Bye bye Visa, Mastercard, Paypal, and many others. They can go and play "America First". We'll have our own independent system by november 2025.
this post was submitted on 10 Apr 2025
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Not all your money. Most people have more than 1 bank account. So this won’t change that. Also SWIFT transfers also include international transfers, and most people aren’t doing that outside of rare instances. Digital currency is only within EU regions, so this solution won’t affect non EU transfers. As OP said the goal is to reduce commissions to Visa and Mastercard.
That's the western EU you are talking about. The average amount of bank accounts in Italy, Romania, Hungary is actually less than one, as in not everyone even has a bank account. A collapse of the Italian banking sector would still cause an EU-wide problem.
And the question is how much money will stay with commercial banks. If close to 100%, then the whole initiative is pointless since nobody uses it. If it's less than 50%, then that means that 50% of the money in the commercial banking system is gone.
I wonder how that would even work, since the CDBC should be fungible with the Euro. Does that mean I would not be able to pay someone in Albania in dEuros, only in physical Euros?
Even so, my point is that there is no point in creating another European payment system besides SWIFT, and if the new accounts could do SWIFT, then they can do most everything and they won't be limited to Europe. And even if they are, I imagine most payments - like 98%+ - of Europeans are within Europe anyway.