Former Prime Minister, Head of the EKR Mateusz Morawiecki, warns against plans to introduce a digital euro. In his opinion, preparations for this revolutionary change go full steam, and Poles are not sufficiently informed about its consequences. Is the digital euro a step forward or a dangerous experiment?
Digital Euros: What is it and why is it controversial?
The digital euro is the alleged CBDC (Digital Currency of the Central Bank), which is to operate both at retail and wholesale level. Unlike cryptocurrency specified as Bitcoin, CBDC is issued exclusively by central banks alternatively than by private entities. However, as Mateusz Morawiecki notes, this fresh form of money raises many concerns.
– October 2025 is the deadline we are preparing for. We hope that all parties curious in cooperation will be ready to make the digital euro a reality," said Christine Lagarde, the head of the European Central Bank.
Morawiecki points out that work on the digital euro continues "over our heads", and Poles learn about fresh solutions from abroad politicians' statements, not from the native authorities.
Risks related to the digital euro
The PiS politician points to respective key risks associated with the introduction of the digital currency:
- Loss of privacy: The digital euro can give central banks and governments insight into our spending, behaviour and preferences.
- Cybersecurity: fresh technology may be susceptible to hacking attacks.
- Variable money value: any experts fear that the digital euro can lose value over time by forcing its fast use.
– It's the first money that can change its value in time not only due to inflation, but besides due to its 'term of validity' – Morawiecki emphasizes.
Chinese example: A informing for Europe
Morawiecki cites an example of China, where the government introduced an electronic yuan. In this system, access to the digital currency may be restricted depending on the social assessment of the citizen. If the government considers that a individual violates his or her preferences, it may block his or her access to funds.
– If the social evaluation of a Chinese citizen says that he violated the government's preferences, access to digital currency resources can be restricted or even reduced – ex-president explains.
Poland's position towards the digital euro
In 2021, the National Bank of Poland (NBP) expressed scepticism towards the introduction of CBDC in Poland. The central bank argued that this technology is inactive ‘unripe’ and that there is no adequate legal framework.
– This position should be maintained and actively reported in the European forum," summed up Mateusz Morawiecki.
Summary: Freedom of choice or control?
The digital euro is simply a subject that sparks lively discussion. On the 1 hand, this could be a revolutionary step into the future of payments. On the another hand, it raises concerns about privacy, freedom and financial security.
– all citizen should have the freedom to choose between cash and electronic money – emphasises Morawiecki.
Will Europe follow China's lead, or will it find a way to introduce a digital currency that does not violate the fundamental rights of citizens? The answer will be crucial for the future of finance in the European Union.
More here:
Morawiecki: They want to bring us the digital euro with the back door
