Odd jobs, moonlighting, transactions between individuals, will the digital Euro put an end to the underground economy?
Home » Economy » Odd jobs, moonlighting, transactions between individuals, will the digital Euro put an end to the underground economy? February 19, 2022
Moonlighting, undeclared odd jobs, transactions between individuals, money passes from hand to hand without us necessarily knowing it. A shortfall for states and a way for illicit economies to operate.
Could the digital euro, whose transactions could be centralized with the ECB, put an end to this type of market? To analyze.
Towards the end of Sunday gardeners?
It is not uncommon for some to have to call on the services of private individuals to carry out small jobs. Gardeners, painters, mechanics, professions whose odd jobs can be exercised without necessarily being declared. In Belgium, there is no limit for cash payment between individuals for goods and services.
Nevertheless, if we come to a fully digital euro (and thus the end of paper money, which is currently not in Europe’s plans), these odd jobs may well be affected.
For Étienne de Callataÿ, economist and co-founder of Orcadia Asset Management: “The digital euro will not eliminate odd jobs, but it will make them more difficult“. An opinion shared by his colleague Bruno Colmant, economist and professor at ULB and UCLouvain: “Until the digital Euro becomes widespread, this economy should continue to exist“, he reveals.