Are you ready to go down the rabbit hole? That’s unfortunate because we’re not that familiar with the family of Leporidae. But… a representative of the European Union (EU), financial services commissioner Mairead McGuinness, said earlier this week that a possible Digital Euro “…is not a Big Brother project”.
She was addressing concerns some have that the launch of a digital currency in the region could be used for purposes other than those stated. But it’s been an awful long time since a massively powerful controlling agency put its hands up, said “Aw, nuts, you caught us”, and went back to the drawing board.
EU, that’s not cool
Jokes aside (and these are just jokes, folks), there are legitimate concerns that digital currencies, whether it’s the yet-to-be-determined Digital Euro or the digital Rand South Africa is working on pushing out, could be used to increase the control a government has over its population. They potentially have interesting applications but there’s also the possibility that their new functions can be maliciously exploited. One of those functions is the increased gathering of user data. Enforced uptake of the currency and a minimising of cash transactions are areas of concern.
McGuinness said, in a statement to the European Parliament, “This is not a Big Brother project. I respect those that have that view, but frankly, I would ask them to calm it down a little. We should not address this issue to citizens in this chamber as any sense of a project of control. It’s a project of choice.”
Commissioner McGuinness seems to be sincere, at least. The digital currency isn’t a foregone conclusion but legislation is underway to grant it legal status in the event the government conglomeration moves forward with the concept. This legislation will do the same for its cash equivalent, preserving its status as legal tender in the region. It’s likely not quite enough to placate the tinfoil hat brigade but it’s got enough of the right optics that it’s difficult to argue with (right now, at any rate*).
Source: Reuters
*Still just jokes, folks. Or are they…?