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Joined 1 year ago
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Cake day: June 14th, 2023

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  • Yes, bank accounts are still (only) bank accounts, which they have been for centuries with only cash (coins or banknotes) and paper-based accounting. Isn’t this the point? If the digital euro is to be a digital analogue for cash, surely one would expect it to play the same role as cash, which isn’t the form to store your entire wealth and belonging, but to serve as an easily tradeable and transportable form of money. The ECB doesn’t want to provide and manage bank accounts, or rather no central bank does as it’s simply not what banking has always been, it’s always been a private endeavour.

    I think the digital convenience of “anonymous” payments is real, and also that the ECB wanting to implement the digital euro as an online e-commerce compatible system from the beginning, directly challenging various different payment circuits with a single universal one, is also a significant development.


  • At the moment the idea that I have understood reading the various documents and interviews is that the digital euro wallets will not be a sort of bank account managed by the ECB, but they will be managed by the private banks (with similar guarantees for banking inclusion as existing bank accounts) and will be interoperable in order to use the common ECB-backed digital euro.

    Therefore you still have the banks managing the infrastructure; also to convince the banks to adhere and not to completely destroy the existing electronic payment circuits there is a proposal to have a limit on the maximum transaction amount.










  • The centre-left parties in Italy have been pushing for a minimum wage law since the early spring, when the biggest party (PD) finished its congress and a new direction was elected. The right wing majority has now voted to delay any kind of discussion on the law proposal for two months, and the right wing minister for external affairs has gone on record saying things like “minimum wage is a Soviet measure” and “we need a rich wage, not minimum wage”.