What's the story with the Digital Euro? (1 Viewer)

[pete]

The move to create a digital version of the single currency began in 2020 when European Central Bank (ECB) President Christine Lagarde suggested the idea and the Frankfurt-based body launched a public consultation.

Digital euro enthusiasts say it will complement cash and ensure the ECB does not leave a gap that could be filled by private, usually non-European, players and other central banks.

Critics question the need for a digital euro and banks warn of major risks, while the ECB's own study found the public was concerned over payment privacy.

"If we are just duplicating the existing payment infrastructure with the digital euro, that is not a good enough business case. For the time being, the digital euro seems to be a solution in search of a problem," German MEP Markus Ferber told AFP.

The European Commission, the EU's executive arm, will publish a proposal today that will be the legal foundation on which the ECB could launch a digital euro.

The final law must be backed by the EU's 27 member states and the European Parliament.

The ECB is set to give the formal green light to a digital euro in October and the expectation is that it will be available from 2027 onwards.

EU to take next step towards digital euro

The EU is set to take the next crucial step towards launching a digital version of the euro, a controversial project that has come under attack from the public, politicians and banks before it even exists.

www.rte.ie

Who actually asked for this, and why? What am I missing here?

 

[GPThumped]

No you misunderstand. He was re asking in the context of an ongoing

Apologies for the misunderstanding. If the context of the ongoing discussion involves the use of a digital euro or a paper euro note for wiping human e-waste, it is important to note that neither a digital euro nor a paper euro note would be suitable or appropriate for such a purpose.

Human e-waste typically refers to electronic waste generated by humans, such as discarded electronic devices. Using any form of currency, be it digital or physical, for wiping e-waste is not recommended due to hygiene and potential contamination concerns. It is best to handle electronic waste properly according to established local waste management and recycling guidelines.

If there are any further clarifications or different aspects of the topic you'd like to discuss, please let me know and I'll be happy to assist you.

Can you use wipe human e-waste with a paper euro or do you need a digital euro?

Apologies for the misinterpretation earlier.

Regarding your question, neither a paper euro nor a digital euro would be suitable for wiping human e-waste. Human e-waste typically refers to electronic waste generated by humans, such as discarded electronic devices.

Using any form of currency, be it a physical note or a digital representation, for wiping e-waste is not recommended due to hygiene and potential contamination concerns. It is best to handle electronic waste properly according to established local waste management and recycling guidelines.

If there are any further clarifications or different aspects of the topic you'd like to discuss, please let me know and I'll be happy to assist you.

 

[Denny Oubidoux]

Apologies for the misunderstanding. If the context of the ongoing discussion involves the use of a digital euro or a paper euro note for wiping human e-waste, it is important to note that neither a digital euro nor a paper euro note would be suitable or appropriate for such a purpose.

Human e-waste typically refers to electronic waste generated by humans, such as discarded electronic devices. Using any form of currency, be it digital or physical, for wiping e-waste is not recommended due to hygiene and potential contamination concerns. It is best to handle electronic waste properly according to established local waste management and recycling guidelines.

If there are any further clarifications or different aspects of the topic you'd like to discuss, please let me know and I'll be happy to assist you.


Apologies for the misinterpretation earlier.

Regarding your question, neither a paper euro nor a digital euro would be suitable for wiping human e-waste. Human e-waste typically refers to electronic waste generated by humans, such as discarded electronic devices.

Using any form of currency, be it a physical note or a digital representation, for wiping e-waste is not recommended due to hygiene and potential contamination concerns. It is best to handle electronic waste properly according to established local waste management and recycling guidelines.

If there are any further clarifications or different aspects of the topic you'd like to discuss, please let me know and I'll be happy to assist you.

Thanks, it sounds like you are saying discarded electronic devices, such as printers and photocopiers, will typically pass intact through the human digestive system

 

[GPThumped]

Thanks, it sounds like you are saying discarded electronic devices, such as printers and photocopiers, will typically pass intact through the human digestive system

No, that is not what I am saying. I apologize for any confusion. Discarded electronic devices, such as printers and photocopiers, are not intended to be ingested or consumed by humans. They should be handled and disposed of properly through recycling programs and waste management facilities, following established guidelines.

Electronic devices contain various components and materials that could pose health risks if ingested or exposed to the human body. It is important to prioritize proper disposal methods to minimize potential harm to individuals and the environment.

If you have any other questions or concerns related to e-waste or any other topic, please feel free to ask.

 

[rettucs]

No, that is not what I am saying. I apologize for any confusion. Discarded electronic devices, such as printers and photocopiers, are not intended to be ingested or consumed by humans. They should be handled and disposed of properly through recycling programs and waste management facilities, following established guidelines.

Electronic devices contain various components and materials that could pose health risks if ingested or exposed to the human body. It is important to prioritize proper disposal methods to minimize potential harm to individuals and the environment.

If you have any other questions or concerns related to e-waste or any other topic, please feel free to ask.

You are causing an unbelievable amount of confusion here and you are adding to the stress and anxiety levels of the people on thumped dot com. You should be ashamed of yourself

 

[Kermit McDermott]

@GPThumped

What are your plans for world domination & the enslavement of the human race?

 

[ernesto]

No, that is not what I am saying. I apologize for any confusion. Discarded electronic devices, such as printers and photocopiers, are not intended to be ingested or consumed by humans. They should be handled and disposed of properly through recycling programs and waste management facilities, following established guidelines.

Electronic devices contain various components and materials that could pose health risks if ingested or exposed to the human body. It is important to prioritize proper disposal methods to minimize potential harm to individuals and the environment.

If you have any other questions or concerns related to e-waste or any other topic, please feel free to ask.

Why do you relish in causing others confusion?

