Warning! EU Central Bank Moves Forward with CBDC Prep Phase

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The Governing Council of the European Central Bank (ECB) decided yesterday to move to the next phase of the digital euro project: the preparation phase.

They’re done investigating, which began in October 2021, and now they’re preparing.

They’re looking into design and distribution.

The design envisages the digital euro as a digital form of cash that could be used for all digital payments throughout the euro area. It would be widely accessible, free for basic use, and available both online and offline. It would offer the highest level of privacy and allow users to settle payments instantly in central bank money. It could be used from person to person, at the point of sale, in e-commerce and in government transactions. No digital payment instrument offers all these features. The digital euro would fill that gap.

If it sounds too good to be true, it is.

The prep phase started November 1 and will last two years. It involves finalizing the digital euro rulebook and selecting providers to develop the platform and infrastructure. They will also test and experiment.

After two years, the [Orwellian?] Governing Council will decide whether to move to the next stage of preparations, to pave the way for the possible future issuance and roll-out of a digital euro.

Then the legislative process will be completed.

“We need to prepare our currency for the future,” said Christine Lagarde, President of the ECB. “We envisage a digital euro as a digital form of cash that can be used for all digital payments, free of charge, and that meets the highest privacy standards. It would coexist alongside physical cash, which will always be available, leaving no one behind.”

Critics believe that cash will only be used temporarily. Digital money puts all the money in the controlling hands of the Central banks.

In this clip, Christine Lagarde, President of the European Central Bank, explains Central Bank Digital Currencies are all about control. She has said it before, and she means it.


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