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Can someone with knowledge of these things say, if we would face similar privacy and security issues (from the citizens perspective) with the digital Euro project?
Among the few thing that are clear until we see the final legislation is that there will be two digital euros: the offline and the online version.
With the offline digital euro, you will be able to bump up a digital wallet on your smartphone (or a smart card instead). The offline version’s key feature is that only you and the person who receives the payment will have access to the transaction data, while compliance checks are performed when you load up your wallet (or card) with your bank.
The offline version might have, however, anti-fraud features to prevent forgery. It is said that no private data will be used for these anti-fraud checks, but it is unclear yet how this will be done.
There is also a discussion to introduce a limit a citizen can hold ‘offline’ (this is largely to prevent money laundering, the latest number I read was a limit of EUR 3,000). As everyone can have multiple accounts and multiple wallets, it is also not clear yet how the central bank would link your multiple wallets to your identity to impose this limit without knowing your identity. For now the latest proposal by the central bank mentions “unique identifiers”, but it’s unclear yet how they’d work.
If you pay with the online digital euro, all transaction details will be logged, very much as it is done with current online payment systems. According to the proposal, however, the central bank would only see pseudonymous transaction data, it won’t see your identity. Only your bank has full access to both sets of information. (However, if just a single transaction links your account to your identity, all your transactions are exposed.)
There are a lot of issues to clarify until the final legislation, but as @[email protected] already said, it depends not in the least what we do in the future. As with everything else, as long as we live in a free society that holds up democratic values, it will likely be fine, but any future government with an autocratic stance could change the law.
Yeah you would. It depends on the exact implementation and luckily with so many countries involved there’s a lot less possibility to get consensus on privacy invasions, but from a technical perspective there’s nothing that stops the EU from later changing what they agreed upon now.
So what this means is that you’ll have to trust the EU that
A proper replacement for cash is Monero. I know blockchain useless and crypto bad and all but that’s a real private digital currency where you’d have to be wanted by the CIA or Mossad to even face the threat of having your payments tracked.
Seems like the perfect currency for a dictatorship
I imagine the Russian people will come up with a physical shadow currency of some sort or resort to far more bartering.
Black markets in others currencies.
Ah, yeah that makes sense. Or maybe bottlecaps.
Vodka and cigarettes is my guess.
The occasional tracksuit too, I would guess.
Levis
Chervonets?
Eventually they will find a way to seize people's savings, but maybe they'll do it in such a way that russians will never know it, because you won't be able to spend it...