Fact Check: Cash Will NOT Be Replaced Completely By Digital Currency To Control People

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  • от: Lead Stories автор
Fact Check: Cash Will NOT Be Replaced Completely By Digital Currency To Control People Misconception

Will cash be abolished for a new traceable digital currency that will eliminate constitutional liberties like freedom and privacy? No, that's not true: The Bulgarian Ministry of Finance announced that the European Central Bank (ECB) is studying the potential benefits of a digital currency. This would not affect the use of banknotes and coins in any way. The digital Euro would offer more security options for payments, but cash payments would still be available. Legislative changes are needed before the digital Euro can be introduced in the Euro zone.

The claim originated in a TikTok video (archived here) published on July 7, 2023. It opened:

They want to withdraw money from circulation, to introduce digital currency and when someone is disobedient, to reset his accounts. Digital currency is the number of the beast and without it no one will be able to buy and sell. It's well known.

This is what the post looked like on TikTok at the time of writing:

Screenshot (3).png

(Source: TikTok screenshot taken on Mon Jul 10 20:41:41 2023 UTC)

A false claim circulated on social media posts in Bulgaria in July 2023, stating that digital currency will soon replace physical money and become a tool of control to reprimand those who break the common rules. This claim is not based on any credible evidence or official announcement.

The official position of the Ministry of Finance confirms that a number of central banks are considering or developing projects for digital national currencies (Central Bank Digital Currencies - CBDCs):

The European Central Bank (ECB) and the Euro Group started discussions to explore the possibility of issuing a digital Euro. The Euro Group has a significant role in this process, determining several aspects of the digital Euro as key: the project should be pan-European, the digital Euro should complement and not replace the cash Euro (banknotes and coins in circulation), guarantees the privacy of users when using the digital Euro, as well as financial stability in the Euro area. The project should provide pan-European accessibility (accessibility by any citizen in the Euro area and acceptance everywhere in the Euro area). The project requires legislative measures and should not eliminate existing payment infrastructures and introduce new costs for consumers and merchants, while ensuring interoperability with other digital currencies. The ECB is the institution responsible for drawing up the basic design and characteristics of the pilot project. At this moment, the project is in a preliminary phase.

Screenshot (5) .pngScreenshot (6).png(Source: Screenshot taken on Mon Jul 10 21:07:22 2023 UTC)

Eva Meidel, a member of the Committee on Economic and Monetary Affairs of the European Parliament, told Bulgarian National Radio that the ECB is planning to launch the pilot projects in selected sectors and regions in October. The final decision is expected to be made by the end of 2026. Meidel's office also said that there is opposition to the digital Euro in other countries besides Bulgaria, which were based on fake news and misinformation. Protests have taken place in Germany and the Netherlands.

Lead Stories has debunked here a false claim related to US Government program launching in July 2023 allowing officials to control access to bank accounts.

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