Cash could have its days numbered. He euro digitalthe new project promoted by the European Central Bank (ECB)promises to transform the way European citizens make their payments: instant transactions, greater security and its own technological infrastructure that seeks to reduce dependence on large international card circuits.
“No Big Brother. The digital euro is the key to European independence,” he says Angelica Finattiblockchain expert and commercial director of Digital Suretiesfinance management company. The specialist emphasizes that the ECB initiative is much more than a simple digitization of currency and that it represents a paradigm shift in the relationship between citizens, banks and money.
According to Finatti, the objective of the digital euro is to create a autonomous and secure European infrastructurereducing the intervention of foreign intermediaries and operators. “Today, every time we pay by card or online, we depend on private networks that manage these payments. The digital euro will allow operations to be carried out directly within the European system, without going through third parties,” he explains.
The new euro will operate through a digital wallet or wallet, a mobile application managed by the banks or by the ECB itself, which will allow Immediate, secure payments and available 24 hours a dayeven outside the traditional circuits.
The project seeks to reinforce the technological sovereignty of the continentwhile reducing the costs associated with the use of non-European payment platforms.
“Freeing themselves from the large international players will allow financial institutions to optimize resources and reduce commissions that today end up in the hands of foreign companies,” says Finatti. “There will be an initial investment to adapt the infrastructure, but the long-term benefits will be significant.”
Furthermore, the digital euro will facilitate payments between users or institutions (peer-to-peer) y offline transactions (offline)which will guarantee the continuity of the system even in the event of technical failures. “This is an evolution that can modernize the European financial system, provided there is a clear technology adoption and education strategy,” he adds.
One of the most sensitive points remains the privacy protection. As a digital currency, transactions could be more traceable than those made with cash, raising fears about possible excessive control. Finatti rejects these concerns: “The digital euro will maintain the highest standards of confidentiality. As Christine Lagarde, president of the ECB, has pointed out, operations will be private and secure, just as with cash.”
Another challenge will be adaptation capacity of financial institutions. “Not all banks are prepared to immediately incorporate this new system,” the expert acknowledges. “If adoption is not widespread, the benefits could take time to arrive. But in the medium term, entities will be able to reinvent themselves as guardians of digital assets within a more modern and transparent financial ecosystem.”
Regarding fears of a possible mass surveillanceFinatti is categorical: “There is no risk of widespread control. Transactions will be protected by the same security mechanisms as cash and under the supervision of the ECB.”