Goodbye to cash? We have interviewed the ECB and we know the answer.
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- Опубліковано 8 лют 2024
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#EURO #USD #CBDC
If not from outset, at some point politicians will abuse this power. Money must be seperated from state!
You really can't trust politicians and bureaucrats these days.
And when were the days when you could?
Nope, too much power to the govt. imagine having the govt shut down your digital wallet because of sth you said
they can do that right now with your cash, but you just have to imagine it.
I remember when CBDCs were just a conspiracy theory
Conspiracy theories are just what your government is planning but hasn't fully made public yet. Lol 😂.
The governament is planning to make the Earth both Flat and hollow? @danielattah1836
The ECB has talked about this for at least a decade. The conspiracy is that they wanted to eliminate physical cash.
Fun fact, years ago, I set my dad with a bank, and I specifically explained to the bank, they need to issue him a MasterCard, because he needed to pay in Germany a lot and Visa was basically unheard off in Germany at the time. Well, a year later, the bank switched and, what followed was five years of praying, whether locals accept Visa. Things are fortunately better now. These days, if you pay by credit card, you get charged an extra fee for it... (happened to me recently)
while i love cashless payment i can see a dark side to this from a taxation and tracking point of view
As in... You can't commit tax fraud so easily anymore?
@@OhMyLaurenslol, that’s for sure one of the positives
@@OhMyLaurenswhy are you tolking about tax fraud like it is a bad thing?The only time it is immoral is if your country is in a defensive war
This system is like the only thing that could make Greece working as a country, since nobody there is paying taxes and since they store their money is Switzerland 😂😂
If my battery dies, I am broke. Cash will always work without electricity or cell service. Travelers coming in can't get cash beforehand.
16:24 That is well said. However, the promise of "no programmable money will be issued" is a political one, not a technological one. This promise can be easily broken if a certain political situation arises. The legislation can be changed and the currency restrictions issued. The "non-programmability" has to be built into the technology.
This a 100%
Yeah, if all that is necessary for the money to be programmable is a law, directive, or decree, the money is not "non-programmable". My main question: How does CBDC protect the citizen from the government, national or federal?
Nah. You’re gonna be tip-toed into that inevitably.
It can't be built into the technology, cos chips are programmable by default. So they can always be reprogrammed at any point.
@@ArawnOfAnnwn i dont think its a chip, its an app. They said if you lose your phone you lose your money. So its very easy to program it
Remember what Canada did against truckers a few years ago. Now imagine if the government had this power
So many words to convince us that cash is no good, even tho all the benefits stated are already on cash. lmao
but cash have significant disadvantages to digital currencies, including existing ones, like what you have on your VISA credit card.
Cash is easier to be stolen, easier to be lost and more difficult to be transferred. Also, there are places that don't accept cash for safety reasons, like product shipping services. Although I agree this should be limited to a minimum.
Otherwise, CBDC is not that much different from cash indeed.
No one is telling you that cash is bad, the digital euro will not replace cash. The point of this product is that people are increasingly paying with digital service provider like Visa and MasterCard, now people have a public service option if they want it. This way, you are not tied to a private bank and a foreign banking service. Also, people can use the digital euro everywhere where the euro is legal tender, while other digital payment companies cannot provide service between euro states.
Nomad Capitalist did a more detailed video on this topic.
This video is only about the Digital Euro, but the title suggests it's meant as an example of CBDC's in general. Nothing could be further from the truth. CBDC's ARE programmable, including with purchase restrictions and expiration dates. Just cos the ECB is foregoing those features (for now) doesn't mean govts. elsewhere will.
Money that expires crazy
I'm in the UK at the moment so at the moment will not be subject to this (although our current crooks called politicians are considering this). Having said that, I would not trust ANY politician from ANY party to get their grubby mits on this capability - after the COVID debacle they are capable of anything. As for restricting the use of cash concern, try buying a coffee and croissant in most coffee shop in London and you will find they don't accept cash any more - its the thin end of the wedge.
They don't need digital euro to take away our cash. It's just a number in a bank system anyway.
If you have it in your wallet, house etc. they can click whatever they want.
They must physically try to take it from you - not an easy way with confident, assertive citizens.
All the goals and advantages they try to achieve with this, are either not achieveable by this concept or achieveable through other means, most likely cheaper, faster and in a more acceptable way.
Even with digital currency, cash will still stay. Because not all can have digital currency.
Nigeria: 👁👄👁
Only the last reason (dependency problem) make sense
Screw this!! We already have this, there is only malicious reasons why the ECB would love that they have control of our money
Why wouldn’t we want them to have control of our money?
