World, As Seen from the most beautiful islands: Ireland and Cyprus

Digital euro is on the horizon: what to expect and what’s the difference


The days when we only paid in cash are decades behind us. Pins and digital payments are the most common thing in the world.

1. What is the digital euro?

For now, nothing concrete, because he does not exist yet. But we all know Cash; coins, notes. This is public money, issued by the national banks. But all your money in the bank is in private hands. The digital euro comes in addition to what you already know, it is a new means of payment.

It can be compared to bitcoin. But then a kind of bitcoin that is guaranteed by the European Central Bank (ECB). The bitcoin is what a fool gives for it and as long as people believe in it it has a value, but a digital euro is also really worth a euro and thus guaranteed by the ECB.

There is also a bit behind it: a lot of people are in cryptos, which is very unsafe, so the idea with central banks is to develop a safe variant.

2. Why do we need the digital euro?

You can say:’ I have absolutely no problem paying now, you can pay with your phone or your pass contactless, so why should I pay with a digital euro?” I don’t know if it meets a requirement, but you can say that this is the new cash money, which people use less.”

And it’s public money, so the value is guaranteed. And that’s actually why cryptos have arrived, because if your bank collapses and a bankruptcy occurs, you can still be sure that you have cash or digital euros.”

3. What are the objections to the digital euro?

Digital coins are basically just a piece of software that is programmed. Then you come to the fear that, if you have to open an account with the ECB, they can see what you are doing.

That’s a big fear of people, whether it’s going to be anonymous. With cash money you can do all kinds of fun things, also illegal and black. That is also behind the idea of developing a digital currency. Southern countries in Europe that think: Wait a minute, if we have less cash going around in the economy, and more via the digital euro, it will be easier to tax.

4. Will I be required to use the digital euro?

No, it is not mandatory and cash money remains, they say. That is now guaranteed.

5. When can I open a digital euro account?

Not for now. They all have yet to design it, but it’s something to keep an eye on.

Written by: Liam O'Reilly

Liam O'Reilly is the founder of the publication, a former analyst at a major reputation agency in the UK, who chose Cyprus as his home.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

From Trinity st. to Limassol, Cyprus

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