The growing tendency of the use of Digital payments that have foreign intermediaries in an uncertainty environment has put on the table the digital euro driven by the European Central Bank (ECB). However, what is launched as an unpublished solution that will protect before geopolitical risks, reinforcing the Strategic autonomy and the monetary sovereignty From the Eurozone, he raises critical voices that warn about possible risks.
The digital euro is raised as the Electronic cash equivalent which will allow to operate throughout the euro zone (both in physical and ‘online’ and interpersonal) with the clear advantage that, in the face of private alternatives that do not cover the entire territory, these charges and payments without internet access can also be made. In addition to offering a more independent system before the commercial war initiated from the other side of the Atlantic.
However, that possibility of carrying out ‘offline’ transactions and the opportunity to gain independence and cohesion in the Eurozone They are not enough advantages to convince all the edges of this project to all political and economic actors.
Caution before innovation
European Parliament sources that are carried out by the negotiation call caution against the innovation of the digital euro, an alternative that does not have historical background and whose result could be serious in case the anticipation was not correct. The creation of a Digital Public Purses It puts on the table the risk of massive outputs of traditional banking, which threatens financial stability.
A possibility that, as they consider, is not mitigated with an established limit to keep in that purse, as collected by the project. “The amount of digital euros that users could maintain in their wallets would be limited. This would ensure that the digital euro is a safe value deposit, similar to cash, which would preserve the stability of our Financial system and would avoid leaks of bank deposits, even in times of crisis, ”says the ECB.
For the sources consulted, this is not only a risk that will run before possible moments of crisis, but it is a possibility that threatens the effects that the simple absorption of a new payment method may have, which, in addition, must comply with constant updates to follow the rhythm of technological advance. These changes do not combine with the legislative terms in Europe, which could collide with the immediacy expected of the project.
Incentive for the development of private alternatives
However, for those who are reluctant to the implementation of the digital euro, the BCE initiative seems to have motivated the European private sector companies To reach an agreement to offer a common system in the Eurozone. Although the proposal already existed, in the last period the European banking sector has accelerated its attempt to group the services that allow immediate transactions in each country, as competition to the US offer, which dominates the market in Europe.
Along these lines, some actors bet on giving time and space to the private sector to dodge the risk of an innovative public systemwhich, according to parliamentary sources that participate in the negotiation, should be maintained in the background, as a “plan B”. In the event that this solution must be resorted to, the strength of the ‘offline’ service, which could restrict the use of this digital purse as a value deposit.
Now, the digital euro project is waiting for legislative development, in Preparation phasewhich, according to anticipates the ECB will remain until November of this year. However, despite the pre -established dates for this second phase in which the proposal is located, the landing could take more than anticipated the waiting to conclude the normative process.
