The EU has been planning to introduce the digital euro for years. And it is not just the EU: many central banks, which collaborate within the framework of the BIS (Bank for International Settlements), are planning to issue their own CBDCs (central bank digital currencies).
On its websites, the EU emphasises that the digital euro will be available alongside existing payment methods and that its use will be voluntary. It highlights benefits such as real-time transactions, the ability to make offline payments and, allegedly – listen carefully – greater privacy.
Insofar as one might believe that no sensible person would introduce CBDCs by force, it suffices to quote the words of the chief executive of the BIS – the central bank of central banks – on the role of digital money. He said that the main objective of CBDCs is to ensure that the central bank retains full control over how and by whom the funds are spent. Furthermore, the new means of payment is to have an expiry date. The bank could therefore determine the deadline by which we are allowed to spend our money. So let us not be fooled into thinking that digital money is an innocent solution developed solely for our benefit.
However, there are also those who are bucking the trend. Sweden, in fact, is returning to cash. For many years, the country has been regarded as one of the world’s leaders in cashless payments, as 90 to 95 per cent of all transactions in shops there are carried out without the use of banknotes. Interestingly, in 2010, 40 per cent of payments were made in cash – this shows just how quickly digitalisation has displaced traditional methods in this country. As a result, some shops and establishments have completely stopped accepting coins and banknotes. Today, the situation is changing, as Stockholm has just ordered that cash must be accepted. This decision stems from the changing geopolitical situation and the fact that we are living in an age of conflict. Complete reliance on electronic payment systems – and indeed on any other electronic system – exposes the country to a high level of risk in the event of a cyber-attack, a power cut, an internet outage or a war. Following Russia’s invasion of Ukraine, the Swedes have suspended the digital krona project and recognised physical cash as a key element of the country’s resilience. Cash has the advantage that, in the event of a crisis, it may prove to be the only valid means of payment. The obligation to accept cash currently applies to food shops and pharmacies. Furthermore, banks have been required to allow customers to deposit cash into their accounts (something that was not previously a given).
It is only the threat of war that brings about reason, and the elites in Brussels must finally realise this – not just with regard to CBDC, but also in relation to many other ‘projects’.
