EU Steams Ahead With Controversial, Centrally-Controlled Digital Euro

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The European Union (EU) has been known to waste a lot of money on wrong or even hopeless causes, and opponents of centralized digital money (CBDCs) must be hoping that the digital euro, which has just had €1.3 billion earmarked towards its development, will be one of those.

In fact, in announcing the move EU’s European Central Bank (ECB) made sure to add the disclaimer that it is “not making a commitment to launch any of the development work listed.”

But for the moment, ECB is pushing forward with its plans, and much earlier than observers expected – so much so that the announcement is viewed by some as a surprise. A total of five private sector partners will now receive huge contracts; in the past, Amazon was controversially involved in the e-commerce payments prototype.