CBDCs Are HERE!! Digital Euro Update Should SCARE YOU!

Europeans could soon lose their Financial Freedom that's because the European Central Bank or ECB has been Rushing to roll out its digital Euro Which could be approved as soon as this Year The ECB recently published its third Progress report on the digital Euros Development and revealed more of the Concerning features this dystopian Currency will have Today I'm going to give you a bit of Background about the digital Euro unpack Its latest progress report and reveal Why the ECB and other central banks are Rushing to roll out cbdc's before it's Too late Let's start with a bit of background the ECB first began quote investigating a Digital Euro in October 2021 Since that time the central bank has Published two progress reports and we Covered them both in our previous Digital Euro update back in January the Link will be in the description if you Missed it now if you watch that video You'll know that the ECB has pulled a 180 on some of its digital Euro design Choices in the first progress report the Central Bank claimed that privacy would Not be possible and that the digital Euro may be programmable meaning you Would have no control over your money in The second progress report however the

ECB pivoted it said that it would only Oversee the issuance and Redemption of Digital euros and the Commercial Banking Sector would handle the rest notably it Claimed that the ECB itself would not be Able to see transactions only the Commercial Banks would the second Progress report also noted that the Third progress report would focus on two Things programmability AKA control of Payments and user adoption as you'll see The third progress report doesn't focus On programmability in fact it claims That the digital Euro will never be Programmable The ecb's programmability pivot appears To have come shortly after the second Progress report was published last December that's because just one month Later ECB officials started making Public statements insisting that the Digital Euro will never be programmable Now I can't say I believe them around That time EU Finance ministers also Issued a statement about the digital Euro claiming that it would not replace Cash this is also hard to believe Because the ecb's earlier Works about The digital Euro implied that it would Not only replace cash but also stores a Value like gold regardless the ECB Seemed to have calmed the concerns about The digital Euro until April when ECB President Christine Lagarde made some

Shocking admissions about the cbdc in a Video prank call the presumably Russian Pranksters were reportedly posing as Ukrainian President Vladimir zielinski Christine admitted to the pranksters That digital Euro transactions would be Controlled by the ECB she also revealed That the ECB was considering having no Controls on small digital Euro payments But she believes this is dangerous this Suggests that the digital Euro will have Some programmable features Christine Even revealed why the ECB is so obsessed With a digital Euro but I'll come back To that later now Christine's admissions Couldn't have come at a worse time Because the third digital Euro progress Report was published three weeks later Not surprisingly EU politicians had lots Of questions for the ECB about the Digital Euro ECB member Fabio Panetta Was kind enough to answer them on the Same day Fabio confirmed that the Digital Euro will have a 3 000 Euro Limit and revealed that this limit will Likely be increased over time he claimed That the ECB does doesn't have the Capacity to implement programmable Payments and it's going to be quote Impossible for them to see individual Digital Euro transactions Fabio also Revealed that a digital Euro may not be Launched at all but cautioned that there Are quote situations where the issuance

Of a digital Euro would become necessary I'll also come back to that later now It's clear that these concerns were not Adequately addressed because a few days Later the ECB sent out yet another Spokesperson to make a series of further Statements this time they claimed that The ECB has no interest in tracking Individual transactions and yet Fabio Had admitted just a few days previously That it did hmm This brings me to the ecb's third Progress report on the digital Euro Which was published late last month the Report begins with a brief background of The digital Euros development which is Of course not nearly as spicy or as Informative as the one I just gave you The intro also provides a roadmap quote In the second quarter of 2023 the EU Intends to propose a regulation to Establish a digital Euro the ECB will Accommodate any necessary adjustments to The design of the digital Euro that may Emerge from legislative deliberations Now in that aforementioned prank call Christine specified that the date would Be the 23rd of October the full roadmap For the digital Euro rollout can be seen Here note that it's subject to change Over the next few months the ECB will be Publishing a final proposal for the Design of the digital Euro the authors Imply that the final design is close to

Being finished and will include the Features discussed in this report these Features fall into three categories Which make up the three sections of this Report one digital Euro access Holdings And onboarding 2. distribution aspects And three digital Euro services and Functionalities the authors note that The ECB has discussed these features With so-called stakeholders for context Stakeholders is a term that's associated With the world economic Forum or wef and It tends to include governments Corporations and Rich individuals for What it's worth the authors also say They've been Consulting with quote Society at large and their recent change In tone does reflect that the authors Also stressed that quote the approval of This third set of design options does Not pre-judge any decision on whether to Move to the next project phase scheduled For Autumn 2023 nor the ultimate Decision on whether to issue a digital Euro but let's be realistic they are Going to issue it In any case you'll hopefully recall that The first section of the report is about Digital Euro access Holdings and Onboarding naturally the authors start By saying that the digital Euro's Initial Focus will be on individuals and Institutions inside the EU they note That EU residents living abroad will

