The European Central Bank (ECB) is working on the "digital euro", an envisioned retail central bank digital currency for the Euro area. In this article, we take a closer look at the "digital euro FAQ", which provides answers to 26 frequently asked questions about the digital euro, and other published documents by the ECB on the topic. We question the provided answers based on our analysis of the current design in terms of privacy, technical feasibility, risks, costs and utility. In particular, we discuss the following key findings: (KF1) Central monitoring of all online digital euro transactions by the ECB threatens privacy even more than contemporary digital payment methods with segregated account databases. (KF2) The ECB's envisioned concept of a secure offline version of the digital euro offering full anonymity is in strong conflict with the actual history of hardware security breaches and mathematical evidence against it. (KF3) The legal and financial liabilities for the various parties involved remain unclear. (KF4) The design lacks well-specified economic incentives for operators as well as a discussion of its economic impact on merchants. (KF5) The ECB fails to identify tangible benefits the digital euro would create for society, in particular given that the online component of the proposed infrastructure mainly duplicates existing payment systems. (KF6) The design process has been exclusionary, with critical decisions being set in stone before public consultations. Alternative and open design ideas have not even been discussed by the ECB.

翻译：欧洲中央银行（ECB）正在研发“数字欧元”——一种为欧元区设想的零售型央行数字货币。本文深入剖析了欧洲央行发布的《数字欧元常见问题解答》（该文件针对26个常见问题提供了答案）以及其他相关公开文件。基于我们对当前设计方案在隐私保护、技术可行性、风险、成本及效用方面的分析，我们对所给出的答案提出质疑。具体而言，我们讨论了以下关键发现：（KF1）欧洲央行对所有在线数字欧元交易的集中监控对隐私的威胁，甚至超过当前采用隔离账户数据库的数字化支付方式。（KF2）欧洲央行构想的、能提供完全匿名性的安全离线版数字欧元方案，与硬件安全漏洞的实际历史记录及相关的数学证明存在严重冲突。（KF3）相关各方的法律与财务责任仍不明确。（KF4）该设计缺乏针对运营商的明确经济激励，也未能讨论其对商户的经济影响。（KF5）欧洲央行未能阐明数字欧元将为社会带来的具体效益，特别是考虑到所提议基础设施中的在线支付组件在很大程度上重复了现有支付系统。（KF6）设计过程具有排他性，关键决策在公众咨询前就已固化。欧洲央行甚至未曾讨论过其他开放的设计方案。