{"id":5442,"date":"2020-10-06T09:41:55","date_gmt":"2020-10-06T07:41:55","guid":{"rendered":"https:\/\/equinoxgroup.eu\/?p=5442"},"modified":"2022-11-10T17:52:57","modified_gmt":"2022-11-10T16:52:57","slug":"digital-euro-cbdc-a-major-revolution","status":"publish","type":"post","link":"https:\/\/equinoxgroup.eu\/digital-euro-cbdc-a-major-revolution\/","title":{"rendered":"Is a Silent Revolution in  Commercial Banking on the Way through the Digital Euro?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row css=&#8221;.vc_custom_1668084966653{margin-top: -380px !important;}&#8221;][vc_column][vc_row_inner][vc_column_inner][vc_column_text css=&#8221;.vc_custom_1667765069320{padding-top: -200px !important;}&#8221;]<span data-offset-key=\"fomub-22-0\">What<\/span><span data-offset-key=\"fomub-23-0\"> is<\/span><span data-offset-key=\"fomub-24-0\"> the<\/span><span data-offset-key=\"fomub-25-0\"> digital<\/span><span data-offset-key=\"fomub-26-0\"> Euro<\/span><span data-offset-key=\"fomub-27-0\">?<\/span> <span data-offset-key=\"fomub-30-0\">The<\/span><span data-offset-key=\"fomub-31-0\"> digital<\/span><span data-offset-key=\"fomub-32-0\"> Euro<\/span><span data-offset-key=\"fomub-33-0\"> is<\/span><span data-offset-key=\"fomub-34-0\"> a<\/span><span data-offset-key=\"fomub-35-0\"> proposed<\/span><span data-offset-key=\"fomub-36-0\"> central<\/span><span data-offset-key=\"fomub-37-0\"> bank<\/span><span data-offset-key=\"fomub-38-0\"> digital<\/span><span data-offset-key=\"fomub-39-0\"> currency<\/span><span data-offset-key=\"fomub-40-0\"> (<\/span><span data-offset-key=\"fomub-41-0\">CB<\/span><span data-offset-key=\"fomub-42-0\">DC<\/span><span data-offset-key=\"fomub-43-0\">)<\/span><span data-offset-key=\"fomub-44-0\"> that<\/span><span data-offset-key=\"fomub-45-0\"> would<\/span><span data-offset-key=\"fomub-46-0\"> be<\/span><span data-offset-key=\"fomub-47-0\"> issued<\/span><span data-offset-key=\"fomub-48-0\"> by<\/span><span data-offset-key=\"fomub-49-0\"> the<\/span><span data-offset-key=\"fomub-50-0\"> European<\/span><span data-offset-key=\"fomub-51-0\"> Central<\/span><span data-offset-key=\"fomub-52-0\"> Bank<\/span><span data-offset-key=\"fomub-53-0\"> (<\/span><span data-offset-key=\"fomub-54-0\">EC<\/span><span data-offset-key=\"fomub-55-0\">B<\/span><span data-offset-key=\"fomub-56-0\">).<\/span><span data-offset-key=\"fomub-57-0\"> It<\/span><span data-offset-key=\"fomub-58-0\"> is<\/span><span data-offset-key=\"fomub-59-0\"> intended<\/span><span data-offset-key=\"fomub-60-0\"> to<\/span><span data-offset-key=\"fomub-61-0\"> complement<\/span><span data-offset-key=\"fomub-62-0\">,<\/span><span data-offset-key=\"fomub-63-0\"> not<\/span><span data-offset-key=\"fomub-64-0\"> replace<\/span><span data-offset-key=\"fomub-65-0\">,<\/span><span data-offset-key=\"fomub-66-0\"> cash<\/span><span data-offset-key=\"fomub-67-0\"> and<\/span><span data-offset-key=\"fomub-68-0\"> coins<\/span><span data-offset-key=\"fomub-69-0\">.<\/span><span data-offset-key=\"fomub-70-0\"> The<\/span><span data-offset-key=\"fomub-71-0\"> digital<\/span><span data-offset-key=\"fomub-72-0\"> Euro<\/span><span data-offset-key=\"fomub-73-0\"> would<\/span><span data-offset-key=\"fomub-74-0\"> be<\/span><span data-offset-key=\"fomub-75-0\"> available<\/span><span data-offset-key=\"fomub-76-0\"> to<\/span><span data-offset-key=\"fomub-77-0\"> all<\/span><span data-offset-key=\"fomub-78-0\"> citizens<\/span><span data-offset-key=\"fomub-79-0\"> and<\/span><span data-offset-key=\"fomub-80-0\"> businesses<\/span><span data-offset-key=\"fomub-81-0\"> in<\/span><span data-offset-key=\"fomub-82-0\"> the<\/span><span data-offset-key=\"fomub-83-0\"> European<\/span><span data-offset-key=\"fomub-84-0\"> Union<\/span><span data-offset-key=\"fomub-85-0\"> (<\/span><span data-offset-key=\"fomub-86-0\">EU<\/span><span data-offset-key=\"fomub-87-0\">).