Topic: ECB starts 24 month digital euro project. - page 4. (Read 522 times)

So true. When it comes to the developed nations, the term "financial inclusion" actually mean the set of entities they want to keep "financially excluded". When someone like Jack Mallers talks of financial inclusion, he is actually talking about giving people with bare minimum resources access to a savings account. The latter is an actual ethical stand while former is just wielding control.

They actually are worried that stablecoins will take over. Right now, most stablecoins are only used for crypto trading. They seem to be pre-empting a scenario where crypto actually begins to be used on a wide scale. With the example of El Salvador, they are truly frightened that they won't have any option to dangle before these poor nation-states as "Oh, look! We've "researched" this CBDC technology for 24 months and are giving it to you free, Use it, not Bitcoin"

I bet if today they had the logistics ready, they'd probably call up every head of state contemplating usage of LN and Bitcoin and give them the offer. The implications for this are huge though. Does anyone believe that these powerful bodies will simply give up all that leverage and power that comes from controlling the financial infrastructure? Honestly, I feel concerned about what their real pushback look like. Currently, its just baby gloves with the FUD and regulations.

"Financial inclusion"? Please. Bitcoin is the essence of financial inclusion. Don't have good ID? Turned down for a bank account. Don't have a fixed address? Turned down for a bank account. Bad financial history? Turned down for a bank account. None of that matters with bitcoin. Install a wallet, done. No fiat or CBDC will ever be as financially inclusive as bitcoin is. And "control monetary policy" is a nice way of saying "print more money". We've all seen the chart showing USD losing >95% of its value in the last 100 years. Now here's the one for EUR - https://www.statista.com/statistics/1055948/value-euro-since-2000/. A cool 30% lost since its creation ~20 years ago. As the article points out, they are worried that the majority of the population will move to using bitcoin or other cryptocurrencies, which directly impacts on their ability to bail out themselves and their friends and prop up their rigged markets indefinitely.

This has nothing to do with maintaining "financial stability", and everything to protecting their own vested interests.

Why not excited? Bitcoin is not existing for competition, it is an alternative which also gives privacy. Bitcoin is also an asset, not existing to substitute fiat but as a safe haven and for wealth creation.

China is a country controlled only by a single president, Europe is not controlled by a single president. China is a country, Europe are countries and each country is independent. China even ban foreign social media, European countries accept all these social media. China like to act like they are a world on their own, Europes are different, the reason they are part of Western nations. Many countries in Europe are even Bitcoin friendly, China has never been Bitcoin friendly. European countries still gives more freedom to citizens unlike China.

With other countries seriously considering this direction, the EU has finally start its Digital Euro (CBDC) project. It will take them 2 years to explore the potential of such a currency, and if they decide to actually apply it, they say it would take them at least 5 years to officially launch it. As an EU resident, I am not particularly excited about this, because I know that it will take them much more than 5 years to do anything, and all that time will come in handy for Bitcoin to become more mainstream in EU.

What interests me more is whether the EU will at some point start making some bad moves when it comes to Bitcoin or stablecoins, which they obviously consider competition (although they don't explicitly mention Bitcoin). Of course, this reasoning stems from the assumption that China decided to conduct a final battle with Bitcoin precisely because of its CBDC, which is already being tested on a large sample of people.