this post was submitted on 10 Apr 2025
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The Digital Euro: Decoupling from PayPal, VISA & Mastercard (www.ecuradio.eu)
submitted 4 days ago by [email protected] to c/[email protected]
31 comments fedilink hide all child comments
 

From the 7th of April to the 9th, the European Central Bank spoke extensively about the Digital Euro, expressing hope about its potential and publishing an update of its rulebook. Its President, Christine Lagarde, also called for it, wishing to end European reliance on international payment solutions providers such as VISA, Mastercard, PayPal, Stripe and others.

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[โ€“] [email protected] 0 points 2 days ago

It sure does! Except that's not what this will be. It's what cryptocurrency should be, and how digital money should work, but it's not that simple.

Payment processors don't just magically take fees, they also verify and register transactions; something that will still need to be done even with cryptocurrency.

When Steam implemented cryptocurrency, they used a third party to do it. When El Salvador adopted Bitcoin nation-wide, it used a system of payment processors for most payments. Payment processors exist because having your local bank integrate directly with the payment ecosystem is not practical.

I can wire transfer money to banks for free already. The reason my grocery store isn't letting me pay that way is because they don't want to integrate with the bank directly. Better to pay a decimal point of a percentage on the transaction than to deal with all that crap.

The promise of the digital euro is "now the banks can't screw you over", but that promise is made by the people regulating the banks. This is just a bank account with the ECB, but with a ton of overhead and false promises (like promising "privacy" in a permanent ledger and accounts tied to names, lol) on top.

Out of all the cryptocurrencies, I do think one led by the ECB would be the best one, but it's still a solution looking for a problem. Now, they've tied the very necessary removal of European dependence on American payment processing standards to this project. When the crypto-euro fails or doesn't get taken up, we're stuck with VISA/Mastercard for yet another decade.