THE DIGITAL EURO DEBATE - WHO CONTROLS YOUR MONEY? - Cy Mail 21/6 by Elias Hazou
In March 2023 European Central Bank (ECB) chief Christine Lagarde fell for a prank call where she unwittingly revealed that Europe’s central bank digital currency, the digital euro, will have a “limited amount of control”. Though anecdotal, it was one more cog in the general direction of travel where physical cash gets pushed aside by digital means of payment that’s both issued and controlled by a central authority. Whatever the motive, benign or not, the issue comes down to control.
In the video prank posted online, a prankster impersonating Ukraine President Volodymyr Zelenskiy had a conversation with Lagarde.
“We are considering whether for very small amounts, anything that is around €300 [or] €400, we could have a mechanism where there is zero control, but that could be dangerous,” said Lagarde, recalling a previous terrorist attack in France believed to be financed by rechargeable and anonymous credit cards.