<\/span> <span data-offset-key=\"fomub-90-0\">What<\/span><span data-offset-key=\"fomub-91-0\"> are<\/span><span data-offset-key=\"fomub-92-0\"> the<\/span><span data-offset-key=\"fomub-93-0\"> benefits<\/span><span data-offset-key=\"fomub-94-0\"> of<\/span><span data-offset-key=\"fomub-95-0\"> a<\/span><span data-offset-key=\"fomub-96-0\"> digital<\/span><span data-offset-key=\"fomub-97-0\"> Euro<\/span><span data-offset-key=\"fomub-98-0\">?<\/span> <span data-offset-key=\"fomub-101-0\">A<\/span><span data-offset-key=\"fomub-102-0\"> digital<\/span><span data-offset-key=\"fomub-103-0\"> Euro<\/span><span data-offset-key=\"fomub-104-0\"> would<\/span><span data-offset-key=\"fomub-105-0\"> offer<\/span><span data-offset-key=\"fomub-106-0\"> many<\/span><span data-offset-key=\"fomub-107-0\"> benefits<\/span><span data-offset-key=\"fomub-108-0\">.<\/span><span data-offset-key=\"fomub-109-0\"> For<\/span><span data-offset-key=\"fomub-110-0\"> citizens<\/span><span data-offset-key=\"fomub-111-0\">,<\/span><span data-offset-key=\"fomub-112-0\"> it<\/span><span data-offset-key=\"fomub-113-0\"> would<\/span><span data-offset-key=\"fomub-114-0\"> provide<\/span><span data-offset-key=\"fomub-115-0\"> an<\/span><span data-offset-key=\"fomub-116-0\"> easy<\/span><span data-offset-key=\"fomub-117-0\"> and<\/span><span data-offset-key=\"fomub-118-0\"> convenient<\/span><span data-offset-key=\"fomub-119-0\"> way<\/span><span data-offset-key=\"fomub-120-0\"> to<\/span><span data-offset-key=\"fomub-121-0\"> make<\/span><span data-offset-key=\"fomub-122-0\"> payments<\/span><span data-offset-key=\"fomub-123-0\">.<\/span><span data-offset-key=\"fomub-124-0\"> For<\/span><span data-offset-key=\"fomub-125-0\"> businesses<\/span><span data-offset-key=\"fomub-126-0\">,<\/span><span data-offset-key=\"fomub-127-0\"> it<\/span><span data-offset-key=\"fomub-128-0\"> would<\/span><span data-offset-key=\"fomub-129-0\"> reduce<\/span><span data-offset-key=\"fomub-130-0\"> costs<\/span><span data-offset-key=\"fomub-131-0\"> associated<\/span><span data-offset-key=\"fomub-132-0\"> with<\/span><span data-offset-key=\"fomub-133-0\"> processing<\/span><span data-offset-key=\"fomub-134-0\"> payments<\/span><span data-offset-key=\"fomub-135-0\">.<\/span><span data-offset-key=\"fomub-136-0\"> For<\/span><span data-offset-key=\"fomub-137-0\"> the<\/span><span data-offset-key=\"fomub-138-0\"> ECB<\/span><span data-offset-key=\"fomub-139-0\">,<\/span><span data-offset-key=\"fomub-140-0\"> it<\/span><span data-offset-key=\"fomub-141-0\"> would<\/span><span data-offset-key=\"fomub-142-0\"> create<\/span><span data-offset-key=\"fomub-143-0\"> a<\/span><span data-offset-key=\"fomub-144-0\"> more<\/span><span data-offset-key=\"fomub-145-0\"> efficient<\/span><span data-offset-key=\"fomub-146-0\"> and<\/span><span data-offset-key=\"fomub-147-0\"> resilient<\/span><span data-offset-key=\"fomub-148-0\"> monetary<\/span><span data-offset-key=\"fomub-149-0\"> system<\/span><span data-offset-key=\"fomub-150-0\">.<\/span> <span data-offset-key=\"fomub-153-0\">What<\/span><span data-offset-key=\"fomub-154-0\"> are<\/span><span data-offset-key=\"fomub-155-0\"> the<\/span><span data-offset-key=\"fomub-156-0\"> risks<\/span><span data-offset-key=\"fomub-157-0\"> of<\/span><span data-offset-key=\"fomub-158-0\"> a<\/span><span data-offset-key=\"fomub-159-0\"> digital<\/span><span data-offset-key=\"fomub-160-0\"> Euro<\/span><span data-offset-key=\"fomub-161-0\">?