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.
LonM@eunews I can't read the linked article. Will it use something like GNU Taler - be fully open source, transparent, interoperable, and buyer-private? Or will development and maintenance be outsourced to a private company with everything funnelled through a closed source app.
Vladimir Campos@LonM @eunews There's an official ECB page with all the information, including progress.
👇🏻 https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html
👇🏻 https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html
Vivien (dentelle & numérique)@vladcampos @LonM @eunews the way I understand it is “we would have loved to make it work with privacy but since there can be fraud there will be no privacy”
EDIT: here is what Taler says about the proposal:
@gugurumbe @vladcampos @eunews Reading through some of this, that's the conclusion I'm coming to as well. No privacy, everything through proprietary apps. The ECB site also mentions blockchain which is giving me the heebies.
If that is the case, then I am genuinely baffled as to what the point of a digital euro would be over implementing a pan-EU debit card processor to rival the likes of paypal / visa. We already have widely available cashless payment infrastructure, what good does a digital euro offer for what will end up being a much more expensive implementation?
Even more confusing considering the swiss were already experimenting with Taler.
Andy MouseAs a European, I will try my best to stick to non-European payment methods. I don't get the hype about this, why the f* would I want to use a system that give the cops closest to me the most information?
Parade du Grotesque 💀@andymouse @LonM @gugurumbe @vladcampos @eunews
One more time: do you understand that paying with a credit card gives all your information to
1. Your bank
2. Your card issuer
3. The payment processor that sits between these two?
If you want privacy, pay in cash. Cash guarantees your privacy. All other payment schemes do not.
Source: I used to work for a payment processor.
Aye, but nowhere did I write I thought it was private. I stand by the thought that this recent EU-cooked spyware payment system will give European cops more info than a normal credit card would.
Why else would they be doing it? For our benefit? 🤣