Also have access What's interesting is that the authors Go on to specify that the digital Euro Could also be used in quote selected Third countries This begs the question of whether the EU Intends to export its digital Euro and Even try to compete with the US dollar The answer could actually be yes but Again I'll come back to that later Now the report's authors go on to reveal That the onboarding process for a Digital Euro will be no different from Opening a regular bank account Confirming my prediction that it will Initially be just another tab in your Bank account what they don't tell you is That it will eventually be the only tab In your bank account Conspiracy theories aside the authors Also reveal that while individual Accounts will have limits on their Digital Euro Holdings institutional Accounts will not The authors also discuss the waterfall Functionality which involves Automatically converting digital Euros To regular Euros if you go over the Holding limit this arguably falls under The definition of programmability but if You've been keeping up with our coverage Of cbdc's you'll know that central banks Like to bend definitions to calm the Plebs never forget that privacy means

Not sharing data with private companies Governments can still see everything Now to ensure that individuals don't try To skirt the digital Euro limit by Opening multiple bank accounts you will Only have one digital Euro account that Will be shared across all your bank Accounts this rule will be enforced Using a quote digital Euro account Identifier presumably the eu's digital ID you can learn more about the eu's Upcoming digital ID wallet using the Link in the description I digress This ties into the second section of the Report which is about the digital Euros Distribution aspects The authors start by discussing the So-called digital Euro scheme which they Introduced in the previous progress Report in short it mandates all Businesses to accept the digital Euro as A payment option it also mandates Businesses to have the ability to pay Their employees using digital Euros but Don't worry I'm sure that the EU will Never Force businesses to pay their Employees in this way Say did you hear about those civil Servants in China getting their Paychecks in digital Yuan probably Nothing Now another interesting thing is that The authors say that digital Euro Payments will be possible through

Existing mobile banking apps or through A mobile app issued by the ECB mutually Exclusive language even so the authors Promise that commercial banks will still Process the payments with the ecbs app Not only that but the authors seem to Suggest that any regulated payment Intermediary should be allowed to Support the digital Euro this makes Sense considering that the ECB is Obsessed with ensuring that the digital Euro is adopted note that existing cbdcs Suggest that voluntary adoption is very Low as expected the authors are obsessed With QR code payments and envision a World where most digital Euro payments Are made using QR codes this is scary When you consider that allowing camera Access to a digital ID wallet or other Government-issued app opens the door to Precedented surveillance what's even Scarier is that the previous progress Report suggested that specialized Hardware could be mandated for all Physical devices for offline Peer-to-peer payments this could Likewise result in unprecedented Surveillance but at least all those Microchips will be made in the EU right Now until this QR code Utopia is Achieved however the authors note that It will still be possible to make Digital payments by tapping your phone And are even considering issuing a

Physical digital Euro card this is Likely required under the digital Euro Scheme as it includes Provisions for Those without smartphones This relates to the third part of the Report which is about the digital Euros Services and functionalities the authors Start by saying that intermediaries Could quote build on the digital Euro's Advanced functionalities to provide new Services I wonder if these services will Involve any programmability Speculation aside the authors provide a List of optional services that these Intermediaries could offer this list Includes recurring payments and Triggering of payments from another Account when certain conditions are met Call me crazy but I'm pretty sure both Of these Services involve Programmability as far as the authors Are concerned however these optional Services are quote conditional payments Which should quote not be mistaken for Programmable money This is where the authors Proclaim that The digital Euro will quote never be Programmable in any way Funny definitions they have speaking of Which the authors provide a definition Of programmable money quote programmable Money would entail units of digital Euro Being used only to buy specific types of Goods and or services or to buy them

Only within a certain period slash Geography Make no mistake this is what all cbdcs Will do in the case of the digital Euro It looks like it will be up to the Intermediaries to impose this kind of Programmability at the very least There's nothing stopping the EU from Mandating them to do so now I'm sure the ECB will just shrug its shoulders and Say don't look at us we didn't program Anything Don't take my word for it though the Author specify that quote supervised Intermediaries are best placed to Develop conditional payment services The authors go on to describe Conditional payments as a quote Developing and Innovative technology Which I'm sure has totally nothing to do With programmability But wait it gets better The authors also specified that the ECB Will assist these supervised Intermediaries in providing their Conditional payment services the ECB Will even provide its own conditional Payment services but these will be on The back end and for institutions so They don't count as programmable The authors then reveal that the ecb's Own conditional payment services will Focus on cross-border payments with Other cbdcs the authors also reveal that

