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In Slovakia, a significant financial battle is unfolding as lawmakers recently voted in favor of a constitutional change to preserve the use of cash as a viable method of payment. The initiative was spearheaded by the "We Are Family" party, also known as the Sme Rodina party, as a measure to counter the imminent wave of the digital euro, a form of central bank digital currency (CBDC).
Milos Svrcek, a legislator involved in crafting the new laws, addressed the parliament, emphasizing the importance of financial autonomy and safeguarding Slovakia's monetary sovereignty through this move.
However, the legal modifications go beyond preserving the use of cash. Another notable update aims to empower shopkeepers by granting them the right to refuse cash payments for goods and services. This amendment aims to protect them from theft and potential health hazards, while also accommodating the operation of card-only vending machines.
The concept of a digital euro, a CBDC introduced by central banks, has been a topic of heated discussion in the European Union. Parliamentary researchers have referred to it as a "solution in search of a problem." Despite the skepticism, they have recommended keeping the digital euro as a potential pursuit for the future.
Nevertheless, concerns arise regarding the centralization of a digital euro, as it would grant a government entity control over transactions, raising questions about its potential impact on personal privacy.
On the other hand, while CBDCs may provide an affordable alternative to traditional banking for the underprivileged, they could also pose a threat to commercial banks and corporations that offer credit to this demographic. The digital euro represents a double-edged sword, presenting both benefits and challenges that Slovakia is carefully observing and addressing through its legislation.