<\/span> <span data-offset-key=\"fomub-164-0\">Like<\/span><span data-offset-key=\"fomub-165-0\"> any<\/span><span data-offset-key=\"fomub-166-0\"> new<\/span><span data-offset-key=\"fomub-167-0\"> technology<\/span><span data-offset-key=\"fomub-168-0\">,<\/span><span data-offset-key=\"fomub-169-0\"> there<\/span><span data-offset-key=\"fomub-170-0\"> are<\/span><span data-offset-key=\"fomub-171-0\"> risks<\/span><span data-offset-key=\"fomub-172-0\"> associated<\/span><span data-offset-key=\"fomub-173-0\"> with<\/span><span data-offset-key=\"fomub-174-0\"> a<\/span><span data-offset-key=\"fomub-175-0\"> digital<\/span><span data-offset-key=\"fomub-176-0\"> Euro<\/span><span data-offset-key=\"fomub-177-0\">.<\/span><span data-offset-key=\"fomub-178-0\"> These<\/span><span data-offset-key=\"fomub-179-0\"> include<\/span><span data-offset-key=\"fomub-180-0\"> cybersecurity<\/span><span data-offset-key=\"fomub-181-0\"> risks<\/span><span data-offset-key=\"fomub-182-0\">,<\/span><span data-offset-key=\"fomub-183-0\"> as<\/span><span data-offset-key=\"fomub-184-0\"> well<\/span><span data-offset-key=\"fomub-185-0\"> as<\/span><span data-offset-key=\"fomub-186-0\"> risks<\/span><span data-offset-key=\"fomub-187-0\"> to<\/span><span data-offset-key=\"fomub-188-0\"> financial<\/span><span data-offset-key=\"fomub-189-0\"> stability<\/span><span data-offset-key=\"fomub-190-0\"> if<\/span><span data-offset-key=\"fomub-191-0\"> private<\/span><span data-offset-key=\"fomub-192-0\"> sector<\/span><span data-offset-key=\"fomub-193-0\"> banks<\/span><span data-offset-key=\"fomub-194-0\"> were<\/span><span data-offset-key=\"fomub-195-0\"> to<\/span><span data-offset-key=\"fomub-196-0\"> adopt<\/span><span data-offset-key=\"fomub-197-0\"> similar<\/span><span data-offset-key=\"fomub-198-0\"> technologies<\/span><span data-offset-key=\"fomub-199-0\">.<\/span><span data-offset-key=\"fomub-200-0\"> However<\/span><span data-offset-key=\"fomub-201-0\">,<\/span><span data-offset-key=\"fomub-202-0\"> these<\/span><span data-offset-key=\"fomub-203-0\"> risks<\/span><span data-offset-key=\"fomub-204-0\"> can<\/span><span data-offset-key=\"fomub-205-0\"> be<\/span><span data-offset-key=\"fomub-206-0\"> mit<\/span><span data-offset-key=\"fomub-207-0\">igated<\/span><span data-offset-key=\"fomub-208-0\"> through<\/span><span data-offset-key=\"fomub-209-0\"> careful<\/span><span data-offset-key=\"fomub-210-0\"> design<\/span><span data-offset-key=\"fomub-211-0\"> and<\/span><span data-offset-key=\"fomub-212-0\"> implementation<\/span><span data-offset-key=\"fomub-213-0\"> of<\/span><span data-offset-key=\"fomub-214-0\"> the<\/span><span data-offset-key=\"fomub-215-0\"> digital<\/span><span data-offset-key=\"fomub-216-0\"> Euro<\/span><span data-offset-key=\"fomub-217-0\">.<\/span> <span data-offset-key=\"fomub-220-0\">What<\/span><span data-offset-key=\"fomub-221-0\"> is<\/span><span data-offset-key=\"fomub-222-0\"> the<\/span><span data-offset-key=\"fomub-223-0\"> status<\/span><span data-offset-key=\"fomub-224-0\"> of<\/span><span data-offset-key=\"fomub-225-0\"> the<\/span><span data-offset-key=\"fomub-226-0\"> digital<\/span><span data-offset-key=\"fomub-227-0\"> Euro<\/span><span data-offset-key=\"fomub-228-0\">?<\/span> <span data-offset-key=\"fomub-231-0\">The<\/span><span data-offset-key=\"fomub-232-0\"> ECB<\/span><span data-offset-key=\"fomub-233-0\"> is<\/span><span data-offset-key=\"fomub-234-0\"> currently<\/span><span data-offset-key=\"fomub-235-0\"> exploring<\/span><span data-offset-key=\"fomub-236-0\"> the<\/span><span data-offset-key=\"fomub-237-0\"> possibility<\/span><span data-offset-key=\"fomub-238-0\"> of<\/span><span data-offset-key=\"fomub-239-0\"> issuing<\/span><span data-offset-key=\"fomub-240-0\"> a<\/span><span data-offset-key=\"fomub-241-0\"> digital<\/span><span data-offset-key=\"fomub-242-0\"> Euro<\/span><span data-offset-key=\"fomub-243-0\">.