Original article (in Bosnian) was published on 12/12/2024; Author: Amar Karađuz
The passing of amendments to the Electronic Money Act in Croatia has been unjustifiably linked on social media to the introduction of a digital currency, specifically the “digital euro”, in the country.
On November 22, 2024, a claim taken from an unnamed Telegram group was published on Facebook, asserting that Croatia “approved a digital currency (digi euro)” on November 15. The post listed rights and daily activities that, according to the claim, would become obsolete with the alleged introduction of digital currency. It emphasized that people would lose their privacy, the freedom to manage their money, identity, and security in old age, as well as the ability to buy what they want, live without constant surveillance, and travel freely. It also mentioned that activities would depend on “points” and that people would be confined to “15-minute cities”.
On November 15, a digital currency (digi euro) was approved in Croatia. If anyone still doesn’t know, here are just a few examples of what this means and what we lose:
1. Our privacy
2. Our freedom to manage our money
3. Our financial security in old age
4. The ability to pass
(…)
You won’t be able to buy what you want; they will decide for you.
You won’t be able to spend as much as you want.
(…)
13. Forget about travelling – only those with enough digi points will be able to travel.
14. If you violate some of their rules, they’ll disable you with one click, banning you from this or that. It’s already like this in China.
(…)
18. You’ll receive the mark of the beast and be just a ‘code’ under their control.
19. After the introduction, you’ll live in controlled 15-minute cities.
20. Forget about entertainment like concerts – unless you’re chipped. That’s what follows.
In the end, what do you get after introducing digi euro and abolishing cash? YOU GET CHAINS AROUND YOUR FEET, HANDS, AND NECK! Slavery hich the world has never seen before! If we let them!
The claim that Croatia approved a digital currency or the “digi euro” on November 15 has been spread across multiple Facebook posts (1, 2, 3, 4, 5). Some posts included animations exaggerating the alleged control over personal finances through concepts like “Universal Basic Income” (1, 2).
In other variations of the claim, it was not stated that the “digital euro” was introduced but rather that “a legal framework was created for abolishing cash and introducing DIGITAL CURRENCY (digital euro), while the public and mainstream media are preoccupied with the arrest of Vili Beros” (1, 2). The rest of the content was identical to previous posts.
What are the Facts?
On November 15, 2024, the Croatian Parliament did not approve a law introducing digital currency or the “digital euro”. The Croatian Parliament deliberated in November and, on the 15th of the month, adopted the Draft Law on Amendments to the Electronic Money Act, proposed by the Government of Croatia.
The adopted law does not mention “digital currency” or “digital euro” at any point. Our partner platform from Croatia, Faktograf, which analyzed identical claims about the adoption of the “digital euro”, provided a detailed explanation of what the amendments to the Electronic Money Act actually entail, based on responses from the Croatian Ministry of Finance and the Croatian National Bank (HNB).
What Is Electronic Money and the Law Regulating It in Croatia?
According to an explanation on the Croatian National Bank’s website, “electronic money is a monetary value stored electronically, including magnetically, which is issued after receiving monetary funds for the purpose of executing payment transactions within the law governing payment operations. It is accepted by a natural or legal person other than the issuer of the electronic money and constitutes a monetary claim against the issuer”. Examples of electronic money include gift cards issued by banks and card companies, which can be used for in-store or online shopping.
In its response to Faktograf regarding the Act, the Croatian Ministry of Finance emphasized that its adoption has nothing to do with the digital euro project. The Act facilitates broader use of alternative dispute resolution for consumer disputes since issuers of electronic money are now required to participate in all procedures initiated by consumers, as stated in the Ministry’s response. Essentially, the Act regulates aspects of financial transactions that are far less sensational than what is portrayed in social media posts.
In its response to Faktograf, the Croatian National Bank noted that the original Electronic Money Act and its amendment, adopted in November 2024, were the result of obligations Croatia assumed from two European Union directives related to electronic money.
The upcoming amendments to the Act aim to prepare the ground for implementing two European Union regulations (binding laws adopted at the EU level that are directly applicable in member states without requiring transposition into national law, unlike directives). These regulations pertain to the security of network and information systems supporting the business processes of financial entities (EU Regulation 2022/2554) and instant credit transfers in euros, ensuring the execution of so-called instant credit transfers within the European Union market. The Croatian National Bank also stressed that the Proposal for Amendments to the Electronic Money Act has no connection to the digital euro project.
What Are Digital Currency and the “Digital Euro”?
The introduction of the digital euro as a digital currency in Eurozone countries remains a possibility under discussion at the European Union institutional level. Digital currencies issued by central banks (Central Bank Digital Currency – CBDC) are digital versions of currency typically issued by central banks in the form of physical cash. According to the Croatian Ministry of Finance’s website, “the digital euro will be a digital form of central bank money issued by the European Central Bank for retail use, complementing euro cash. It will be available for online payment transactions in digital euros and offline payment transactions in digital euros”.
In this context, several proposals have been submitted to the European Council and the European Parliament for the regular legislative process: the Proposal for a Regulation on the Introduction of the Digital Euro, the Proposal for a Regulation on Euro Banknotes and Coins as Legal Tender, and the Proposal for a Regulation on Digital Euro Services provided by payment service providers based in member states whose currency is not the euro. For these regulations to be adopted, they must undergo an extensive legislative process in the EU Council and Parliament. Issuing the digital euro could only begin after the adoption of these proposals, Faktograf reports.
Furthermore, introducing the digital euro as envisaged by this set of laws would not mean the elimination of banknotes and coins as legal tender. The Croatian Ministry of Finance’s website states that the “Proposal for a Regulation on Euro Banknotes and Coins as Legal Tender will preserve the role of euro cash as a means of payment, ensuring its wide acceptance and easy availability across the Eurozone”.
Paranoia About Digital Currencies
Initiatives to introduce digital currencies issued by central banks around the world have triggered waves of disinformation and “conspiratorial” narratives. These narratives often warn about the alleged loss of basic freedoms to manage money, the elimination of cash as legal tender, and the loss of autonomy cash provides. Some proponents of conspiracy theories interpret the introduction of digital currencies as an act of globalist control and the establishment of a “New World Order”, as detailed in this analysis.
Similar claims can also be found in Facebook posts that falsely interpret the adoption of amendments to Croatia’s Electronic Money Act as the approval or adoption of the digital euro. These posts baselessly equate the introduction of digital currencies with China’s controversial social credit system, which evaluates individuals’ behavior and is not implemented across all of China, as explained in detail in this analysis.
Additionally, the posts link the application of digital currency to life in so-called fifteen-minute cities, another frequent topic in conspiracy theories. This urban planning concept focuses on the accessibility of essential goods and services, but some see it as a threat, an attempt to limit freedoms, “entrapment”, and other forms of control, as we wrote in this analysis.
The earliest posts claiming that Croatia “adopted the digital euro” on November 15 and created a legal framework for abolishing cash and introducing digital currency have been rated as fake news. Later posts echoing these claims and asserting that the Parliament approved the “digital euro” are considered to be the distribution of fake news.
All posts featuring these claims are further labelled as a conspiracy theory due to their unfounded association of digital currency with alleged efforts to establish societal control.