You'll do it and like it. You will be the guinea pig for the so-called economic theory of "money illusion", where manipulating the money supply supposedly gives real gains. As such,, the Central Banks may well decide that unless you spend the digital euro, the next month it will be worth less...
@jakeroper1096
Many reasons!
They might use your money behind the scenes to pay off loan rising your money.
They might increase taxes very high and block outgoing money outside of Europe when people are sick of their Hard earned money going into a big hole of debt and taxes.
They might say "we go back in time" and everyone has to pay X amount of money because the government debt is so high.
They will use your data for whatever reasons... and most likely use it against you
The Nordic countries already have secure digital payment solutions. Scandinavia is really cashless without the CBDC.
@Math577 are you referring to Swish? If so we have such a system in Italy as well, but the problem is that not every shop or person has it, and that limits its effectiveness. But the same is also with Swish, you often cannot use it in a grocery store it supermarket
@@samandreucci3250No, Svish, Vipps and MobilePay were not what I meant as they are not optimal enough. In Denmark and Norway, I know that there are Dankort and BankAxept as separate debit cards linked to the bank account. Combined with the Visa and Mastercard system which can be both debit and credit. NFC card that can be connected to the mobile via Google, Apple, Samsung and Garmin pay. I think Sweden and Finland only have Visa and Mastercard.
We have been doing this in Kenya for over 20 years in Kenya using MPesa
what mic do you use
Excerpt from the TIPS Webinar of Banca D'Italia held 12 and 13.07.2021:
"Indeed, with its speed, cost-efficiency and high scalability, TIPS is best placed to meet the basic requirements laid down by the Eurosystem for a digital euro, allowing the processing of one billion transactions per day and the management of hundreds of millions of accounts."
Don't give those powers to governments!
How will buskers be affected?, I wonder.
If there is no EU-wide payment solution in place , buskers will be screwed. Because more and more people run around with no cash whatsoever…
As someone who worked for 12 years in the credit card section of a Canadian bank; this sort of system is already in place
In North America. The only barriers to it is legislative; and consumer habit.
I am not opposed to digital euro. Main worry that cash will be phased out is not realistic. People will find a way to barter or use other countries cash, cryptocurrencies, etc to not be limited by digital euro.
You can be sure this initiative is on balance going to be more beneficial for the State than for the People. Why would they otherwise do it. People will just start paying with silver coins or something like that. But a very good episode.
As a Indian who's using UPI for every thing and rarely using cash for more than 2 years
it's interesting to see how other countries are doing 👀
You don't need a separate wallet, your bank is your wallet
Same here in Brazil with PIX.
Hmm that is similar to Kenya's Mpesa platform investigate that visual economic
🍀✨Team Cash here✨🍀
All the paranoia over the state, but it is still the banks that you actually deal with. So who keeps those banks honest?!
The central bank does. It controls the interest rates, who get's the fees on bond issuance, sets the capital requirements, gives them the power to create currency, and a ton of other levers.
We already have this in Portugal.. it's called mbway...
And I'm sure there are many similar in other countries.
Only difference is that restaurants do use it, but it's not obligatory..
But it does require internet connection
do not fall for this, this goes way further than our multibanco and mbway, this allows the total control, they can still control the offline payments as there would be a track in the system, and it can locate where you make the payments and all the other programabilities
Amazing work guys
Cbdc Europe be in apple pay
Only 2 cons and both of them are "yeah, we really need that", but everything else is the same what we have now. Nothing new. Actually the first DRAFT of the CBDC was much more interesting and system changing. This is just like ....changing NIKE to ADIDAS.
How to teach a 90 year old to a digital wallet?
If this is the biggest issue with your 90 year old beloved one, you are both very, very lucky…
“And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.”
- Revelation 13:17
that "number of his name" parts is scary as f. having all that surrounds us looks like a prophesy
@@itsunoshiyuga Prepare for the Messiah's return. You'll be of good cheer, not fearful at all.
COVID shots were a test run for when the real Mark of the Beast is rolled out
@@worldwanderer91 What evidence do you have for that hypothesis?
11:53 try to not laught! :D
Would an electromagnetic pulse put you at risk of losing your electric money?
would a fire put you at risk of losing your cash money?
This wouldn't happen with gold. They may not have the same shape, but you'd still find a chunk of gold there.
But would you lose all your money if gold would not be accepted as currency for burgers anymore?
After all, a man can't survive off gold.