<\/span><span data-offset-key=\"fomub-244-0\"> A<\/span><span data-offset-key=\"fomub-245-0\"> number<\/span><span data-offset-key=\"fomub-246-0\"> of<\/span><span data-offset-key=\"fomub-247-0\"> pilot<\/span><span data-offset-key=\"fomub-248-0\"> projects<\/span><span data-offset-key=\"fomub-249-0\"> are<\/span><span data-offset-key=\"fomub-250-0\"> underway<\/span><span data-offset-key=\"fomub-251-0\"> to<\/span><span data-offset-key=\"fomub-252-0\"> test<\/span><span data-offset-key=\"fomub-253-0\"> different<\/span><span data-offset-key=\"fomub-254-0\"> aspects<\/span><span data-offset-key=\"fomub-255-0\"> of<\/span><span data-offset-key=\"fomub-256-0\"> CB<\/span><span data-offset-key=\"fomub-257-0\">DC<\/span><span data-offset-key=\"fomub-258-0\">s<\/span><span data-offset-key=\"fomub-259-0\">.<\/span><span data-offset-key=\"fomub-260-0\"> No<\/span><span data-offset-key=\"fomub-261-0\"> decisions<\/span><span data-offset-key=\"fomub-262-0\"> have<\/span><span data-offset-key=\"fomub-263-0\"> been<\/span><span data-offset-key=\"fomub-264-0\"> made<\/span><span data-offset-key=\"fomub-265-0\"> yet<\/span><span data-offset-key=\"fomub-266-0\"> on<\/span><span data-offset-key=\"fomub-267-0\"> whether<\/span><span data-offset-key=\"fomub-268-0\"> or<\/span><span data-offset-key=\"fomub-269-0\"> not<\/span><span data-offset-key=\"fomub-270-0\"> to<\/span><span data-offset-key=\"fomub-271-0\"> issue<\/span><span data-offset-key=\"fomub-272-0\"> a<\/span><span data-offset-key=\"fomub-273-0\"> digital<\/span><span data-offset-key=\"fomub-274-0\"> Euro<\/span><span data-offset-key=\"fomub-275-0\">.<\/span>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row el_class=&#8221;vc_hidden-md vc_hidden-sm vc_hidden-xs&#8221;][vc_column][vc_empty_space height=&#8221;494px&#8221;][\/vc_column][\/vc_row][vc_row el_class=&#8221;vc_hidden-lg vc_hidden-sm vc_hidden-xs&#8221;][vc_column][vc_empty_space height=&#8221;440px&#8221;][\/vc_column][\/vc_row][vc_row el_class=&#8221;vc_hidden-lg vc_hidden-md vc_hidden-xs&#8221;][vc_column][vc_empty_space height=&#8221;470px&#8221;][\/vc_column][\/vc_row][vc_row el_class=&#8221;vc_hidden-lg vc_hidden-md vc_hidden-sm&#8221;][vc_column][vc_empty_space height=&#8221;260px&#8221;][\/vc_column][\/vc_row][vc_row bg_type=&#8221;image&#8221; parallax_style=&#8221;vcpb-vz-jquery&#8221; bg_image_new=&#8221;id^5538|url^https:\/\/equinoxgroup.eu\/wp-content\/uploads\/2020\/10\/Digital-Euro-Central-Bank-Digital-Currency.jpg|caption^Digital Euro Central Bank Digital Currency|alt^Digital Euro Central Bank Digital Currency|title^Digital Euro Central Bank Digital Currency|description^Digital Euro Central Bank Digital Currency&#8221; bg_image_repeat=&#8221;no-repeat&#8221; css=&#8221;.vc_custom_1667349448819{margin-top: -20px !important;}&#8221;][vc_column][vc_empty_space height=&#8221;380px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space height=&#8221;50px&#8221;][vc_custom_heading icon=&#8221;fas fa-retweet&#8221; text=&#8221;Is a Silent Revolution in Commercial Banking on the Way through the Digital Euro?