Plans to introduce a digital euro throughout the monetary union are a “f***ing trap” and “the perfect tool for surveillance”, a controversial financial writer has claimed.
The European Central Bank, based in Frankfurt, is hoping to make the embryonic concept – whereby ”cash” would be stored on smartphones, as opposed to in wallets or on credit cards – a reality by 2026.
A survey published by the ’s Eurobarometer research website earlier this year suggests just a third of people living within the 20 Eurozone countries haven’t even heard of the concept, let alone understand what it is.
And Marc Friedrich, author of books including The Biggest Crash of All Time, is vehemently opposed to the idea, outlining his criticisms in a series of videos on Youtube which have amassed 350,000 subscribers.
He told Politico: “It’s a f***ing trap.
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“They’ll say, ‘Hey, it’s easier, it’s tidier, you don’t have to put your fingers on these dirty notes and you don’t get COVID virus’ or something like that.
“A robber can’t steal your money anymore – but you can have a chip under your skin. It’s the perfect tool for surveillance and a digital dictatorship.”
: “I hope there is no plan but for me it makes no sense to create a digital euro unless you want to control people.
“When my grandfather was dying I asked him everything about Nazi Germany. I know how it happens.”
There is no suggestion the ECB, led by President Christine Lagarde, has any plan to place microchips under the skin of anyone – but others also have concerns.
Jorg Methuen, an MEP and a member of the German Center Party believes “government surveillance and a cashless society” is the ECB’s “final aim”.
He added: “I’m deeply worried that the project of the digital euro is not only a project to develop a useful additional instrument of future payments, but that the real intention is the start of replacing any kind of cash payments.”
Meanwhile Dutch MEP Michiel Hoogeveen believes it is important to engage with critics, even those propagating what some might dismiss as conspiracy theories.
He said: “We had people who were protesting against COVID, they had a podium, they were very successful on being on social media as an influencer, donations were pouring in, and now COVID is gone, the rules were lifted, so they need to move to the next big thing.
“My job is to Brexit Party and UKIP leader Nigel Farage voiced his concerns about what he saw as the phasing out of physical currency.
Speaking on his GB News programme, he said: “The banks are relentlessly driving us towards a cashless society. Keeping cash as legal tender is vital because a cashless UK would be the first step to a fully digitised economy with control over our spending and a huge potential loss of freedom.”
A statement on the website of the ECB explains: “We are working with the national central banks of the euro area to investigate whether to introduce a digital euro. It would be a central bank digital currency, an electronic equivalent to cash.
“And it would complement banknotes and coins, giving people an additional choice about how to pay. A digital euro would offer an electronic means of payment that anyone could use in the euro area.
“It would be secure and user-friendly, like cash is today. As central bank money issued by the ECB, it would be different from “private money”, but you could also use a card or a phone app to pay with digital euro.”