@@nydydn EMP is a bit of a different scale thing to a housefire. Nuclear EMP weapons devastate entire cities.
Progress.
The beginning of the end
It's hard to listen to Josh, is he on drugs 😂
lol it's like wechat but westernized version
Seem blike the easy answer is to make all the banks accept each othes codes
It wouldn't be enough, You would also need porting, which I suppose could ultimately be implemented as well, but another key difference, that was not mentioned in the video is that CBDC is like having a free basic bank account.
I've always been annoyed at the fact that I can only get my salary in a bank account, and the bank takes out of it whatever they feel it's fair. It's indeed a somewhat small amount, but damn it, it's my money and I should be the one that chooses to spend it, not someone else, and especially not someone else who isn't the government, but a private entity.
@@nydydn it wouldn't be free. Someone would have to pay for it all. There are some major possible downsides with only minor improvements over making the banks play nice with each other
CBDC's are just copies of Cryptocurrencies but with the government in charge. If they wanted the features without the control, they could choose one or support the creation of a new independent one to their specifications. A provably independent digital currency would be extraordinarily popular. Instead they choose total control for themselves while claiming that they will not abuse that power. I wonder why that could be. Also, eliminating cash would be as simple as making it harder to convert cash to CBDC (maybe this cash is money laundering) and reducing the new print of new cash (since no one but criminals uses it anyway). US paper notes last less than 10 years before being destroyed. Only need 10 years to make cash go away without lifting a finger.
Unfortunately, monetary control is a very powerful tool that can be used for a lot of good just as it can be abused and harm the economy. An independent digital currency would be the equivalent of going back to the gold standard.
19:16 This now becomes another myth. Europe did not buy "almost all" gas from Russia. It was around 35% of the gas. And as was so clearly demonstrated, it was actually Russia that was more dependent on Europe in this regard as Europe was responsible for 85% of their gas exports. Now Russian gas revenues have plummeted and recent articles suggest that Gazprom might have to be subsidized in the future. Russia now has to draw down it's wealth fund to cover the budget deficit.
Btw, if we wanted to eliminate all dependencies out of the global economy we would have to go back to the stone age.
And it is also wrong that there are no indigenous digital payment system, they are just national and not yet widespread. Also all these companies might be foreign owned but the domestic subsidiaries are tightly regulated and the clearing is domestic as well. Additionally, any country that would be stupid enough to try to cut off European digital transactions would find themselves in trouble because Europe would cut them off from SWIFT. Generally, credit cards are an outdated concept and won't last. So it is right for the ECB to pursue this strategy.
If all that is necessary to make it unsafe is a change in laws, the system is unsafe. How does CBDC protect the citizen from the government, national or federal?
Eurozone has 20 members. You need an agreement of 20 national governments…
but the current system can be made "unsafe" with a change of law. The government can always just issue new currency making the old one irrelevant. How does cash protect the citizen from the government?
And the CBDCs are euros. What federal government are you even talking about?
Nah fuck this!
this is stupid, we have paypal venmo and debit cards and online banks. there is worthless activity.
The big blonde gentleman, who wants to make America great again, threatened to cut EU off US payment schemes during his last term. No VISA, no MC, mo PayPal, no Google/ApplePay. As he has a good chance to be elected again, we will see digital euro sooner than later…
They want to implement this exactly for that reason, they don’t want people to depend on 3rd party companies for payments.
As a small shop owner debit cards cost me just over 3,000 euro each year in transaction costs. I love my job, and work 46 hours a week with no complaint. But I do hate that debit card addicts mean I lose 1.5 month's worth of wages, which go to bank shareholders instead.
If debit card users are going to make me an unofficial money maker for the bank, then I prefer screwing the banks over and putting in a digital euro.
great news for bitcoin, it will teach people how to manage digital currency so that they can move their savings from the system to bitcoin
Most money is digital anyway.
In China, it is already a reality since long ago.
I think I'm good, I'm having a hard time stomaching the fact that my employer is literally not allowed to pay me directly but HAS to go through a bank. Kind of starting to understand why so much of the incredibly wealthy keep their money stored in art and other valuables...
On the topic of making international transactions easier I pretty much involuntarily pay my bank every month in maintenance fees, and my cards work internationally as is. Quite frankly, couldn't care less how much of an issue keeping it all running it is for them, hell if I receive a business transaction from abroad they'll take like 6% on the merit of their BS exchange rate alone, + the actual processing fees... yeah I'm good... fuck em.
