The European Central Bank (ECB) is in the preparatory phase of the digitization of the euro currency. Germany, the largest economy in the European Union, fears the implementation of virtual currency.
In a survey carried out at the end of last year, more than half of German citizens could not imagine that their digital euro coins. The Germans’ reluctance to accept the new currency changes proposed by the ECB has historical foundations. The fear of not being in control of one’s finances is deeply rooted in the collective psyche.
“Preference for cash over other means of payment shows the level of financial culture of the Germans,” said the president of the Federal Bank of Germany, Joachim Nagel.
right the calendar put forward by ECB economists, the first digital euro issues could appear in November next year, to enter circulation from 2026. Officials claim that the security and privacy of personal data is guaranteed by a complex encryption system, so users are protected against fraud attempts.
“We see digital euro as a virtual currency that can be used for all electronic payments. “Corporate money will not disappear until no one passes by the new technology,” said ECB president Christine Lagarde.
Critics of the new currency program argue that the digital currency could make Germany dependent on technology and vulnerable to cyber attacks, given all the security measures promised by the European Central Bank, reports Bloomberg. It’s not just Germans who like money.
Countries such as Austria, Slovakia or Malta use cash as a form of payment more than they use cards. At the other pole is the Netherlands, who prefer digital solutions and physical cash payments have become very rare.
2024-08-17 13:20:29
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