A prominent financial writer has said that plans to create a digital euro throughout the Eurozone monetary union are a “f***ing trap” and “the perfect tool for surveillance.”<\/p>\n\n\n\n
The European Central Bank, located in Frankfurt, hopes to make the embryonic concept of “cash” saved on cellphones rather than wallets or credit cards a reality by 2026.<\/p>\n\n\n\n
According to a survey conducted earlier this year by the European Union’s Eurobarometer research website, hardly one-third of individuals living in the 20 Eurozone countries have even heard of the notion, let alone comprehend what it is.<\/p>\n\n\n\n
And Marc Friedrich, author of books including The Biggest Crash of All Time, is vehemently opposed to the idea, outlining his criticisms in a series of videos on Youtube which have amassed 350,000 subscribers.<\/p>\n\n\n\n
He told Politico: \u201cIt\u2019s a f***ing trap.<\/p>\n\n\n\n
\u201cThey\u2019ll say, \u2018Hey, it\u2019s easier, it\u2019s tidier, you don\u2019t have to put your fingers on these dirty notes and you don\u2019t get COVID virus\u2019 or something like that.<\/p>\n\n\n\n
\u201cA robber can\u2019t steal your money anymore – but you can have a chip under your skin. It\u2019s the perfect tool for surveillance and a digital dictatorship.\u201d<\/p>\n\n\n\n
He continued: \u201cI hope there is no plan but for me it makes no sense to create a digital euro unless you want to control people.<\/p>\n\n\n\n
\u201cWhen my grandfather was dying I asked him everything about Nazi Germany. I know how it happens.\u201d<\/p>\n\n\n\n
There is no suggestion the ECB, led by President Christine Lagarde, has any plan to place microchips under the skin of anyone – but others also have concerns.<\/p>\n\n\n\n
Jorg Methuen, an MEP and a member of the German Center Party believes \u201cgovernment surveillance and a cashless society\u201d is the ECB\u2019s \u201cfinal aim\u201d.<\/p>\n\n\n\n
He added: \u201cI’m deeply worried that the project of the digital euro is not only a project to develop a useful additional instrument of future payments, but that the real intention is the start of replacing any kind of cash payments.\u201d<\/p>\n\n\n\n
Earlier this month former Brexit Party and UKIP leader Nigel Farage voiced his concerns about what he saw as the phasing out of physical currency.<\/p>\n\n\n\n
He said: \u201cThe banks are relentlessly driving us towards a cashless society. Keeping cash as legal tender is vital because a cashless UK would be the first step to a fully digitised economy with control over our spending and a huge potential loss of freedom.\u201d<\/p>\n\n\n\n
A statement on the website of the ECB explains: \u201cWe are working with the national central banks of the euro area to investigate whether to introduce a digital euro. It would be a central bank digital currency, an electronic equivalent to cash.<\/p>\n\n\n\n
\u201cAnd it would complement banknotes and coins, giving people an additional choice about how to pay. A digital euro would offer an electronic means of payment that anyone could use in the euro area.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
A prominent financial writer has said that plans to create a digital euro throughout the Eurozone monetary union are a “f***ing trap” and “the perfect tool for surveillance.” The European … <\/p>\n