Interesting. My post has been deleted. Repeatedly
Must be because I disagree with the I M F ... and because YT's algorithm is heavily moderating the comment section.
Noooo ! They make it look attractive at 1st but since it’s so centralized and gov controlled they can change the way it works at any moment
I still pay cash makes me more in control how much i spend money
Germany is a long way from geting rid od cash . More advanced in this mather is poland and romania .
We should oppose CBDC implementation. Cash is freedom. CBDC is prison.
Why is it prison? It is the same money, just not printed.
I don't want to argue or anything, I am really curious, what it is, what makes you feel that way.
Money is more anonymous
Digital euro is to track, more data can be harvested about a individual.
Digital Euro is easy to track
All of the downsides to CBDC already apply to credit/debit cards and bank accounts. I.E they can track and block payments, they can set funds expiration, dates etc. This is all nonsense fear mongering by luddites
I personally want digital only and have been thinking about for around 10 years. I lived in Denmark and now live in Japan where cash is very prevalent. The overhead generated by cash is high in many layers in life. Also in Denmark cash was only used to dodge tax and sell drugs. It's like monitoring content on UA-cam. I prefer a layer of control even though it is technically limiting freedom.
This sounds like some total bullshit.
There’s lots of restrictions on how you can use physical money aka cash and those where added little by little in the legislation of most European countries (maybe all but I just talk about the ones where I’ve lived in). WTF you mean they won’t do programmable money?
Are you really that naive or you’re just straight up lying?
*Digital Euro enables the decommissioning of southern debt on the ECB balance sheet* The rabbit of a central bank digital currency withdraws up to 4,000 billion in excess liquidity from the banks and *legitimizes a permanent extension of the ECB balance sheet.* This “rabbit out of the hat” creates the space to make the Südland debt interest-free and repayment-free on the ECB balance sheet. In order for the euro to become premium, all southern countries with a haircut will receive their own currencies back purely digitally, parallel to the euro, as common cash and book money.
As soon as the last Northland bond has been sold for a Southland bond under TPI, the changeover occurs.
The northern countries will keep the euro and will not get a haircut from the ECB. The result of the whole campaign is that the debt ratio of every euro country is again around 60% of GDP. We are then back in the EWS/ECU, but with the euro instead of the dear DM.
USD/EUR then again at 1.30 instead of 1.05.
I have no idea what's coming, but that would be my preferred solution.
In US all that is already exist on my phone.
I live in a county where she also tried to implement CBDC, we're not there yet but the cashless society is already here. When the central bank setup a bank transfer protocol that virtually eliminate fee and bank account is tied to a phone number (can change and switch anytime) COVID hit, cash was discourage and many places never went back to accept cash, it's great. And many people realise cost of cash processing for business is a lot, it's not just convenience.
I like credit cards. I get at least 2% cashback. Why would I want to go to 0%?
There are differences between credit and currency. Currency can do more than credit.
This is why I prefer digital euro's. I'm a small shop owner/worker. That 2% cashbank is a 2% cut off my margins.
I'm not inside the EU, but it does sound like any meaningful advantage over the way I've lived for decades. I almost never use cash and pay how and when I want.
Yeah but your bank account can be blocked. And you can be withheld from your own money in a way that you probably would even know about
If you have a bank and a bank card yea it's useful but we are talking about a falling economy of a continent.
With more power in their hands they will do more money grabbing to stay in power.
Only a 5-years-old believes this
Wow how much did it cost for you to sell out? Never thought you’d be a mouthpiece for ELITIST CONTROL. What you need to know is once it’s digital everything they promised won’t matter. Well there we are then
Don't cry people. Both are good . Cash and CBDC. Why not to start something new.
Fail.
First
This is an awful idea
My opinion. Goodmorning EuroChina
I’m sorry to say to the representative of this video, you talk nonsense and rubbish and out of ignorance. ANSI Russian federation has not at all threaten or blackmail the European Union. It’s the European Union who decided not to get the Russian gas instead of paying four times a price to buy the gas from the rubbish United States of America and you know it so don’t give wrong information and don’t mix politics on economics in this particular program that you presented although it’s all about Tax evasion in the EU member general, that’s the reason why mainly, which is this gentleman that you host is not explaining it’s all about controlling the money and who is money laundering et cetera…. Try to be honest
Russia threatened multiple times to cut gas, which is what it's stated. Yes, the European Union decided to stop buying gas, because it was not worth it to live under constant threat. It is not stated in the video that Russia stopped the gas, but as you also state it, that it has threatened to do so. It seems like you are talking nonsense out of ignorance.