&#8221; font_container=&#8221;tag:h1|font_size:32|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221; css_animation=&#8221;fadeInLeft&#8221;][vc_empty_space height=&#8221;20px&#8221;][\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1620565725690{margin-bottom: 20px !important;}&#8221;][vc_column offset=&#8221;vc_col-lg-9 vc_col-md-9&#8243; css=&#8221;.vc_custom_1452702342137{padding-right: 45px 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data-type=\"audio\" data-source=\"https:\/\/equinoxgroup.eu\/wp-content\/uploads\/2020\/10\/Is-A-Silent-Revolution-In-Commercial-Banking-On-The-Way-Through-The-Digital-Euro.mp3\" data-playfrom=\"off\"><div hidden class=\"feed-dzsap feed-artist-name\">Algorithmic BrAIn - Is A Silent Revolution In Commercial Banking On The Way Through The Digital Euro?<\/div><div hidden class=\"feed-dzsap feed-song-name\">Tired of Reading? Listen Instead!<\/div><div class=\"meta-artist track-meta-for-dzsap\"><span class=\"the-artist first-line\"><span class=\"first-line-label\" >Algorithmic BrAIn - Is A Silent Revolution In Commercial Banking On The Way Through The Digital Euro?<\/span><\/span><span class=\"the-name the-songname second-line\" >Tired of Reading? Listen Instead!<\/span><\/div><div class=\"menu-description\"><span class=\"the-artist\">Algorithmic BrAIn - Is A Silent Revolution In Commercial Banking On The Way Through The Digital Euro?<\/span><span class=\"the-name\">Tired of Reading? Listen Instead!<\/span><\/div><div hidden class=\"feed-dzsap feed-dzsap--extra-html feed-dzsap--extra-html--bottom-left \"><span class=\"btn-zoomsounds btn-like\"><span class=\"the-icon\"><svg xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.0\" width=\"15\" height=\"15\"  viewBox=\"0 0 645 700\" id=\"svg2\"> <defs id=\"defs4\" \/> <g id=\"layer1\"> <path d=\"M 297.29747,550.86823 C 283.52243,535.43191 249.1268,505.33855 220.86277,483.99412 C 137.11867,420.75228 125.72108,411.5999 91.719238,380.29088 C 29.03471,322.57071 2.413622,264.58086 2.5048478,185.95124 C 2.5493594,147.56739 5.1656152,132.77929 15.914734,110.15398 C 34.151433,71.768267 61.014996,43.244667 95.360052,25.799457 C 119.68545,13.443675 131.6827,7.9542046 172.30448,7.7296236 C 214.79777,7.4947896 223.74311,12.449347 248.73919,26.181459 C 279.1637,42.895777 310.47909,78.617167 316.95242,103.99205 L 320.95052,119.66445 L 330.81015,98.079942 C 386.52632,-23.892986 564.40851,-22.06811 626.31244,101.11153 C 645.95011,140.18758 648.10608,223.6247 630.69256,270.6244 C 607.97729,331.93377 565.31255,378.67493 466.68622,450.30098 C 402.0054,497.27462 328.80148,568.34684 323.70555,578.32901 C 317.79007,589.91654 323.42339,580.14491 297.29747,550.86823 z\" id=\"path2417\" style=\"\" \/> <g transform=\"translate(129.28571,-64.285714)\" id=\"g2221\" \/> <\/g> <\/svg><\/span><span class=\"the-label hide-on-active\">Like<\/span><span class=\"the-label show-on-active\">Liked<\/span><\/span><\/div><div hidden class=\"feed-dzsap feed-dzsap--extra-html\" data-playerid=\"5542\" style=\"opacity:0;\"><div class=\"dzsap-counter counter-hits\"><i class=\"fa fa-play\"><\/i><span class=\"the-number\">5<\/span><\/div><div class=\"dzsap-counter counter-likes\"><i class=\"fa fa-heart\"><\/i><span class=\"the-number\">5<\/span><\/div><\/div><\/div>[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243; css=&#8221;.vc_custom_1668099176144{margin-left: 40px !important;border-right-width: 10px !important;border-left-width: 10px !important;padding-top: 20px !important;padding-bottom: 20px !important;background: #153e4d url(https:\/\/equinoxgroup.eu\/wp-content\/uploads\/2021\/06\/Website-Narration.jpg?id=4189) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; offset=&#8221;vc_hidden-xs&#8221;][vc_custom_heading icon=&#8221;fas fa-assistive-listening-systems&#8221; icon_size=&#8221;36&#8243; stm_title_font_weight=&#8221;700&#8243; text=&#8221;&#8221; font_container=&#8221;tag:h2|font_size:36|text_align:left|color:%23153e4d|line_height:0.8&#8243; use_theme_fonts=&#8221;yes&#8221; css_animation=&#8221;none&#8221; subtitle=&#8221;Prefer to listen?