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digital and online payments are the new normal for Shoppers in Europe but another method of payment is being considered the digital Euro do we really need it how much will it cost and what’s the point it is already raising these questions among lawmakers and bankers that is under the lens on udic codit this week between 2019 and 2022 cash fell from 72% to 59% as a total share of payments by contrast total electronic money transactions left from 4.6 billion to 8.4 billion the European Central bank’s planned digital Euro would be available on a rechargeable card a digital wallet or a mobile app a digital Euro account could be set up at a bank a post office or an online platform but would people really use it yeah it could easily handle more transaction over the borders and when you cooperate with diff in different companies with in different lands so yes are you worried about your security when you do um digital payments sometimes but I usually trust the banks so if the banks are involved yes Paula how is the digital Euro different from a cryptocurrency such as Bitcoin and others so unlike cryptocurrencies such as Bitcoin or ethereum this person would be risk-free um what does this mean well basically when we have a digital Euro or a central bank digital currency it it is subject to a banking regulation so if you have a problem you can go to the central bank or you can go to your Traditional Bank and um and get some help or support does it mean that the digital euro is not a a currency for Investments people will not make money on it like interest in the banks is just something for their daily lives yes the initial idea of these project project of the daa euro is basically that it serves that as an alternative means of payment so it it wants to be as close to C as possible meaning that it is free for users it is accessible and that it ensures that citizens are protected um and that we have Financial stability so the private uh banking system is largely against this proposal why well it’s basically that European Banks um are a bit concerned or skeptical about the added value of these proposal this is mainly because um we don’t know yet the overall cost of this project we don’t know exactly which infrastructure we’re going to use for this project and it is also because they feared that they could lose some Bank deposits the ecv already said that um they are trying to ensure that this is just an alternative means of payment and it is not meant to be a savings vehicle for L large amounts of money so they would C with a limit for instance so that the banks would not feel too much of the impact exactly they don’t know the figures yet but they are planning to have these holding limits that they are currently discussing in the ecv as they are in the Preparatory phase The Proposal is currently a bit stalled at the European Parliament because it was supposed to be uh voted in April but that never happened and um they just had a a briefing or well a hearing with the ECB representatives in September let’s look at the pros and cons inclusion is seen as a pro as people with no private bank account or access to Internet could use it privacy is a thorny issue but the ECB claims it would not be able to identify payment habits fraud and money laundering could be harder to detect if untraceable if too successful Banks might lose deposits and no longer be able to lend with us at European Parliament is Damian bager the vice chair of the committee for economic and monetary Affairs many people are skeptical about the idea of a digital Euro do you think it’s worth doing I find it super exciting it is a great Innovation to think about more and more people are using digital means of payment for any sorts of things and we’re currently very reliant on for example Apple and so on which uses credit card payment providers to be able to pay does the EU need to reduce its dependency on Visa Mastercard for example you can always use your credit card it’s completely fine nobody’s going to take that away from you but I think it should be possible to have something similar to handing over a cash note to also do that on the digital level and the digital wallet together with the digital Euro would allow for that without any form of transaction going outside to a private sector entity but just basically via public sector entities and I think both is fine you should just be able to choose and what privacy controls is the European Parliament uh trying to secure for the digital Euro it’s obviously extremely important that if you have agglomerated a lot of data about a lot of transactions and about a lot of individuals you need to make sure that there is anonymization that there is a way to make sure that this cannot be breached with cyber security issues maybe when the transactions are of a lower value can be you know Anonymous and then only if it’s larger transaction should be somehow maybe followable also to ensure anti-money laundering um mechanisms still work but I think there’s a lot of layers that we can put in uh the United Kingdom and China are moving in this area are you worried the European Union would be left behind and here’s one moment where we are actually leading where we can be leading if we come forward with a good proposal but we shouldn’t disected now with Lobby interests from all Dimensions we should really think about what makes sense and what is the added benefit as you said for the retail industry and for the individual customers just to add because some people say digital you would be more about the sovereignty the financial sovereignty of the EU is this also a value that you think it’s important to safeguard I think it could have a big Advantage for us as well also because we wouldn’t be relying on Third Country payment providers or even European payment providers but we could also rely on a public institution in this case the central bank to be able to do our payments that gives you some sovereignty also some Independence I think it’s it’s important not just from third countries but in in general from failing Banks and I hope that this will work the digital Euro May boost Europe’s Financial sovereignty but that what cost anyway it won’t be coming anytime soon if it happens at all any legislation to be agreed in Brussels and with the member states would take two to three years thank you for watching I’ll be coming with more you de coding next week