Amazon’s choice for the crypto euro divides within the European Union

Refuse a madness – Clearly, the choice ofAmazonan actor private, non-europeanand in a situation of monopoly worldwide in its sector – does not pass as godfather of the digital euro. However, this blockage was announced to be obvious, except perhaps in the minds of the technocrats of the European Central Bank (ECB), who made this crazy choice. The sling against Amazon is set up.

On September 16, 2022, the European Central Bank surprised his world by revealing the presence ofAmazon among the strategic partners of its future digital euro. This American company was nevertheless well and truly chosen to take care of the e-commerce payments in this future crypto euro (which is in fact nothing “crypto”, given its strong centralization).

As the reports including CoinDesk, several members of the European Parliament have vigorously disputed the ECB’s decision. Some alluding in particular to the record fine of 746 million euros fined by Amazon for violating rules of privacy and protection of personal data.

MEP Stephanie Yon-Courtin also criticized the choice of Amazon by central bankers in terms of risks of foreign interference :

“How do you really explain this choice? In July 2022, you said about the digital euro that it would protect the strategic autonomy of European payments, and monetary sovereignty. (…) Three months later, we are told that [l’américain] Amazon was chosen out of 54 companies. »

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The deputy Ernest Urtasun to castigate the decision of the ECB for the risks of hegemonic position that the digital euro could give to a multinational like Amazon. He asked to Fabio Panettamember of the Executive Board of the ECB, review your copy :

“I would like to know if you plan to review this decision. (…) The involvement of the large American company Facebook in a cryptocurrency project [Libra/Diem] aroused strong opposition. (…) This digital euro project – which is essential and which Parliament has supported – risks starting off with a very serious lack of credibility. »

No, definitely, if the bankers are enthusiastic, the politicians fear the worst by entrusting the future central bank digital currency (MNBC) of Europe in the hands of the American giant.

More disturbing again, thinking of defending the decision of its central bank, Fabio Panetta, explained that Amazon does not receive “no financial reward” for his work on the digital euro. But then why this sprawling multinational will spend money for the e-euro? Well, maybe this popular expression is a clue: “If it’s free, you are the product”.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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