Euro CDBC is facing resistance
from https://www.ickonic.com/Read/r/digital-euro-facing-rejection-from-german-citizens-according-to-latest-report
one word that stood out was "finality", basically meaning in masonic language "the end of the world", aka 95% of the common man dying, with only keeping the most brainwashed sheep.
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"Digital euro facing rejection from German citizens according to latest report
The digital euro is expected to be rolled out to the Eurozone nations in 2025 however many people in Germany and across other European nations such as Austria, Netherlands and Slovakia are still choosing cash over a CBDC.
Current Affairs
8th September 2024
By: Lionel Eddy
6 minute read
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In Germany, scepticism toward the digital euro is mounting as the European Central Bank or ECB approaches a decision on its implementation for a CBDC for late 2025. [1] According to a report published by Bloomberg half the people in Germany say “they can’t even imagine using the digital euro”, most of them stating privacy concerns and would rather use cash than CBDC. The ECB plans to address these concerns by adopting advanced security measures such as data encryption and offering digital currency on cards for offline use. According to Christine Lagarde who is the President of the European Commission, [2] the ECB wants the digital euro to coexist with physical cash, not replace it and claims the goal is to include everyone, even those less comfortable with new technology. “We need to prepare our currency for the future,” said Christine Lagarde, President of the ECB. “We envisage a digital euro as a digital form of cash that can be used for all digital payments, free of charge, and that meets the highest privacy standards. It would coexist alongside physical cash, which will always be available, leaving no one behind.” This report comes after a previous survey from the Deutschbank stating that Germans [3] are divided on a digital euro with privacy being the main issue despite many being open to the idea of a CBDC. The survey also showed that [4] 15% of the people conducted believed that the digital euro was intended to replace cash and 12% were under the impression that cash would be abolished with the introduction of the digital euro. According to Crypto News [5] German public believes digital euro could be used for surveillance, Joachim Nagel who is the President of the Deutsche Bundesbank would then admit that more information and transparency would be needed to gain trust of the general public, “The survey shows us that a great deal of information still needs to be provided and that we have set the right priorities, such as privacy protection, in the preparatory work for the new European means of payment.”
Nevertheless, Joachim Nagel still believes Germans can be convinced about the availability of cash use and describes [6] the digital euro as “unifying and trustworthy” during a speech in Rome. “How would the digital euro contribute to bringing the euro area closer together? As things currently stand, cash is the only true European means of payment that can be used throughout the whole currency area. But, while cash will undoubtedly remain an important part of economic life in Europe, it is also undeniable that the use of cash is in decline. Private digital payment initiatives such as the European Payments Initiative are a step in the right direction. But EPI is currently limited to a handful of countries.” Besides Germany, [7] it’s been reported that other nations in Europe Netherlands, Austria and Slovakia also prefer cash to digital payments. Back in 2022 the Dutch general public held a protest against the European Central Bank’s [8] plans to launch a digital euro in Holland after Queen Maxima declared her support for a CBDC. During an online speech at [9] the conference 'Towards a legislative framework enabling a digital euro for citizens and businesses' Queen Máxima said, “While CBDCs are not the only way to overcome these barriers, they can help: both encouraging providers to lower costs and broaden access, while also incorporating the advantages of central-bank money such as safety, finality, liquidity, and integrity. Central banks already coordinate improvements to retail payments by adopting fast payment systems, and CBDCs may represent the next step. CBDCs could aide in upgrading and connecting payment systems both domestically and across borders. This could help cut the cost of remittances.” Queen Máxima also claimed that the design of CBDCs could give people “more control over their transaction data” however she also admitted data privacy was still an issue for the general public, “Yet growing concerns about data privacy would need to be addressed, by building personal data protections into the structure of the digital currency.” In February 2024 the Dutch central bank [10] stated that CBDC’s could be disruptive without holding limits in an online paper published. The working paper called Managing the transition to central bank digital currency stated that demand for [11] CBDC and money overshoot and would crowd out bank deposits leading to initial declines in investment, consumption and output. The Dutch research assumed that banks have a monopoly on deposits before introducing a CBDC. In response to a CBDC, they react by raising deposit rates. Whether bank deposits rise or fall depends on the demand for a CBDC, which doesn’t offer interest.
In Slovakia a right to cash amendment was [12] passed by 111 MPs to protect physical payments from a future in which the digital euro becomes mandatory. Miloš Svrček a Slovakian Member of Parliament said, “It is very important that there is a provision in the Constitution based on which we can defend ourselves in the future against any orders from the outside, saying there can only be digital euro and no other payment options.” Another MP Marián Viskupič also criticised the European Central Banks digital euro plans and believes it would monitor the entire lives of individuals, “It may be initially sold as an alternative, but gradually it will become apparent that it can only be exclusive,” right-wing MP’s also stated that the digital euro would bring a “total loss of privacy.” Meanwhile in Austria a survey by the Austrian central bank [13] showed that almost half of the general public have no interest in a digital euro. The working paper called What can CBDC designers learn from asking potential users? Says payment security, privacy, and data protection are of importance to the respondents. The authors Svetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix and Martin Summer [14] would then concluded that a digital euro becoming a widespread adoption is far from certain. “The results of our survey reveal a potential disconnect between policy makers’ ambitions with regards to the introduction of retail CBDC and consumers’ stated attitudes and demand for a digital euro. Almost half of the sample expresses no interest in the digital euro, and almost half of those who are interested state that cash should keep its current relevance. The Austrian residents we surveyed are generally satisfied with the existing payment options,” said the authors, “A large majority prefers CBDC access through identified accounts over more anonymous digital tokens. Overall, our data suggest that it is far from certain that the introduction of a digital euro will unconditionally lead to a widespread adoption.”
https://www.pymnts.com/cbdc/2024/germans-prefer-carrying-cash-as-cbdc-decision-looms/#:~:text=According%20to%20that%20report%2C%20about,for%20cash%20driving%20these%20feelings
https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr231018~111a014ae7.en.html
https://cointelegraph.com/news/germans-split-on-digital-euro-central-bank-survey
https://crypto.news/german-public-believes-digital-euro-could-be-used-for-surveillance/
https://www.bundesbank.de/en/press/press-releases/bundesbank-survey-widespread-acceptance-of-digital-euro-among-general-public--933322
https://www.bis.org/review/r240625c.htm
https://crypto.news/european-central-bank-wants-a-digital-euro-these-four-countries-say-no/
https://crypto.news/netherland-citizens-protests-against-euro-cbdc/
https://www.royal-house.nl/documents/speeches/2022/11/07/online-speech-queen-maxima-at-the-conference-towards-a-legislative-framework-enabling-a-digital-euro-for-citizens-and-businesses-europese-commission-and-the-european-central-bank#:~:text=Public%20sector%20representatives%20have%20a,thank%20you%20for%20your%20time
https://www.dnb.nl/en/publications/research-publications/working-paper-2024/803-managing-the-transition-to-central-bank-digital-currency/
https://www.dnb.nl/media/ffenyxxc/working_paper_no-803.pdf
https://www.euractiv.com/section/politics/news/slovakia-adds-right-to-cash-payments-in-constitution-over-digital-euro-fears/
https://cashessentials.org/publication/austrians-are-wary-of-a-central-bank-digital-currency/
https://cashessentials.org//app/uploads/2022/07/WP_241-1.pdf "
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