The European Central Bank (ECB) is venturing into the digital currency domain with its proposed digital euro. This is certainly commendable, yet several reasons compel us to question their likelihood of success—particularly regarding Ethereum Virtual Machine (EVM) compatibility and the challenge of recruiting top-tier talent.

EVM Compatibility

EVM compatibility is indispensable for any digital currency aspiring to compete in the elite league of digital currencies. Ethereum’s coding language, Solidity, boasts a substantial developer community, making it the club everyone wants to join. Achieving EVM compatibility for the digital euro entails developing and maintaining an intricate compiler. Achieving this task within ECB is akin to teaching your grandmother to code—feasible but accompanied by considerable headaches.

Attracting Top Talent on a Budget

Now, let us address the matter of remuneration. The ECB’s job listing for a Market Infrastructure Specialist offers a fixed-term contract with a net monthly salary of €4,611. In the tech world, this is comparable to offering fast food at a gourmet restaurant. Similar roles in the tech industry come with significantly more attractive salaries, stock options, and benefits that render this offer rather unappetizing.

Given this compensation package, it is challenging to envision how the ECB can secure the product and tech experts essential for creating a cutting-edge digital currency. In the fiercely competitive tech landscape, this package is unlikely to entice top talent, who are often bombarded with lucrative offers from startups and tech giants alike.

While the digital euro is a promising concept, the ECB faces substantial obstacles. EVM compatibility is just one critical aspect that poses significant challenges, and their compensation package is more “meh” than “wow.” Unless they elevate their approach in both technology and talent acquisition, the digital euro risks becoming a well-intentioned, but ultimately unfulfilled, endeavor.