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Comment by seydor | Hacker News Reader

bank fees will still be an issue. This thing in the works for years and years.

Better to just connect the myriad of instant bank payment systems that already exist all over europe than to invent another standard.

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According to the public information, bank fees are (or going to be) standardized across the EU's Euro zone. It's in the works for a long time because it's a joint effort and requires a lot of coordination from many involved parties. European Payment Initiative was founded in 2020 but the idea was there since the formation of EU and Euro 20 years ago.

And also it superseeds most of those payment solutions. Wero is based on iDEAL and other european payment systems.

Future goal of the "digital euro" is to get rid of the banks.

most people will use it through bank accounts , so not much difference

Traditional banks have already been severely disrupted by financial start-ups that only charge low fees. People will switch if they feel the cost pressure.

I don't know about the mainland but in the UK most fintech startups ultimately try to get a bank license and become fully fledged banks.

That's just the legal red tape to further encroach on the turf of traditional banks. They are still significantly cheaper.

The EU is planning on getting rid of banks ???

Not so much ‘get rid of’, but you won’t need a bank account to use the digital euro.

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