Wiktor Grzyb

COO at 3vo

💶 Digital Euro Coming this Autumn? --- GM, Web3Daily readers! --- 🌟 Glance at Today's Edition: 💶 Digital Euro can be rolled out as soon as in this current year (2023) 🏦 Central banks rushing to roll out their own CBDCs....

💶 Digital Euro Coming this Autumn?

GM, Web3Daily readers!
🌟 Glance at Today's Edition:

💶 Digital Euro can be rolled out as soon as in this current year (2023)

🏦 Central banks rushing to roll out their own CBDCs.

🕵️ Privacy concerns and programmability discussed in previous progress reports.

🗺️ Access, distribution aspects, and powerful functionalities.

💱 Digital euro to be accessible to individuals and institutions within the EU and selected third countries.

🚀 3000 euro limit for individual accounts; waterfall functionality for exceeding the limit.

💧 Digital euros can be transformed back into regular euros.

📲 QR code payments and possible physical digital euro card for offline peer-to-peer payments.

🌐 Intermediaries can offer optional services like recurring payments and conditional triggers.

🔗 ECB clarifies optional services aren't programmability in disguise.

💪 Digital Euro aims to avoid dependence on foreign currencies and privately issued digital currencies.

🌊 Euro stablecoins as a potential Plan B to ensure Euro's survival and support heavily indebted European countries.

💶 The Digital Euro Groundbreaking Journey

🏦 Central Banks in Frenzy: The Race for CBDCs 🤝

Picture this: it's a crisp morning, and the sun is just beginning to peek over the horizon, casting a warm glow on the bustling streets of the city. As I step into my favorite café, the scent of freshly brewed coffee fills the air, energizing me for the day ahead. I find a cozy corner seat by the window, where I can watch the world go by. As I sip on my coffee, I can't help but notice the excitement in the air—the Digital Euro! The news is abuzz with discussions about this groundbreaking development that promises to revolutionize the way we handle money. Curiosity piqued, I decide to delve deeper into this intriguing topic. Central banks around the globe are in a frenzy, racing to roll out their own Central Bank Digital Currencies (CBDCs). The Digital Euro, in particular, has become the talk of the town, sending ripples of anticipation across the financial landscape.

As I dig into the origins of this digital revolution, I find that the journey began back in October 2021, when the European Central Bank (ECB) first started investigating the possibility of a Digital Euro. Since then, they've published two progress reports that have left the world in awe of what's to come. The concept of a digital currency issued and regulated by a central bank may seem like something out of a sci-fi movie, but it's quickly becoming a reality.

🤔 Unveiling the True Nature: Privacy vs. Programmability 🔄

As the story unfolds, a sense of mystery surrounds the true nature of the digital euro. Is it merely a vessel for secure transactions, prioritizing individual privacy above all else? Or does it harbor secrets, veiled in the shadows of its programmability? 🤔 

The second progress report shed new light on the digital euro's capabilities, claiming it would not be programmable. The notion that users would have no control over their money seemed to alleviate some privacy concerns. However, the skepticism that lingers suggests that this narrative may not be as straightforward as it appears. And remember that privacy here means that private actors won’t see our data, but the government for sure will. 

The intrigue intensifies, and we are left with more questions than answers. But, hold on, the ECB wants to set the record straight. These optional services are not the dreaded programmability in disguise. No, no! 🚫 Apparently, it's all about conditional payments and not programmable money. The intermediaries are here to enhance your experience without compromising the digital euro's privacy and security. Do you trust them or do you think that’s all just a way to disguise their true intentions?

📈 The Third Progress Report: Unleashing the Digital Euro's Features 🗺️

Intrigued by the latest developments, I eagerly immerse myself in the ECB's third progress report on the Digital Euro. It's like peering into a treasure chest of possibilities, with three crucial categories of features waiting to be unveiled: digital euro access, distribution aspects, and a plethora of services and functionalities.

🚧 Access to the Digital Euro: A Global Impact? 🗺️

The prospect of gaining access to the digital euro, initially focusing on individuals and institutions within the EU, opens up a world of potential for seamless transactions and financial inclusivity.

The EU isn't content with keeping the digital euro confined within its borders. No, it's feeling adventurous and daring. The digital euro is spreading its wings beyond the EU's boundaries, with the potential to be used in selected third countries. 🌍💱 This bold move is like a ripple in a vast ocean, and its waves could challenge the dominion of the mighty US dollar on the international stage!

🚚 Distribution: QR Code Payments and Digital Euro Card 💳

Next, I venture into the world of distribution aspects, where QR code payments and offline peer-to-peer transactions seem like something out of a futuristic utopia/dystopia. Could we soon be using QR codes to make payments effortlessly? And the idea of a physical digital euro card seems both exciting and scary!

The authors of this report have a vision, one where QR codes become the language of the digital euro's transactions. Just imagine, my friends, a world where most digital euro payments are effortlessly made through a simple scan. It's a step towards financial efficiency and could open up a realm of exciting possibilities. Imagine a world where your smartphone becomes your gateway to financial transactions. 

A world where QR code payments are the norm, seamlessly connecting you with merchants, friends, and even strangers for offline peer-to-peer payments. As we venture into the realm of distribution aspects, the European Union envisions just that—a future where QR code payments with the digital euro are as ubiquitous as the air we breathe. Both scary and exciting vision, though in many countries our digital banking apps provide us with enough functionalities to enjoy a similar state of payments. 

The catch here is, that credit cards can’t be as easily integrated into the future potential CBDC system as it would be with QR codes. In my opinion this change is a preparation for much bigger changes down the line leading towards the real financial revolution that central banks want to enforce. 

