Digital Euro
As Europe is moving towards the creation and coining of the digital euro, the extremely sensitive issue of privacy has once again surfaced in the discussion. The data-focused body within the European Union has called to consider the importance of privacy while designing digital euro.
EDPB’s Letter
The European Data Protection Board, the board created for the protection and regulation of data, mentioned that following an extremely high standard of privacy and data protection is important. This would create a very strong bond of trust to the end-users. Following this statement, they mentioned that privacy should be a distinct element while the distribution of the digital euro
The incorporation of data protection and the prioritizing of privacy since the design stage is a crucial factor of success, the EDPB mentioned in a letter addressed to the ECB.
ECB’s Response
The ECB further responded and reassured that privacy is taken seriously. They reassured digital euro would not store, monetize or manage user data. The Digital Euro would focus a lot more on protecting privacy than private companies.
The Day of Discussion
ECB president Christine Lagarde mentioned that the discussion on the design of the digital euro will occur on the 14th of July. This discussion is happening for finding a solution for cutting down the use of physical cash. Additionally making it accessible for people who do not own a bank account.
