and Apple and Google Pay, with the European Central Bank issuing a digital form of cash. It will be built entirely in Europe, have zero transaction fees, instant payments, and strong privacy, giving the EU full control over its payments infrastructure.
Tim Ward ⭐🇪🇺🔶 #FBPE@eunews pw;dr
Have Visa, Mastercard, etc, launched their lawsuits yet?
Ray McCarthy@TimWardCam @eunews
Visa & Mastercard can't sue.
There is already IBAN (free online transfer in EU), which even works in USA, and other funds transfers apart from PayPal and Western Union.
"13 of the 20 countries in the euro, including Ireland, have no domestic card scheme. You use an international operator, or you pay in cash."
It's alternative to Revolut (can be cardless), PayPal, Apple, Google, Amazon or clunky IBAN (which is only online), not Visa/Mastercard USA Credit or debit cards.
@raymaccarthy @eunews It is generally believed that in the USA anybody can sue anybody for anything. Suing a foreign supranational not-government for "unfair not-state competition" seems fairly mild by US standards.
Whether they would win, many years and untold hundreds of millions in legal fees down the track, is a different question. Particularly if Trump adds to the fun, and the lawsuit targets, by applying some random set of sanctions to "Europe" in retaliation for this "attack on US business".
hex
Veza85UE@Hex @TimWardCam @raymaccarthy @eunews The ECB does not concern itself with the opinion of adderall-addled sheep.