The European Central Bank is considering options for a “Digital Euro”. By this, the ECB is reacting to a development that has taken place beyond institutional financial policy in recent years: privately owned systems enable the transaction of values via the internet and thus open up our previous notion of money and currency to new, digital concepts. The question of what significance we should attach to this dynamic and what reactions are appropriate is becoming increasingly urgent. Many companies as well as individuals are already integrating digital payment systems into their financial strategies, others have been paying little attention to this possibility. International corporations are creating in-house alternatives to established money – which government institutions such as the ECB are countering by trying to find their own models for the introduction of “digital money”. To all this there is much more than the mere use of the internet for financial transactions, to which we have long become accustomed anyway. What is the new thing that is emerging here and what are the implications – for economies and for each individual citizen?
Martin Diehl is an analyst at Deutsche Bundesbank and an expert on payment systems and macroeconomics. In this episode of Digitalgespräch, the economist and philosopher brings order into the terminology we use in the field of currency, value and money and explains current developments around blockchain and digital financial markets. With hosts Marlene Görger and Petra Gehring, Diehl discusses the revolutionary ideas behind the crypto token and why Bitcoin is not a currency, what requirements money must fulfil and the role that trust plays in this.
Link to the FAQ regarding the “Digital Euro” on the Website of Deutsche Bundesbank (in German): https://www.bundesbank.de/de/aufgaben/unbarer-zahlungsverkehr/digitaler-euro-haeufig-gestellte-fragen
The podcast is in German. At the moment there is no English version or transcript available.