Fewer and fewer Europeans are paying with cash; many want to go cashless entirely.
According to the Euroepan Central Bank (ECB) , 98 billion cashless transactions took place in the EU in 2019 – with a total volume of 162 trillion euros.
Developments towards cashless solutions are moving quickly. It is estimated that Sweden for example will be completely cashless as soon as 2023. A cashless society in a few years’ time…
What is it?
„The digital euro would complement your wallet, not replace anything in it.“
Shopkeepers could accept it as an alternative to plastic or cash. Friends could borrow digital euros and pay them back anytime, anywhere. Think of it like an electronic banknote that is stored on a Blockchain Wallet on your smartphone, guaranteed by the ECB so one digi-euro is always worth the same as a one-euro coin. You can’t lose it, either.
What else is there to consider?
Privacy and policing.
You can spend cash in hand without anyone tracking what you buy. Online and card payments, meanwhile, keep a record of your purchases. Digital euros could aim for the best of both, by creating electronic fingerprints accessible only to authorities. It could protect people’s data while preventing criminals from moving around their illicit money.
That might mean limiting big transfers of digital currency and tracking spending patterns that look suspicious.
Why is the digital Euro important for bitcci ?
We believe that the digital euro would have a positive effect on the bitcci group’s business development. A digital euro would give consumers even more confidence in the handling and payment of digital currencies and the entire blockchain ecosystem.
However, it is critical that the central bank would be able to use the digital euro to track every consumer transaction in detail. The planned «bitcci Credits», which will be used within the payment system bitcci.cash as a billing interface for bitcci services, this traceability by the ECB will no longer be possible.
The ECB will carry out in-house experiments for the next six months and decide mid-2021 on whether to launch the digital euro.
If you like to participate the ECB survey:
The ECB invites interested individuals to participate via their website. The survey is addressed to citizens and companies, but to representatives from the academic world, the financial sector and public authorities too. They are asked to indicate how and whether they would use the digital currency and what advantages and disadvantages could possibly occur.
Follow the link to be a part: https://epsilon.escb.eu/limesurvey3/434111?lang=de
For more information: https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf