Money Banknote manufacturer G + D: The digital money is coming

09:41  14 august  2020
09:41  14 august  2020 Source:   welt.de

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A banknote (often known as a bill (in the US), paper money , or simply a note ) is a type of negotiable promissory note , made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued by commercial banks

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Das Firmenlogo an der Zentrale von Giesecke + Devrient in München. © Alexander Heinl / dpa The company logo at the headquarters of Giesecke + Devrient in Munich.

The international monetary system is facing a major change: In the foreseeable future, private cryptocurrencies à la Bitcoin could be followed by digital money issued by central banks.

A first Chinese attempt at the Winter Olympics would likely be followed by other countries, at least that's what Ralf Wintergerst, the boss of the Munich banknote manufacturer Giesecke + Devrient, expects.

“The People’s Bank of China has announced that it will introduce a so-called“ digital currency electronic payment ”for the 2022 Winter Olympics,” said Wintergerst. "That is new." He sees the Chinese announcement as a first live attempt. “China and Sweden are the two countries that have made the most progress, with China setting an example with the announced launch for the Winter Games. As Europe, we are only just beginning to develop. "

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Technically, a digital euro would be similar to Bitcoin . But unlike the famous cryptocurrency, it would be under the supervision of a central bank. Digital currencies work on the basis of a so-called blockchain - a chain of data blocks that grows with every transaction. Such a euro would exist as a digital unit and be available for online business. As with Bitcoin, you would need your own wallet in which the digital money is stored. Modern smartphone banks have already docked these to the current accounts as standard.

Privaten Kryptowährungen wie Bitcoins könnte in absehbarer Zukunft von Zentralbanken ausgegebenes digitales Geld folgen. © Ina Fassbender / dpa Private cryptocurrencies such as Bitcoins could be followed by digital money issued by central banks in the foreseeable future.

G + D has more than 100 central banks as customers around the world. In addition to banknote printing, the company has now also specialized in digital security technologies such as encryption.

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“There is also an awakening in the EU at the moment,” said Wintergerst. "The ECB is dealing with the issue, and the G20 finance ministers are currently working on a policy paper that should describe the basic rules of digital central bank currencies."

Facebook's plans to introduce the cryptocurrency Libra had sparked a debate about whether central banks like the ECB should provide an answer with their own digital currency. The German banks want to campaign for the introduction of a digital currency in the euro area. "We need a digital euro in Europe," said the President of the Association of German Banks, Hans-Walter Peters, in autumn 2019.

"A digital euro would be an important contribution to a stronger Europe that is determined to face the challenges of the digital revolution," said Peters. If Europe does not move itself on the subject, it will be driven or "pushed out of the way" by others.

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Digital money is a currency that exists purely in digital form. It is not a tangible asset like cash or other commodities like gold or oil. Most of the digital money owned in the world is owned by banking institutions. Banks have been able to keep their cost-of-business lower thanks to digital money since

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Bundesbank boss Jens Weidmann warned in January in the "Handelsblatt" against the rash introduction of digital central bank money. “I don't believe in always calling out to the state. In a market economy, it is first up to the company to develop a suitable offer for customer requirements. " Weidmann advocated weighing up the advantages and disadvantages. “First of all, it's about understanding the positive and negative sides of digital central bank money. Then a decision can be made as to whether it is needed and the risks can be controlled. "

G + D boss Wintergerst sees three major challenges: the basic security of a digital currency, the protection of privacy and the risk to the banking system.

In contrast to the handing over of a banknote when paying at the till, every digital transaction leaves traces - concerns and criticism from data protectionists would, so to speak, be programmed with the introduction of digital money. The head of the company founded in 1852 argues that privacy and data protection can also be guaranteed with a digital currency.

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“Technically you can do it, it's a question of will. A digital currency can be designed in such a way that all transactions up to any threshold value - for example 1000 euros - are completely anonymous and incomprehensible, and transactions above this threshold would have to be named. "

The digital money project at G + D is called Filia, Latin for daughter. That includes both the production of digital money and the complete circulation of money, said Wintergerst. The company is therefore discussing how such a solution could be implemented with various central banks around the world.

However, according to Wintergerst, not only the protection of privacy must be carefully considered, but also the effects on the financial system. "Cash is issued to the commercial banks and only then does it reach us consumers," said Wintergerst. "With a digital currency, I can theoretically take the abbreviation from the central bank directly to the consumer and defeat the banking system." The big question: "But do you want that, wouldn't you create a singular break?"

On the other hand, digital currencies could offer advantages for billions of people, argues Wintergerst. “The biggest criticism of the current financial system is that many people in the world do not have access to it. It is estimated that over three billion people do not have a bank account. " This applies to many African countries, but also parts of Latin and South America. "However, the bank account is the key to loans and other services that banks provide."

The second point of criticism is the susceptibility to fraud. "The theft of card numbers has been a cybercrime problem for years." A third point: the relatively slow speed of payment transactions, especially internationally. As a fourth point, Wintergerst mentions the cost of payment. "A digital central bank currency would go into exactly these four gaps."

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