&#8221; subtitle_color=&#8221;#ffffff&#8221;][vc_empty_space height=&#8221;20px&#8221;][vc_column_text]<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ffffff; font-size: 12pt; text-align: justify;\">If you prefer to listen to, instead of reading the text on this page, all you need to do is to put your device sound on, hit the play button on the left,\u00a0 sit back, relax and leave everything else to us.<\/span><\/p>\n<p>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;.vc_custom_1667383124334{margin-top: 32px !important;}&#8221;]<\/p>\n<p style=\"text-align: justify;\">On the second of\u00a0October 2020, the European Central Bank (ECB) issued a\u00a0<a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2020\/html\/ecb.pr201002~f90bfc94a8.en.html\">press release<\/a> that was not picked up by major news outlets, where it stated its intention to intensify its work on a digital euro.<\/p>\n<p style=\"text-align: justify;\">The ECB listed three scenarios under which it might want to go ahead with the issuance of a digital euro, namely:<\/p>\n<p style=\"text-align: justify;\">(i)\u00a0 \u00a0 \u00a0\u00a0\u201ca significant decline in the use of cash\u201d (we don\u2019t see this happening anytime soon unless transactions costs are significantly slashed, especially insofar as low-value transactions are concerned and minimum charges apply);<\/p>\n<p style=\"text-align: justify;\">(ii)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0\u201cthe launch of global private means of payment that might raise regulatory concerns and pose risks for financial stability and consumer protection\u201d (a specific reference to Libra that stops just shy of naming it); and<\/p>\n<p style=\"text-align: justify;\">(iii)\u00a0 \u00a0 \u00a0 \u00a0a broad take-up of Central Bank Digital Currencies (CBDC) \u201cissued by foreign central banks\u201d (a specific reference to a digital Yuan Renminbi with which the Chinese Government is wisely planning to sideline the USD as the world currency).<\/p>\n<p>The roadmap proposed by the ECB is reproduced hereunder.[\/vc_column_text][vc_single_image image=&#8221;5546&#8243; img_size=&#8221;full&#8221;][vc_column_text css=&#8221;.vc_custom_1667383214478{margin-top: 32px !important;}&#8221;]<\/p>\n<div class=\"mceTemp\"><\/div>\n<p style=\"text-align: justify;\">So far, only commercial banks have access to CDBC. They have account balances at the central bank through which they clear payment transactions among themselves. The main innovation of digital central bank money available to everyone would be that everyone would have direct or indirect access to such central bank money, and could use it for digital payment transactions.<\/p>\n<p style=\"text-align: justify;\">In practice, there are two ways to achieve this:<\/p>\n<p style=\"text-align: justify;\">1. Everyone subscribing to CDBC (in this case the digital euro) gets an account at the central bank for payment transactions. The balances on this account are exchangeable on a one-to-one basis with balances at commercial banks or cash. Like cash, these balances should, in theory, not be at risk of insolvency because the central bank is behind them and the central bank can print money at will (including for \u201cmonetising\u201d sovereign debt); and<\/p>\n<p style=\"text-align: justify;\"><span style=\"text-align: justify;\">2. CDBC subscribers would have special accounts at commercial banks for digital central bank money. In contradistinction to normal commercial bank deposits, balances on these accounts would not be a loan to the bank (a liability on the commercial banks\u2019 balance sheets), but an escrow account or a nominee account of sorts. The account holder would be the owner of the money directly, with the bank serving only as a service or tool provider. If these accounts exist, the CDBC can be transferred from commercial banks\u2019 central bank account to a private CBDC account at a commercial bank.