The digital euro is coming – payments in Greece will change

According to the latest information, the process of creating and issuing the digital euro is accelerating in light of the creation of digital currencies by the largest central banks in the world!!!!

They claim that the digital euro will not replace cash, but it will supposedly work in addition to that, as it will be an additional payment option … easier!!! Another point of view states that the digital euro seeks to replace cash and eventually load it onto a hard disk, which will be able to implant it through biotechnology into the body with absolute control over transactions.

Citizens will use it for free for their basic payments across the Eurozone.

The payment method is changing

It is currently looking at how financial intermediaries can provide initial services based on the digital euro. Works are expected to be completed by October 2023.

After that, integrated services and real-time testing of the digital euro will be developed. The duration of this stage is estimated at three years. However, the effects of the digital euro on key industries (financial intermediation, payment services, merchants), users (consumer associations and retailer associations), chambers of commerce and other stakeholders in international trade are discussed.

The digital euro — to households and businesses small and large — presents itself, for starters, as an additional option for making payments with central bank money.

As the Bank of Greece confirms, “The introduction of the digital euro can support digital transformation and help meet the payment needs and preferences of citizens. Another benefit is that the digital euro will increase the resilience of our currency against unregulated technological developments in the banking and financial sector – such as cryptocurrencies and payment alternatives that do not use large card formats – Which could undermine financial stability ».

For beneficiaries such as merchants and small businesses, a digital euro will provide an additional way to receive payments from their customers while offering more sophisticated functionality such as automated payment features. Or use some kind of digital ID.

The supposed benefits, presented by the Commission and the European Central Bank to our country’s polarizers, are that the digital euro:

• It will provide an additional and easier payment option, which contributes to accessibility and integration.
• It would be a fast, easy and secure (i.e. safe as vaccines???) way of everyday payments.
• It will support the digital transformation of the European economy and actively encourage innovation in retail payments.
• It will combine the efficiency of a digital payment method with the safety of central bank funds.

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