the response to the promises of the digital euro

The word Bitcoin with its characteristic logo became the dominant response to a post that the European Central Bank (ECB) published on X this June 24. In its message, the organization presented the progress made in the development of the digital euro, the central bank currency (CBDC) of the European Union.

In this way, the ECB extends a series of explanations about the design of the CBDC, exposing the characteristics that would make it attractive to the public, while users of the social network They criticize the authorities’ insistence on moving forward with the project.

“I buy bitcoin and I don’t worry”, “it is not necessary to buy bitcoin”, “we don’t want it, thank you” or “there is a currency called bitcoin that is the only one that matters” were just some of the phrases they wrote. This, in response to a statement that promised fast payments, privacy, offline connection and financial inclusion.

Thus – with words, memes and gifts – users showed the organization how little interest there is in the CBDC, indicating their choice.

There were those They were very explicit when expressing their rejection. The user identified as @BIMbeamgreenso1 was one of them. “There’s no way it’s going to work,” she said, while @Gzerodeux He said he would make sure to explain to people what a CBDC is, “with all the inconveniences that come with it.”

They also highlighted the comments that They questioned the need to launch a CBDC. In this sense, users such as @fredayala, insisting that “there is no need for a digital euro.” An opinion shared by @yusa_eth, who also rebuked the ECB: «Who told you to work on this? “It’s a waste of taxpayers’ money.”

Even so, the ECB’s publication reiterates the need to develop digital currency, as a way to preserve the position of the euro internationally and “protect the financial stability of the region.”

With this in mind, announce the publication of the CBDC rulebook for the third quarter of this year and they aim to make a final decision on its launch by the end of 2025.

Although the goal is that anyone in the euro zone can open an account in digital eurosthere are plans to limit holdings of the currency as a way to avoid a run that affects the issuing body, according to the bank’s letter.

This is an idea that many users see as a mechanism that will prevent them from managing their money freelyas stated @johanjmulder: «Programmable money individually controlled by the ECB? Thanks but no”.

The ECB publication was supported by the president of the organizationChristine Lagarde, who also took to the social network X to praise the project.

“We have made significant progress to ensure that we are prepared to issue a digital euro in the future, if necessary,” the official commented.

His message received responses similar to that They praised bitcoin as a safe haven and decentralized, putting cryptocurrency above what was described as “money that seeks to control people.”

Pivot towards international trade?

In the midst of the rain of criticism towards the digital euro, neither Lagarde nor the ECB responded to comments. However, it is very likely that they have noticed the reactions on the social network.

So far, everything indicates that the European CBDC will not have much acceptance among the retail public, as has happened with coins that other countries have launched. China, Nigeria and the Eastern Caribbean are examples of how little interest there is. Therefore, it is striking that the list of central banks that join the race for CBDCs Keep growing.

As CriptoNoticias reported, a recent report from the International Monetary Fund indicates that almost 90% of banks have a CBDC project. Although he notes that The interest of governments is now focused on its use for international payments. An intention that is not foreign to the ECBand that the organization highlighted in a recent publication.

In that sense, the ECB has already ruled on the phenomenon, which it calls internationalization of CBDCs. A process that leads these currencies to integrate into new cross-border payment systems and whose path is being charted by China, Russia and other countries.

That is why, despite the criticism – and with a view to not being left behind – it is most likely that the European Union will also keep your bet and move forward with its plans to launch the digital euro.