European Central Bank Announces New Phase Of CBDC Development
The Digital Euro Will Enter The "Preparation Phase" In November 2023
Christine Lagarde, the head of the European Central Bank, announced the transition to the second phase of developing the EU’s central bank digital currency, the digital Euro. The “preparation” phase has been approved to start in November 2023, and will last up to two years.
In her speech, Lagarde referred to the digital Euro as “a logical next step in the natural evolution of our currency”. She appeared to emphasize that digital cash will not replace traditional cash, adding that consumers will be free to decide what option they prefer.
The European Union does not have a legislative framework based on which the European Central Bank is developing the digital Euro. Lagarde said that the framework is yet to be implemented, and most likely will be officially adopted once Europe’s CBDC is fully ready for a roll out.
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CDBC isjust another Electronic Wallet, nothing more, nothing less. Difference is that Central Bank (read government, politicians) have apsolute control over it. Functionaly there is no difference between for instance Wise or Revolut or N26 and new CDBC wallet. You will have your electronic equivalent of any currency deposited on it and spend it Via CDBC card or CDBC to CDBC transfer. Of course they will limit quantity of assets you will be allowed to hold on CDBC wallet since this is direct blow to banking system and their active deposits base, profit from money transfers and short term placement of loans .... so banks will want for sure to have it limited. But their "mother" (Central Bank) now wants to have CONTROL over money flow. CDBC contrary to commercial banks do not care about profit, it's all about being able to impose punishment and enforce their ideology. Someone can argue that it is same poverty they already have! But that is not quite true.
Feel free to screenshot this:
If successfully implemented: Any and all dreams of owning a piece of land and accumulating money will be worthless. If you say or do the wrong thing - your possessions and savings are garnished - and you are left begging for scraps to feed your children!
In summary: fight CBDC with every ounce of energy that can be mustered ...yes, it’s that important.