<\/span><\/p>\n<p style=\"text-align: justify;\">What is sure, however, given the unison with which the European Commission and central bankers have acted to restrict the possibilities of anonymous transactions even on trivial amounts, is that a \u201cglobal private means of payment\u201d, if issued in a jurisdiction that does not entail hefty AML procedures that unnecessarily increase transactions costs while being mostly ineffective at stemming the practice of sophisticated money laundering, would be preferable to one that gets subscribers entangled in a web of unnecessary and sometimes even ridiculous AML procedures (most of the time flying in the face of GDPR, over which AML takes precedence). If this cannot be provided by a \u201cglobal private means of payment\u201d, it certainly can be provided by the Chinese government, which might strategically forego privacy on foreign holders of its digital currency for some initial time until it establishes itself as the new <em>de facto<\/em> world reserve currency. It will therefore end up being a race to the bottom. One can try to block network access to a digital currency, but VPNs can circumvent such measures without much effort.<\/p>\n<p style=\"text-align: justify;\">The question, therefore, is what implications the work on the Digital Euro will have on the commercial banking sector in general and AML enforceability in particular.<\/p>\n<p>[\/vc_column_text]<div class=\"templatera_shortcode\"><style type=\"text\/css\" data-type=\"vc_shortcodes-default-css\">.vc_do_custom_heading{margin-bottom:0.625rem;margin-top:0;}.vc_do_custom_heading{margin-bottom:0.625rem;margin-top:0;}.vc_do_btn{margin-bottom:22px;}<\/style><style type=\"text\/css\" data-type=\"vc_shortcodes-custom-css\">.vc_custom_1667111652227{margin-top: 48px !important;}.vc_custom_1713917281413{margin-top: 14px !important;margin-bottom: 42px !important;padding-bottom: 12px !important;}.vc_custom_1667116849933{margin-top: 28px !important;margin-bottom: 28px !important;}.vc_custom_1713917315239{margin-top: 14px !important;margin-bottom: 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From redefining data quality, to methods like JEPA, data augmentation and transfer learning, our future with AI holds promising solutions. The limitations of scaling AI and the importance of","protected":false},"author":1,"featured_media":5538,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,16],"tags":[407,366,367,364,368,365,408,362,363],"insights_perspectives":[],"class_list":{"0":"post-5442","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economics","8":"category-equinox-advisory","9":"tag-bank","10":"tag-cbdc","11":"tag-central-bank-digital-currencies","12":"tag-crypto","13":"tag-cryptocurrencies","14":"tag-cryptocurrency","15":"tag-digital-banking","16":"tag-digital-currencies","17":"tag-digital-euro"},"yoast_head":"\n<title>Is a Silent Revolution in Commercial Banking on the Way through the Digital Euro? - equinoxgroup.eu<\/title>\n<meta name=\"description\" content=\"Is a Silent Revolution in Commercial Banking on the Way through the Digital Euro? 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