{"id":86356,"date":"2024-02-13T16:00:15","date_gmt":"2024-02-14T00:00:15","guid":{"rendered":"https:\/\/www.cogwriter.com\/news\/?p=86356"},"modified":"2024-02-13T11:00:25","modified_gmt":"2024-02-13T19:00:25","slug":"euronews-raises-valid-concerns-about-a-digital-euro-but-666-will-still-happen","status":"publish","type":"post","link":"https:\/\/www.cogwriter.com\/news\/prophecy\/euronews-raises-valid-concerns-about-a-digital-euro-but-666-will-still-happen\/","title":{"rendered":"EuroNews raises valid concerns about a digital euro, but 666 will still happen"},"content":{"rendered":"

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COGwriter<\/a><\/p>\n

Euronews reported the following:<\/p>\n

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Euroviews. <\/span> We deserve better than the digital euro<\/h2>\n

13 February 2024<\/p>\n

Even if the digital euro began as an exploration into solving financial system friction and not just a way to outmanoeuvre the expansion of EU stablecoins, it now can evolve into something far worse, Marc Taverner writes.<\/strong><\/p>\n

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The unethical and unchecked use of artificial intelligence is the threat du jour, both for those working to preserve personal freedoms and companies seeking to secure their market competitiveness.\u00a0 …<\/p>\n

The ECB was slow to develop the digital euro. The digital euro has been in development since 2020.<\/p>\n

Originally planned to preserve the role of central banks in the supply of money, it was an apparent response to the explosion of digital currencies outside of state control.<\/p>\n

Unfortunately for those operating within and with the EU, it is now entering its “preparation phase” just as artificial intelligence arrives. …<\/p>\n

The convergence of these technologies means the digital euro can be the arbiter of all exchange within and with the EU.<\/p>\n

It will do so by using AI to exploit financial data and financial access to first analyse, then affect, the financial activities of EU residents, citizens, companies and trading partners.<\/p>\n

It is time to be concerned. …<\/p>\n

Currently, the ECB cannot control what a commercial, private bank allows its customers to spend money on \u2014 aside from sanctioned activities \u2014 and the data available to them from which to make policy decisions is limited.<\/p>\n

Any attempt to change this status quo would require a legacy digital transformation of the highest order. The cost of this, much less the cost of the public outrage, made this a non-starter.<\/p>\n

The digital euro fixes these issues immediately for the ECB and its member states. Over the past years, I have been privy to meetings in Brussels where the digital euro was excitedly mentioned as the solution for auto-collecting taxes, distributing social security payments, and even “ensuring state financial support is used on the right purchases.” https:\/\/www.euronews.com\/business\/2024\/02\/13\/we-deserve-better-than-the-digital-euro<\/a><\/p>\n<\/div>\n<\/blockquote>\n

Notice that the above article stated that the inability to control other digital currencies is one of the reasons for the development of some type of digital euro.<\/p>\n

The reality is that many European Union leaders want a digital euro, and have taken steps to do so (e.g. see \u2018EU Advances Controversial Digital Euro Project Amid Privacy and Power Grab Concerns\u2019<\/a>). Wikipedia has the following:<\/p>\n

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A Digital Euro<\/b>, is the project of the European Central Bank<\/a> (ECB), decided in July 2021, for the possible introduction of a central bank digital currency<\/a> (CBDC). The aim is to develop a fast and secure electronic payment instrument<\/a> that would complement the Euro<\/a> for individuals and businesses in its existing form as cash<\/a> and in bank accounts<\/a>, and would be issued by the European System of Central Banks<\/a> of the Eurozone<\/a>.[1]<\/a><\/sup>[2]<\/a><\/sup>[3]<\/a><\/sup><\/div>\n<\/div>\n
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After concluding a two-year investigation into the design and distribution models for a digital euro, the ECB decided on October 18, 2023 to enter the preparation phase, which involves tasks such as finalizing the rulebook and selecting providers to develop the required platform and infrastructure, setting the stage for the potential issuance of a digital euro.[4] …<\/a><\/sup><\/p>\n

Criticism and risks of the digital euro<\/span><\/h2>\n