The digital Euro will operate on a quote Single system within the EU which Hopefully doesn't mean that it will run On one big computer in Belgium Now the final part of the report is About the next steps the ECB will take In its digital Euro rollout as I Mentioned earlier the ECB will be Publishing a finalized design quote Later in the spring this design will be Discussed with stakeholders and it seems Society at large will not be a part of This the authors admit that there's no Set timeline on when the digital Euro Will be launched assuming it's approved Our previous research suggests that it Could come as soon as 2025 but there are A few prerequisites that need to come First such as a digital ID and some kind Of Crisis to force its adoption case in Point the authors also admit that They're wondering how exactly they'll do The initial distribution of the digital Euro logically the easiest way would be To find an excuse to issue more stimulus Payments note that the pandemic stimulus Payments are what kick-started the Fool's Gold Rush that is cbdc's The authors again repeat that the ECB Will continue to work closely with Stakeholders to ensure that the digital Euro meets the needs of users without Actually Consulting the users of course The authors also specify that the final

Design will need to be approved by the ECB and its stakeholders before being Voted on by the EU now to their credit The ECB did take the time to consult With the average European as part of That aforementioned statement in Mid-January the statement actually Contained a PowerPoint presentation Which had some interesting stuff Including a more detailed roadmap about The digital Euro rollout as you can see It looks like there will be more Stakeholder meetings this month and Again in July depending on the feedback From the stakeholders we could see the ECB make more adjustments to its digital Euro design The feedback the ECB has received so far Suggests the stakeholders aren't too Keen the same is reflected in a study Mentioned in the PowerPoint presentation Which found that digital payments in the EU are not nearly as popular as Advertised and that an overwhelming Majority of Europeans believe that Having access to cash is important now Oddly enough austrians and Germans were The most adamant about having the Ability to pay in cash What's not so odd is that cypriots came In third this is not surprising because Once upon a time in Cyprus the banks Were closed and nobody had access to Their money for weeks cash was truly

King You can learn more about what happened To Cyprus and the First Bank balins Using the link in the description So now for the big question why are the Central banks especially the ECB rushing To roll out cbdc's well the answer can Be found in the prank call that fooled Christine quote we don't want to be Dependent on an unfriendly country's Currency here's the kicker she said it Could be any country Christine added That quote we also don't want to be Dependent on a friendly currency that Comes from a private entity this is a Not so subtle reference to Facebook's Failed digital currency Libra and USD Denominated stable coins like usdc which Were effectively banned by the eu's Recent regulations more about that in The description Now if you're wondering what being Dependent on a currency means Christine Laid it out in that prank call quote we Don't want any foreign currency to Become the trading currency in Europe And that ladies and gentlemen is why the ECB and most other central banks are Rushing to roll out their cbdcs put Simply they are terrified of losing Control over their National currencies Put differently they're terrified of the US dollar becoming their de facto National currencies

What's terrifying is that the only real Defense they have here is to prevent Their citizens from purchasing foreign Currencies altogether this is something Central banks like the ECB are hyper Aware of but at the same time it's Something they can't do they know that The moment they impose controls on their Currencies nobody will adopt them this Is almost certainly why the ECB has been Towing the line when it comes to privacy And programmability but as we've seen The ECB is still interested in tracking And controlling every transaction made With the digital Euro it now faces the Difficult task of convincing Europeans To adopt a dystopian technology they Don't want don't need and didn't vote For I don't think the ECB will succeed but It has a plan B the plan B in question Is Euro stable coins which have been Popping up left and right recently Euro Sable coins are a viable Alternative given that they allow the ECB to track and control every Transaction They also allow the EU to subsidize Itself all eurostable coins are backed By EU government debt this is badly Needed considering that some European Governments are deeply underwater if the ECB can find some way to make eurostable Coins attractive to hold or use they

Could ensure the Euro survives while Keeping heavily indebted Southern European countries afloat Given these facts I think there's a good Chance that the ECB will ditch its Digital Euro desires and stick to Euro Stable coins the central bank's Sudden Change in stance is evidence of a Departure from the idea altogether you Can bet that stablecoin issuers like Circle will be lobbying hard for this Outcome you can learn more about Circle And its desire to turn its stable coins Into cbdc's using the link in the Description And that is all for today's video if you Found it informative smash that like Button to help others find it too also Be sure to subscribe to the channel and Ping that notification Bell so you don't Miss the next one better yet take a Second to share this video with any European friends who need to see it and If you happen to be looking for a Discount on a crypto Hardware wallet or Want to make some mad money while Trading check out the coin Bureau deals Page it's got some of the biggest Discounts and trading incentives you can Find anywhere in the cryptoverse the Link will be down in the description So thank you all for watching and I'll See you next time Au revoir goodbye

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