00:00Is the EU trying to control your wallet?
00:06More government control over your wallet, less freedom or even instant-account freezes.
00:11These are the rumors that have been circulating for months on social media about the so-called digital euro.
00:18But do these rumors actually have any basis?
00:20For now, cash is the only way for the public to hold central bank money.
00:23But the proposed digital euro would be a digital form of cash issued directly by the European Central Bank and National Central Banks of EU Member States, designed to complement physical money.
00:34The digital euro's supporters say it will still offer people a level of protection.
00:39On the other hand, some experts warn the digital euro could carry a risk of tracking while cash remains largely anonymous.
00:45There could be a phenomenon of hacking that could have existed, because the point of entry of the euro numérique is a commercial bank.
00:53And so we could imagine that at a moment the commercial bank would be used, even at their insu, for a trace of the euro numérique.
01:00Now, it needs to be a good measure.
01:02The maximum amount that a particular deal could be deposited auprès of the European Central Bank, at least at this stage, is fixed at 3 000 euros.
01:09On its website, the ECB says a digital euro would reduce dependence on non-European providers.
01:21The private digital money market is largely dominated by US giant MasterCard and Visa, which handle more than 70% of card payments in Europe.
01:31Commercial banks, meanwhile, are showing strong resistance to the digital euro.
01:35The head of the French bank Crédit Mutuel, Daniel Ball, said the digital euro doesn't answer any demand from citizens and described it as a solution looking for a problem.
01:44The ECB plans to start testing the digital euro in 2027 and launching in 2029, but only if lawmakers give the green light.
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