Digital Euro May Have Spending Limits Says Central Bank
The European Central Bank considers restricting how people spend their money.
Executive Board Members of the European Central Bank (ECB), have proposed that users of the digital euro should only be allowed to spend €50 per transaction and have a maximum monthly spending limit of just €1,000 if they want to avoid having their transaction data recorded by the ECB.
The digital euro is the European Union’s (EU’s) proposed central bank digital currency (CBDC) and officials involved with the project have already confirmed that it will have less anonymity than cash but has not clarified why that should be.
During an appearance at a “Towards a legislative framework for a digital euro” event (which was jointly organized by the European Commission (EC), the executive branch of the EU, and the ECB), Fabio Panetta, an Executive Board Member, discussed with other officials how they hoped to impose further restrictions when the digital euro rolls out.
Not only will the digital currency destroy your anonymity, technocrats plan to programme the money to purchase only state-approved goods.
Tracking all purchases over €50
Panetta proposed that the ECB should be able to see data on payments between digital euro users but that it wouldn’t hold personal data about those users. He indicated that the only way for digital euro users to possibly avoid having their payment data recorded would be to stick to “very small value payments.”
Maximum of €50 transactions
“If we allow users to do transactions up to say €50 with a maximum…volume of transactions in a given timeframe that is monthly not more than €1,000…transaction not more than 50, then one might discuss that this could not be recorded but this is a discussion which would take place,” Panetta said.
Total digital holdings €3,000
In addition to proposing strict spending limits for users that want to avoid data collection, Panetta also suggested restrictive savings limits that would limit users’ total digital euro holdings to a maximum of just €3,000.
“What we are discussing is the possibility of introducing limits for individual users,” Panetta said. “For example, we have been discussing…many numbers…€3,000.”
This is DIGITAL COMMUNISM.
"You will own nothing, have no privacy, and you will be happy".. or else.