From a viral wave to a digital wave

The november 24, 2020

Did you already know Bitcoin, Etherum, Ripple? It looks like the story will not end there ...

At the beginning of November, Christine Lagarde, assisted by her “Mr. Crypto”, Benoît Cœuré (director of the innovation division of the Bank for International Settlements, the BIS), initiated a public consultation on the creation of a digital euro managed by the blockchain . In the silence of confinement, the President of the ECB thus lifts the veil on European projects to transform the financial system.

Will your opinion matter when it comes to making the decision to go digital? Let's not be sure: Consumers are already turning more and more to digital in the way they spend and invest their money. The coronavirus crisis has accelerated this phenomenon by cutting off our access routes to traditional consumption channels and by encouraging everyone to buy and invest online. At this stage, a digital euro seems to be a logical continuation. What is the use of asking the question? If not to get you to integrate and adopt this new (r) evolution.

With the mastery of this digital euro, it is therefore no longer the retail banks but the central bank that will have to manage the digital registration of your savings and all of your transactions.
After three millennia of good and loyal service, our fiat currency is therefore under the threat of an institutionalized cryptocurrency.

What we like:
- secure, fast transactions,
- the end of piracy,
- the end of dirty money (no cash: no trafficking or corruption),

What we ask ourselves:
- what will happen to the credit: who can lend to whom? Under what conditions?
- if we are in France today spared the negative rates, will we be in a centralized digital system?

And what we like less:
- nothing more tangible with the disappearance of cash dispensers and our good old tickets,
- transactions traced from end to end so what about privacy,
- absolute reign of the central bank over all financial flows of all citizens: in a global and audited digital system, a single person by pressing a single button can authorize your transactions and even all transactions or, on the contrary, them block, as it sees fit.

The digital euro is the absolute power of the banking system, it is the Grail that monetary authorities have dreamed of since the crisis of 1929.
But is this what we dream of? Do we really want to give up all control over the money we earn and choose (thus far) to spend or invest?

We are praised the reliability of the system but what guarantee? Did not we already heard the story of crypto-currency portfolios vanished overnight?

Are not institutions taking advantage a little too much of confinement, the curfew, the fear of the epidemic, the ban on assembling and demonstrating (8 months already, i.e. the longest deprivation of one of our fundamental rights since the second war) to initiate, in all discretion, a major revolution?

Your Wealth A7 advisers decipher political, economic, financial news for you, etc. to give you a clear vision of the world of tomorrow and advise you in each of your asset decisions.

Don't be a spectator, don't let the waves blow you away: with Wealth A7, learn to surf!
Contact us and we will see together how to best approach this new digital wave!

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Article by : Etienne KAJOIN

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