EU Exec Renews Push For Digital Euro To Counter US Stablecoin Growth
(www.zerohedge.com)
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No CBDC... anywhere. Ever.
The European Central Bank is intensifying its warnings over stablecoin adoption, with one of its top officials calling for a digital euro to curb the influence of US dollar-pegged stablecoins across the continent.
ECB executive board member Piero Cipollone has penned another article highlighting concerns over the growing popularity of US dollar stablecoins, arguing that launching a central bank digital currency (CBDC) could help preserve the eurozone’s monetary sovereignty.
A potential digital euro “would limit the potential for foreign currency stablecoins to become a common medium of exchange within the euro area,” Cipollone wrote in a statement published April 8 Source: zerohedge.com
It is worse than that.
Market share
The real driver is the fact of market share. There is cash, there is electronic/digital money.
Cash is made by the ECB, electronic is made by the commercial banks. So, who benefits?
However, when the ECB creates a Euro coin/ note, it is required to take on a debt note to square the books. So, there is a lot of money to be made.
The market of money creation in Europe yields around 1% of GDP. In majority Banks have it. Now the ECB wants some market share back.
Access and use
There are basically two options. First one is to allow for the creation of accounts based on a seed phrase, like with regular crypto coin/blockchain accounts. Even though the transaction might be transparent, anybody could make an account at will, move funds around. It could be tied to the regular number each citizen has as a government client number.
A second option is to require all citizens in Europe to acquire a digital passport, tied to healthcare files, tied to the new CBDC account, where all transactions are made visible and searcheable to the .gov enforcement of the rules.
For citizens in the EU, there is no advantage at all. But, for .gov and the ECB the windfalls are great. First, they control everything. Second, they take a lot of money from it, and third: unlimited creation of bonds for which the EU population has to make good for.
decision
No single EU member state has anything to say about the shape in which the EURO appears. That is solely a matter of the ECB. So, technically, ECB can simply state: as of today: here is the digital EURO, and after next month there will be no new coins and banknotes.
Introduction
Given the current climate, it is foreseeable that the introduction will not be accompanied by the CBDC being programmable.
However, since it can, and given history as a guide, the possibility of it will be used if push comes to shove, either by an externally or internally created fake crisis.
AIM
the real aim of this is to create statehood for the EU by creating this bond between countries by strechting the meaning of helping eachother out in case of force majeur (natural disasters/ Acts of God), in which case Force Majeur is propagandized as another existential EU wide crisis:
Of course, there are some other treaties bearing down on this, and why the EU countries are very willing to go along with it. The EMS treaty, which is usually a matter of concern in Germany, stipulates that debts may not account for more than 60% of nett domestic product, and deficits no more than 3%.
Germany and France broke the treaty when the ink was not even dry. But apart from that, what most people do not talk about is an organization that is both extra-territorial and extra-judicial. This organization has the right to demand of ANY member state the payment of ANY amount, and that member state MUST pay it within 7 days.
In effect, the transfer UNION is already there, but not effectuated in a clear treaty. SO, on the one hand, they made the treaty of Lisbon to prevent the creation of a transfer union, but on the other hand created a mechanism by which transfers can be made.
The nett effect is, that the EU peoples have been deceived, but the financial system called a transfer union in deed exists.
The nexts steps are to create a EU army and the funding for it, and continued dressing off of the veto potential of individual member states.