European Central Bank to improve privacy for digital euro
==========

The European Central Bank (ECB) has pledged to introduce upgraded privacy measures for the digital euro, guaranteeing robust data protection and privacy standards. The ECB aims to establish a single access point to verify users’ digital euro holdings, known as the holding limit. In collaboration with the European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS), the ECB has put forth recommendations to uphold stringent personal data protection. The digital euro is envisioned to facilitate electronic payments for individuals, both online and offline, while prioritizing privacy and data protection. The Eurosystem would be unable to discern the identities behind digital euro transactions, with only payment service providers possessing access to such information. The offline transactions using the digital euro aspire to mimic the discretion of cash exchanges, safeguarding transaction details between payer and payee. Online transactions will involve the ECB handling a minimal set of pseudonymized data, primarily for essential functions like settlement. The digital euro is designed to be interest-free, with limits on public holdings, and will be compatible with traditional banking institutions. Critics have raised concerns about excessive government control and the potential erosion of privacy associated with a digital currency. The ECB's commitment to elevating privacy standards with the digital euro comes as a welcome relief to proponents of central bank digital currencies (CBDCs).

#EuropeanCentralBank #DigitalEuro #Privacy #DataProtection #CentralBankDigitalCurrencies

https://crypto.news/cbdc-european-central-bank-privacy-digital-euro/