Crypto Community Lashes Out as ECB Digital Euro Project Advances to Next Phase

The cryptocurrency community is pulling no punches in its continuing rebuke of the European Central Bank’s recently announced decision to advance its digital euro project to the next phase.

The ECB recently updated its roadmap and published a progress report for the digital euro project. According to the progress report, the digital euro will begin its pilot phase in 2027 with plans to issue the first digital euros in 2029, pending the establishment of a legal framework.

Alongside the updates, the bank also announced that it was moving the project to its next phase on X, sparking a litany of negative responses from members of the cryptocurrency community and, ostensibly, concerned European citizens.

Privacy and CBDCs

The primary complaint throughout scores of responses to the post on X appears to be a general disagreement with the notion that a digital euro would protect users’ privacy.

According to the ECB, “a digital euro would preserve Europeans’ freedom of choice and privacy and strengthen our sovereignty and resilience.” In an accompanying video, the bank’s president, Christine Lagarde, tied the project to EU defense and sovereignty, claiming that the digital euro “embodies the capacity of Europe to defend itself and to transact with a currency that is its own.”

CBDC proponents, such as the ECB, believe the digital euro is essential to modernize the payment system, preserve monetary sovereignty in the digital age, and ensure citizens always have access to a safe, pan-European form of central bank money (digital cash) alongside physical banknotes.

Detractors, however, claim that CBDCs could be used as tools of oppression by providing an additional layer of government surveillance and control over citizens’ financial lives.

Dozens of other posts expressed the same concerns over the potential for CBDCs to be used as government surveillance tools while numerous users chimed in to question the democratic process underpinning the project.

A user with the handle “Venom” asked if “the governing council ever asked the citizens for their opinion” before quipping “so much for democracy.” Another wrote “remind us who elected this ‘council’ who decides against the results of the consultation made by the EU which shows Europeans understand the dangers of CBDCs and refuse the digital euro.”

While negative sentiment appeared to make up the bulk of all comments, it’s worth mentioning that, as of the time of this article’s publication, the ECB’s post announcing the launch of the digital euro’s next phase hasn’t been “ratioed.” It has 372 likes against 327 comments.

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