cross-posted from: https://lemmy.wtf/post/19420830
Bye bye Visa, Mastercard, Paypal, and many others. They can go and play "America First". We'll have our own independent system by november 2025.
https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html#timeline
The European Central Bank has been working on this for many years. The current crisis is not the cause but may significantly speed up resources dedicated and raise urgency of the process.
It's been some time since I read thru the proposals of the European Central Bank. But a digital euro isn't just a replacement for a credit card system. It's a difference system altogether where transactions are directly cleared with the central bank (or a certified agent) online.