Digital Euro – Can you touch it?

Everyone appears to be getting their underwear in a bunch over the idea of digital currencies. Sure, cryptocurrencies are cool, and they work well, but all this talk of a digital Euro or a digital Dollar seems like pointless noise.

In the end, what’s the difference between a new digital Euro and a plain old regular Euro? I’ll tell you.

It’s Virtual – Can’t touch it!

As it stands, the current Euro is both digital and physical. The idea of creating an entirely new currency and calling it a digital Euro is just beyond madness. A digital Euro already exists; people don’t seem to get it. The digital Euro is already in your bank account, and you can already spend it all around the world using your bank-issued debit card. You can even use this digital Euro to top up other apps, such as Revolut, and use the digital Euro there.

When you do things like this, do you think your bank sends a bunch of paper money to another bank or application? No. It just sends digital Euros between banks. What Christine Lagarde means by creating a digital Euro is trying to find out whether Europe is ready to say bye, bye to cash.

She wants to create a cashless society, but the ECB weighs the pros and cons of cutting cash from Europe. Virtually everyone has a bank account and a linked card, and if not, you can create them for free with these new digital banks. Aside from companies looking to evade tax and cook their books in the most rudimentary way, businesses don’t accept cards?

Farewell Paper Money…

The digital Euro is here. It already exists. The ECB merely is hinting that it removes paper money from the system. This could be great for Europe and the rainforests which we chop down to make the paper. Most importantly, it’s strangely exciting for the prosperity of society.

Picture a world where you get to the till, and the cashier doesn’t say, “sorry, we don’t accept cards” or “you have to spend at least €15 to use your card here”. Wouldn’t that be marvelous? A society where every store has the power to accept electronic payments with ease and no stubbornly high fees from banks to process the payment.

It’s Coming

This is how Europe is going, and Christine Lagarde makes sure that it occurs during her occupancy. So, get on board with the fact that the digital Euro is already here and start kissing goodbye to dirty paper money and coins. Seriously, why do you want a bit of paper that’s been who knows where?

Leave a Comment

Leave a Reply