Atze Faas
speaker
63 appearances
1 recordings
1 series
first heard Sep 2025
last heard 29 Sep
Atze Faas’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, in its simplest form, it's the digital form of our current physical cash.
It's issued by the central bank, so it's public good.
And it's, in essence, a way for citizens to pay online and in-store digitally rather than with physical cash.
Well, not banks.
So the banks will have a crucial role in the distribution and the, let's say, processing of these two euros that are accepted with retailers.
But what will be bypassed or not needed are what you mentioned in the intro, the likes of Visa and MasterCard.
And it's not to say that we won't need Visa and MasterCard anymore.
I think they have a...
great products and a role to play but you know there's a different tool for a different job and for some of those jobs the digital euro will be right okay and who who creates the digital euro and who administers it
So it will be created like cash by the European Central Bank, the euro system, as they call it.
So they are the issuer, if you will.
And it will be distributed by what they call intermediaries, which is a word for banks and payment service.
And so in the back end, like with the settlement system that the central bank operates for credit transfers, is the European Central Bank who has the ledger, if you will, of all the digital euros.
Well, I think there's about three.
So one of them is it's likely to be at lower cost and it will translate in lower consumer prices.
I think an important element to mention is that it is, you know, the data stays in Europe.
In the case of American visa transactions, they are American companies.
If bad things happen, U.S.
authorities will have or can gain access to those transaction data.
But the euro will be quite anonymous.
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