So today I read an article about how the digital euro would be able to work even without connection (just the batteries of the devices would be enough), I guess whatever works without connection or on batteries it's somekind of a hot topic in Spain and Portugal right now.
I wanted to search for some videos or sites that explains a bit of the technology behind this but it looks it's kind of a controversial topic (at least in Spanish language content) and I only can find videos or media of right wingers or far right wingers explaining why it's shit and how it's a tool of the ever evils communist, woke, governments to spy on your money and tax you better, like if the banks doesn't know everything about your finances and provide the info to the governments already. Also a lot of those accounts seem somehow related to the world of investments and cryptobros.
Sooo does anyone can provide info, links, videos with actual technical information about this?, seems an interesting project and if it's truly a tool for better control population I would like to see why and not only a strong politically biased investor explanation.
Gracias.
4 comments
Nobody knows yet. They’re still working it all out. It’s all theoretical at this stage.
> I guess whatever works without connection or on batteries it’s somekind of a hot topic in Spain and Portugal right now
Pretty sure there already is a way of paying without internet connection. In fact, there is a way of paying without batteries whatsoever. 😀
Cash is great and must never die, and situations like the present one are why. That said, offline digital payments are impossible to implement securely, as far as I know, if you want to prevent the double-spending problem. Look, Bitcoin tried it and failed: you simply need to wait for confirmation from a distributed authority that it’s legit and not the same coin spent for a second time over. What’s to prevent you from spending the same money in quick succession at 3-4 different stores? How will they know it’s not a replay, and that you have enough money in the first place? If your device is the authority on how much money you have, the system needs to defend against rogue devices. Which means, check with a trusted third party. This implies an Internet connection!
I am in Spain at the moment, but I will speak only for Portugal, since it is where I spent most of my time working and living.
So, the portuguese system for banking transfers is quite cool. Easy, fast and safe. Tho, there is one issue: if you don´t have terminals, ATM´s or electricity and internet, they are useless. Therefore, people will use cash. If you have a good neighbour, you can be able to trade potatoes or olive oil or cakes or wine, that´s a whole other scale of capitalism ahahaha
The thing is: it is also quite common and culturaly accepted to use cash in Portugal. Most businesses are small businesses owned by small families, so they don´t work with “tons of money”. They work with “some” money. The volume of certain businesses is different. I work with tourists from all around the world, and they all get astonished when I tell them that in our company, we only work with cash in the reception. I will always reply “Welcome to Portugal, my friend”. Go get a Multibanco and come back to me.
Big companies will probably prefer the digital euro thing, because these companies have systems that allow them to keep operating, even when these random events happen. Electricity failed, but there could be an earthquake, for example that some places would keep working. They have to.
Plus, last but not least, Portuguese people always carry cash in the wallet with them. Always. No matter the amount, but usually up to 20€ just in case they need something urgent in that/any specific moment (not referring to yesterday).