Brussels unveils plans for a digital euro promising complete privacy
1–10 of 43 posts
Re: Brussels unveils plans for a digital euro promising complete privacy
#2> ECB officials have suggested a cap of €3,000.
I wonder how they will implement the infrastructure. Having this will be an awesome replacement to the limitations of the visa/mastercard monopoly
Re: Brussels unveils plans for a digital euro promising complete privacy
#3> ECB officials have suggested a cap of €3,000. I wonder how they will implement the infrastructure. Having this will be an awesome replacement to the limitations of the visa/mastercard monopoly
> Having this will be an awesome replacement to the limitations of the visa/mastercard monopoly
Yes, they are a 2-3% leech on the economy in the US. In Europe, the regulators there have kept it a bit lower, which is reflected in EU credit cards having few benefits and high fees.
> I wonder how they will implement the infrastructure.
That's also what I wonder. A description of the cryptography and system would be interesting.
If this is only as anonymous as cash (i.e. unique serial numbers on every bill), then this would still be a step backwards, as it would be trivial to track individual e-bills around.
I am also surprised that they allow up to €3,000. This would make smuggling far easier/denser than physical €500/CHF1,000/USD100 notes. It could even allow a relay-attack smuggling, where the wallet is located far away from where the funds are used.
Re: Brussels unveils plans for a digital euro promising complete privacy
#4What's the difference between this and something like Venmo, Paypal, etc?
Re: Brussels unveils plans for a digital euro promising complete privacy
#5What's the difference between this and something like Venmo, Paypal, etc?
i suppose they can't demonetize you without a legal reason and the fees will be set by the governemnet , not shareholders
Re: Brussels unveils plans for a digital euro promising complete privacy
#6> [..] promising complete privacy
Sure. But somehow I'm not so confident about that...
Re: Brussels unveils plans for a digital euro promising complete privacy
#7What's the difference between this and something like Venmo, Paypal, etc?
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Re: Brussels unveils plans for a digital euro promising complete privacy
#8> [..] promising complete privacy Sure. But somehow I'm not so confident about that ...
This legislation comes from the same source as the GDPR.
Re: Brussels unveils plans for a digital euro promising complete privacy
#9>"Personal data would be fully protected. Banks, not even the ECB, would not see or be able to trace, people's personal details or data. Offline payments would offer a similar level of privacy as cash does today," Dombrovskis told reporters.
Yeah, lol no I'm not buying that. Maybe if the actual architecture and source code gets open sourced and people more knowledgeable than me audit it...
Re: Brussels unveils plans for a digital euro promising complete privacy
#10> [..] promising complete privacy Sure. But somehow I'm not so confident about that ...
It's not impossible: techniques like those monero uses can allow for good on-chain privacy, and the limited amount and central administration of cash going in and out makes money-laundering worries a much smaller concern. The offline transactions are interesting though, I suppose again the central administration means that double-spending is not going to be quite as exploitable.