The prospect of a digital currency in the European Union (EU) raises the specter of increased generalized surveillance on the Old Continent. But according to Mairead McGuinness, European Commissioner for Financial Services, there is no need to worry. “This is not a Big Brother project”she told the European Parliament in remarks reported by Reuters. As a reminder, the launch of the digital euro could take place by 2027.
The project, officially on track since the summer of 2021 with the launch of a study phase for a digital currency backed by the euro, aims to counter the influence of private cryptocurrencies, such as the diem ( eventually abandoned by Meta). A first decisive step must be taken in October 2023 with the end of this study phase, the conclusions of which must serve as a basis for the ECB to decide whether or not to launch the process of creating the digital euro. Until the project materializes, the ECB has already indicated that it does not intend to keep any personal data on its users.
Beyond facilitating cross-border payments, a central bank digital currency would above all allow banking institutions to respond to the proliferation of cryptocurrencies and avoid the use of tokens issued by private or decentralized actors to pay for goods. and services. In this sense, the ECB’s approach has undoubtedly been reinforced in recent months by the numerous scandals that have greatly shaken the cryptosphere.
