Christine Lagarde promoted a survey on the digital euro on Twitter, according to which the ECB is considering implementing it as a means of payment. Any EU citizen can take part in the survey.
Christine Lagarde sent a short but high-profile message to the citizens of the EU. In short videos, the head of the ECB first addressed the economic crisis triggered by the corona pandemic and the measures taken by the ECB, but also discussed the digital euro.
This could therefore perhaps be implemented more quickly and more comprehensively than previously assumed. But before that, the ECB would like to consult the general public in the form of a survey to get an impression of what it thinks of the digital revolution in the first place.
Citizens are just as much in demand as entrepreneurs and industry associations. The subject of the survey is, among other things, preferred use and accessibility. To take part in the survey, all you need to do is register with your name on the specially set up online portal.
The digital euro as a means of payment
While for a long time it looked as if a digital euro could play more of a role in payments between banks, the survey reveals that it is specifically about everyday payment transactions.
The ECB is seriously examining whether citizens and companies need it and how it can be precisely defined. How quickly such a digital euro could come on the table, and what role the survey plays in the pace, is not yet entirely clear. Perhaps it could already start in mid-2021.
But it is also a fact that the move is long overdue. Because even advocates of cash cannot escape the fact that digital change can no longer be stopped in all areas of public life. The pressure of competition is also increasing significantly; after all, progress is being made in China and the digital renminbi is already being tested in initial pilot projects. It is remarkable here that these field tests take place in communities the size of which is far larger than many major German cities.
Bitcoin will be the new cash
A state-controlled digital currency could cost the citizens quite a bit. With cash reserves you can at least remain solvent and protect yourself. Every single “bank run” in history is a testament to this.
It remains to be seen whether one could run away in the same way with a digital euro in the future. In fact, it has been suggested to give it properties similar to those of cash. At the same time, it is foreseeable that we will gain more control over the flow of money and thus new opportunities to fight corruption and tax evasion. If you are looking for the equivalent of cash in this digital age, you will find it in the end with Bitcoin.
Because Bitcoin guarantees people exactly the sovereignty over their money, which they can currently still exercise with cash.