But there's more! The report tantalizes us with the idea of a physical digital euro card. Yes, you heard that right! Imagine holding in your hand a tangible representation of the digital currency—a card that can be used for offline peer-to-peer transactions. A tangible representation of the digital revolution, this card could bridge the gap between the virtual and physical world, making your digital euros accessible in brick-and-mortar establishments. It's a significant step towards a more connected world, where digital and traditional forms of payment converge.

💧 Onboarding the Digital Euro Train: The 3000 Euro Limit 💸

As I continue my research, I find that onboarding the digital euro train is as easy as opening a regular bank account. 🏦🚀 The prospect of becoming a part of this digital revolution is captivating, but the 3000 euro limit (a sign of a future dystopian limits on how much you will be able to spend each month?) on individual accounts catches my attention. However, the “waterfall functionality”, transforming digital euros into regular euros when the limit is reached, promises a smooth experience for users.

💪 The Power of Intermediaries: Endless Possibilities 💡

Now, hold your breath for the final chapter—powerful functionalities offered by the Digital Euro. The authors share a list of optional services that intermediaries can provide. These services include recurring payments and conditional triggers, all aimed at making the digital euro even more versatile and user-friendly. Now, as we turn our attention to the power of intermediaries, a world of endless possibilities opens up before us. These financial wizards will build upon the digital euro's advanced functionalities to offer optional services that cater to your unique needs and preferences. Picture this—you sign up for recurring payments for your monthly expenses, and conditional triggers ensure your bills are paid on time without lifting a finger.

🚀 Driving Force Behind the Digital Euro: Independence 🌐

As I reflect on the driving force behind this digital currency, I understand the ECB's motivation to avoid dependence on foreign currencies and privately issued digital currencies. 💪💶 They aim to protect their sovereignty and ensure the Euro remains a formidable player in the global financial arena. And yet I can’t stop feeling like this is a first step of losing our financial freedom as Europeans (cheers to readers from outside the EU!).

In the midst of all these developments, I can't help but wonder about the future of finance. Will the digital euro become the norm, coexisting with traditional currency, or will it lead to an entirely cashless society? Is the World Economic Forum agenda of “you’ll own nothing and be happy” a part of this move? The possibilities are endless, and the outcome of this journey into the Digital Euro's realm remains to be seen.

💱 Embracing the Digital Euro: Businesses in the Game 🏢

As we immerse ourselves deeper into the report's pages, we uncover the second captivating chapter—distribution aspects of the Digital Euro. The European Central Bank envisions a world where businesses of all sizes, big and small, embrace the digital currency. A digital euro scheme is in place, mandating businesses to accept this futuristic currency as a payment option. Moreover, businesses will have the power to pay their employees using the digital euro, creating a seamless financial ecosystem. Behind this innovative initiative lies a powerful driving force—the desire for independence. The digital euro aims to protect the EU from reliance on foreign currencies and ward off any dominance from privately issued digital currencies. With the digital euro in its arsenal, the ECB stands firm, safeguarding the Euro's sovereignty and maintaining control over its financial destiny. It's a strategic move, born from a vision of preserving the EU's financial integrity.

🌊 Plan B: Euro Stablecoins for Strategic Alternatives 🚀

But as we navigate through these uncharted waters, there's chatter about a Plan B—the Euro stablecoins. 🌊🚀 These stablecoins, backed by EU government debt, offer an alternative route to ensure the Euro's survival while providing a lifeline to heavily indebted European countries. It's a strategic move to keep the ship steady in turbulent financial seas.

💶 Digital Euro in Autumn? 🍂

In fact the digital Euro can be rolled out as soon as in autumn of 2023. Current project roadmap suggest so, but we will have to wait and see f they will deliver on time. Imagine how much chaos this change could entail. It’s really a dawn of the new era – a good or a bad one. I wonder how crypto markets will behave when faced with such a news. Normally the autumn brings us some bullish momentum and this might severely impact the cryptocurrency market performance. Take a look at the projects roadmap:

☕ The Curious Minds: Uncharted Waters Ahead 🕵️

As I sit in that café, sipping my coffee, I can't help but wonder about the twists and turns that lie ahead. Will the Digital Euro maintain its steadfast commitment to privacy, or will it reveal its programmable nature in the end? Will the Digital Euro revolutionize the global financial order, or will it face challenges and hurdles along the way? Is that the beginning of the end or is there still some hope that our freedom won’t be taken away and that we won’t experience a Big Brother watching over us in the future? Only time will tell, but one thing is certain—the journey into the Digital Euro's past has left us all captivated and hungry for more. As investors, these developments are essential to keep an eye on, for they could shape the financial landscape in unprecedented ways. The digital euro is not just a currency; it's a game-changer that opens up a world of limitless possibilities.

🔍 Action Items and Next Steps

1️⃣ Stay tuned for updates on the ECB's progress and the finalized design of the digital euro.

2️⃣ Keep an eye on the onboarding process and potential limitations for individual and institutional accounts.

3️⃣ Follow the developments on QR code payments and the possible introduction of a physical digital euro card.

4️⃣ Monitor how intermediaries leverage the digital euro's functionalities and the scope of their optional services.

5️⃣ Be aware of the potential strategic alternatives, such as euro stablecoins, and how they might impact the Euro's future.

📣 Join the Conversation! 🗣️

I am eager to hear your thoughts, insights, and experiences regarding this pressing issue. Let's engage in a vibrant discussion together! In addition to publishing this edition of the newsletter, I have also created a LinkedIn post where we can all discuss the developments and news covered in this edition. If you are eager to join the conversation, don't be shy! Feel free to check out my LinkedIn profile and comment on the post:

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See you on the other side of the blockchain!

Wiktor Grzyb

Founder & Editor, Web3Daily