Data Protection Bodies Call For ‘Privacy Threshold’ in Digital Euro Transactions

Ensuring low-value integer euro transactions are not traced is 1 of the recommendations made by 2 information extortion agencies successful the EU. The autarkic bodies person presented their associated sentiment connected the projected regularisation for the upcoming integer mentation of Europe’s communal fiat currency.

Independent EU Regulators Insist connected Embedding Data Protection successful the Design of the Digital Euro

The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) person made respective recommendations connected however to guarantee high-level extortion for the idiosyncratic information and privateness of users of the aboriginal integer euro.

The stated purpose of the eurozone’s cardinal slope integer currency (CBDC) is to supply Europeans with an alternate means to marque online and offline payments, complementing cash. The authorities welcomed the thought that users volition person a prime and that the connection for an EU regularisation connected the constitution of the integer euro addresses galore information extortion aspects.

However, the agencies judge that information extortion should beryllium embedded successful the integer euro’s plan itself and suggest further improvements to warrant that the rights to privateness and extortion of idiosyncratic information are efficaciously preserved. EDPB Deputy Chair Irene Loizidou Nicolaidou emphasized:

A precocious modular of privateness and information extortion is instrumental successful gaining citizens’ spot successful this caller integer currency.

Introducing a “privacy threshold” nether which neither offline nor online low-value transactions with integer euro tin beryllium traced for anti-money laundering oregon counter-terrorism financing purposes is 1 of the steps the EDPB and the EDPS “strongly recommend.”

The 2 organizations are besides objecting to the projected constitution of a azygous entree constituent to verify that idiosyncratic integer euro holding limits are not exceeded. The program is to behaviour this verification by processing identifiers of the integer euro users and their holding limits.

The information extortion bodies suggest “assessing whether the azygous entree constituent is indispensable and proportionate, underscoring that method measures allowing for a decentralized retention of these identifiers are feasible, arsenic an alternative.”

After 2 years of investigation, the European Central Bank (ECB) announced connected Wednesday its determination to determination to the adjacent “preparation phase” of the integer euro project. The monetary authorization assured successful a connection that information extortion volition beryllium a precedence and that the Eurosystem would not beryllium capable to nexus outgo accusation to idiosyncratic users.

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