Reports

The digital euro project, promoted by the European Commission and the ECB, is presented as a response to the erosion of confidence in the financial system and the rise of alternatives such as cryptocurrencies. However, the problem is political, not technological: mistrust stems from institutional failures in the wake of the Great Financial Crisis.
The digital euro does not respond to a real social demand, but rather to the institutional anxiety of the ECB. Its evaluation must undergo a rigorous test of necessity and proportionality compared to other alternatives.

Stablecoins have grown rapidly to become key components of the global financial system, with Tether as the market leader. Although they offer efficiency and lower volatility, institutions such as the ECB and the BIS warn of their potential to generate systemic risks if not properly regulated. The collapse of TerraUSD in 2022 highlighted these threats. While the US is promoting private stablecoins and putting the brakes on a public digital currency, international bodies are calling for strict regulatory frameworks to prevent further crises.

The digital yuan, China's state-run digital currency, represents a fully centralised and programmable monetary system, where the government can track all transactions in real time, impose restrictions on the use of money and even freeze funds without judicial intervention. This technology, already implemented in China, eliminates financial anonymity and gives the state unprecedented control over the economy and the lives of its citizens, while progressively reducing the use of cash.

Moreover, the e-CNY is being promoted internationally to reduce dependence on the dollar and strengthen China's global influence, in a context of increasing geopolitical tension. Thus, the digital yuan raises the question of whether we are facing a monetary revolution or the consolidation of a system of total control.

Nigeria is suing Binance for $81.5 billion, alleging economic losses and tax evasion. Authorities claim that Binance's operations have affected the stability of the naira currency and accuse the company of failing to meet its tax obligations. This case reflects the regulatory, economic and social challenges facing cryptocurrency platforms in emerging markets.

In a global context of accelerating digitalisation, Switzerland stands out as the first country to consider protecting cash at the constitutional level. The initiative, promoted by the Swiss Movement for Freedom, has gathered more than 130,000 signatures, forcing parliament to debate the proposal. The bill is currently in the consultation phase and has not yet entered into force.