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Digital euro is a project of the European Union, which aims to create a digital version of the European currency. This plan is primarily intended to increase the competitiveness of the European economy, improve the flow of payments and reduce transaction costs.
The benefits of introducing the digital euro include, among others, the convenience and speed of making payments, no need to carry cash and greater transaction security. In addition, the digital euro can help in the fight against financial fraud and tax evasion.
One of the main risks associated with the digital euro is the loss of citizens' privacy and freedom. The introduction of a digital version of the currency may allow governments and financial institutions to control all transactions made by citizens, which can lead to violations of privacy and freedom of individuals.
In addition, the introduction of the digital euro may lead to an increase in the state's power in the financial sphere and contribute to limiting economic freedom. Some economists also warn of the potential for inflation that the introduction of the digital euro could trigger.
Despite these threats, the plan to introduce a digital euro is already in the development and testing phase. The European Union authorities say that they will act in a transparent manner and respect the privacy rules of citizens. The final decision on the introduction of the digital euro is to be made in 2025.
To sum up, the introduction of the digital euro is a project that can bring many benefits, but at the same time carries some risks. The introduction of the digital euro may contribute to increasing the convenience and security of payments, but it may also lead to the loss of privacy and freedom of citizens, as well as the reduction of economic freedom. The introduction of the digital euro should therefore be carefully thought out and take into account all possible consequences.