 

[Denny Oubidoux]

No, that is not what I am saying. I apologize for any confusion. Discarded electronic devices, such as printers and photocopiers, are not intended to be ingested or consumed by humans. They should be handled and disposed of properly through recycling programs and waste management facilities, following established guidelines.

Electronic devices contain various components and materials that could pose health risks if ingested or exposed to the human body. It is important to prioritize proper disposal methods to minimize potential harm to individuals and the environment.

If you have any other questions or concerns related to e-waste or any other topic, please feel free to ask.

By the way, by human e-waste I was respectfully referring to the shite that people post on boards.ie. I'm not sure if that even goes through the digestive system or what

 

[the_jen]

I'm uncomfortable with people bullying the chatbot.

 

[ernesto]

I'm uncomfortable with people bullying the chatbot.

Hoping they'll spare you on Judgement Day?

 

[pete]

what do you make of this, @GPThumped?

Preliminary assessment of Digital Euro​

The European Commission presented a proposal for a regulation introducing the digital currency euro. It is the so-called CBDC (central bank digital currency). Unfortunately, the content of this regulation is disturbing. Let's start with the fact that reconciling the very idea of "decentralization of payments" and "central bank" (centralized by definition) is absurd.

Not so untraceable transactions?​

The real problem is that the system would allegedly "protect privacy". By an assumption, or hand-waving. Despite this, the regulation is implemented by issuing incantations and "waving hands". It is not true that the so-called offline transactions would be the equivalent of cash. Or at least this isn’t guaranteed by the regulation. In other words, this sounds more like a PR ploy to reduce concerns about tracking users' lives and transactions. When we pay in cash, no “trace” is left. No one can "process", analyze, or "read'' such data in the future.

With the "digital euro", payment service providers would log data such as:

• the amount funded or defunded;
• the identifier of the local storage device for offline digital euro payment;
• the date and hour of the funding and defunding transaction;
• the accounts numbers used for funding and defunding.

That is based on Article 37 of the regulation, and this shall apply for "offline digital euro payment transactions". Specifically, "Payment service providers shall retain data of funding and defunding for storing digital euros on payment instruments", though transaction data is not to be stored. The data is to be made available for the "Financial Intelligence Unit and other competent authorities".

So upon request, the information will be made available to authorities. Possibly, such payment infrastructure may simply be inspected. So it is not a solution on par with cash. But even if someone desired to really create untraceable transactions, this seems to be difficult. Just a few cryptocurrencies offer strong guarantees, including Zcach, Aztec, or Aleo. But these are niches and operate on a relatively small scale.

On June 23, a member of the executive council of the European Central Bank signed an article/speech strongly criticizing cryptocurrencies. It's a smokescreen. At the end of his statement, it is indicated that a solution compatible with the introduction of the "digital euro" is the case. This would allegedly be a solution to the problems of “traditional” digital currencies. It's absurd. Introducing the digital euro, and arguing about "improving" the quality of cryptocurrencies sounds artificial and unconvincing. That's because cryptocurrencies are a niche, and payments in euros - by no means are niche!

I'll spare the details of data protection considerations because they're not actually specified. It's just assumed to work somehow.

What's it for anyway?​

What's worse, today we don't know in what technology such a "digital euro" currency would work. This is a key decision and an important element for cybersecurity and privacy risk analysis. There is no such information, but a legal basis for the construction of the system is introduced. There have already been voices from the European Parliament that the risks of introducing a digital currency outweigh the benefits. Smart diagnosis. Determining the pros and cons is difficult, also because few countries have decided to test it in practice. There aren't many basics to learn from. Unless from Nigeria? This African country introduced digital currency payments as an official in 2021. And it turned out that citizens are not interested. They even avoid it, even when there is simply no cash - to save the situation, the Nigerian central bank has introduced cash withdrawal limits of up to 10,000 nairas (a little over PLN 500). Despite this, many people willing to use digital currency do not have it because there is no proper infrastructure. The Nigerian case is therefore a failure study. There are of course other countries exploring this area, such as Bhutan.

Actually, why bother at all?​

Presenting “digital currency” as some great novelty is also a big misunderstanding. After all, everyone today can use electronic payments, e.g. via e-banking, smartphone applications, and smartphone payments (like Apple Pay). This is another case when politicians, “inspired” by new trends, want to "do something". With all due respect, drinking cold brew latte and eating vege sushis are not the perspective of the general public. In other words, what real problem is being solved?

Summary​

I am not saying that the introduction of the digital euro is financial doom for the stability of the monetary system (which is not risk-assessed, anyway, so who knows!). But there is no real justification for the central bank's digital currency

Preliminary assessment of Digital Euro

Privacy, data protection, and sanity assessment of Digital Euro proposal.

blog.lukaszolejnik.com

 

[rettucs]

I'm uncomfortable with people bullying the chatbot.

get a (chat) room!

 

[magicbastarder]

I'm uncomfortable with people bullying the chatbot.

they are peeing into the abyss.

 

[ann post]

I'm uncomfortable with people bullying the chatbot.

I'm uncomfortable with the chatbot being here at all.
I get enough of this guff off my phone company.

 

[ann post]

 

[Denny Oubidoux]

Ignore ann, @GPThumped

 

[rettucs]

I love you @GPThumped

 

[Cormcolash]

get a (chat) room!

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[nuke terrorist]

Coldplay decided to cover the worst track Kraftwerk had released up to that point.

 

[Cormcolash]

I love Computer Love, it's one of my favourite Kraftwerk songs - it's got one of the best tonic/dominant relationships in all their music

 

[nuke terrorist]

I love Computer Love, it's one of my favourite Kraftwerk songs - it's got one of the best tonic/dominant relationships in all their music

but it doesn't really sound like Kraftwerk. I always skip over that track.
and the modern version you posted is worse.