Holland begins self-development of digital euro
While the whole world is busy fighting the global crisis and coronavirus infection, many projects have been forgotten. Including digital euro. Indeed, since this is not a primary project, countries such as the United Kingdom and France have temporarily suspended investment in future digital currencies. However, the project is alive and they continue to invest in it, but now other countries. Now the development lies with the Netherlands. Let’s find out how the new approach will transform the digital euro.
What exactly happened?
Based on the report of the financial regulator of the Netherlands, the country is fully prepared to switch to creating a digital version of the euro currency. According to leading economists, at the moment the state has all the potential to start work both within the country and within the borders of Europe. The Netherlands intends to bring its own developments. Developments reached the state level, into the digital analogue of the euro. It is worth noting that the Netherlands is one of those countries that are most actively developing crypto.
The state has already developed its own stablecoin. Which has successfully replaced a third of the used paper notes. Against the backdrop of a progressing pandemic, confidence in the state currency is gradually falling. People are more and more willing to invest in a digital unit. That is why the Netherlands is ready to share its own experience, to contribute to the development of a new version of the euro.
What can the Netherlands give digital euro?
It is obvious that the Dutch will be inspired by their own experience. A stablecoin called CBDC has already been launched and successfully operates within the country. This digital asset has tremendous scalability, which allows literally a few lines of code to produce an additional release of funds. Emission control has never been so easy. The currency has a reliable security system that will make financial crime impossible. In the case of theft of a certain amount of digital funds, the capital that has been withdrawn will simply be frozen and invalidated. This is possible, since the basis of the internal coin is a modified Blockchain. Which implies flexible work with transfers and the total money supply.
Nuances
In digital euro, under the supervision of programmers from the Netherlands, additional control over consumers of funds may come. The issue of coins will fall under state control. In fact, this is definitely a good event, since now every owner of the funds will receive the maximum guarantees of honest transfers. If before a crypto user could get “dirty” coins mixed in frauds, now every coin is carefully controlled. So that there will be no problems with the legal definition of funds.
This is a very working product. They are paid taxes in Switzerland and other economically developed countries. That is why, it is likely that at the end of the coronavirus epidemic, we will all be on the verge of global economic changes. Fiat currencies showed their failure, unable to withstand competition with the global crisis and falling to the bottom. That’s why digital euro development needs support. Tests of real prototypes of state crypto in the European region are already underway. So sign up and use the finances of the future.
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