The finance minister of the euro zone promise support for the digital euro project, Talk Privacy-Finance
The finance minister of the euro zone promise support for the digital euro project, Talk Privacy-Finance
The finance ministers of the countries of the euro zone confirmed their support for the preparations for the possible introduction of a digital euro. In the meantime, the currency authority of the uniform currency area tried to assure future users that the new currency "will maintain privacy as standard and by nature".
The euro group remains involved in the development of the digital euro, says that many decisions are political
Finance Minister of the EU Member States who introduced the common European currency, the EuroKruppe met on Monday in Brussels on the occasion of Croatia's accession and discussed current topics- From the economic situation to the financial policy coordination in the euro zone.
One of the issues discussed was the further development of the initiative to publish a digital version of the euro. In a declaration assumed by the forum, the government officials promised to continue their participation, whereby Paschal Donohoe, the President of the informal format, was cited with the words:
We plan to continue our political engagement with the ECB and the Commission, while they are progressing in their processes, because the euro group has recognized today that many upcoming decisions are political.
"The euro group believes that the introduction of a digital euro as well as its most important features and design options require political decisions that should be discussed and made at the political level", says the joint explanation in which the need for corresponding corresponds legislation approved by the European Parliament.
While you confirm your commitment to support the project that is still in his target = "_ blank" htf = "https://news.bitcoin.com/digital-euro-gets-s-as-as-ecb-launches-investeration-phase/" Rel = "noopener"> examination phase In 2021, the ministers also emphasized that a future decision about the possible emission "would only take place in a possible implementation phase after further explorations".
After their discussions, the members of the group consisted of other recommendations that a digital euro should add cash and should not replace. The digital currency of the central bank (CBDC) should offer a high degree of data protection, they also said and explained:
In order to be successful, the digital euro should ensure and maintain the trust of the users, for which privacy is a keynote and a fundamental right.
ECB claims that Europe's digital currency will guarantee the privacy of payments
"Preserving Privacy by Default and by Design" was one of the stated goals in a "digital euro - inventory" Test report also published this week from the European Central Bank (ECB). When presenting their views on this topic, the regulatory authority said that the digital euro would "guarantee the protection of personal data and payments" and in detail:
The ECB will not have any information about people's stocks, their transaction history or payment patterns. The data are only accessible to intermediate legal regulations.
The currency authority of the euro zone also emphasized that its CBDC would not be a programmable money while she found that the legislature would have the last word about the balance between data protection and other political goals. The ECB also indicated that more privacy could be approved for less risky and offline transactions.
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