Digital euro: new proposals for data protection and anonymity

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Der digitale Euro rückt immer näher. Die Europäische Zentralbank (EZB) untersucht derzeit den Nutzen und die Umsetzung des Projekts und wird dies bis Oktober tun. Es gilt jedoch als sicher, dass die Zentralbank eine digitale Währung einführen wird, und die EU-Kommission hat bereits Vorschläge für das rechtliche Fundament des digitalen Euro gemacht. Der Gesetzesentwurf der Kommission umfasst insgesamt 42 Paragrafen und behandelt verschiedene Aspekte des digitalen Euro, von der Ausgabe und Kontrolle bis hin zum Datenschutz. Die Mitgliedsstaaten haben bis zum 11. August Zeit, Feedback zu geben, während die Deadline für die EU-Kommission am 7. September endet. Ein Hauptkritikpunkt in …
The digital euro is getting closer. The European Central Bank (ECB) is currently investigating the benefits and implementation of the project and will do so until October. However, it is certain that the central bank will introduce a digital currency, and the EU Commission has already made proposals for the legal foundation of the digital euro. The commission's draft law comprises a total of 42 paragraphs and deals with various aspects of the digital euro, from output and control to data protection. The member states have time to give feedback until August 11th, while the Deadline ends for the EU Commission on September 7th. A main criticism in ... (Symbolbild/KNAT)

The digital euro is getting closer. The European Central Bank (ECB) is currently investigating the benefits and implementation of the project and will do so until October. However, it is certain that the central bank will introduce a digital currency, and the EU Commission has already made proposals for the legal foundation of the digital euro.

The commission's draft law comprises a total of 42 paragraphs and deals with various aspects of the digital euro, from output and control to data protection. The member states have time to give feedback until August 11th, while the Deadline ends for the EU Commission on September 7th.

A main criticism in relation to the digital euro is privacy. Many citizens are concerned that a digital European currency could endanger their privacy similar to China. In a survey by the ECB, 43 percent of those surveyed stated that privacy should be a top priority in digital euros. Finance Minister Christian Lindner (FDP) supported this view.

The EU Commission reacts to these concerns and would like to add an offline function to the digital euro. Up to a certain threshold, it should be possible to carry out payments without collecting personal data by the ECB. Only information such as the transaction value would be passed on. Even with online payments, the central bank only wants to collect the most necessary information.

It is also important to note that the digital euro should not be regarded as "programmable money". The ECB should have no influence on what the digital currency is used for. However, this does not rule out that programmable payments are possible that can be handled automatically, similar to smart contracts.

Benedikt Faupel from the Digitalverband Bitkom welcomes this idea and demands that it will be followed up to ensure real interoperability. The blockchain technology could offer one possibility for this, but this is not mentioned in the current draft of the Commission.

However, it remains unclear what specific benefits the digital euro will have for the end consumer. Although privacy functions could be attractive for many citizens, there are already numerous private payment solutions such as Google Pay, Apple Pay and PayPal. FDP member of the Bundestag Frank Schäffler expressed criticism and emphasized that the ECB had not yet sufficiently explained why a digital euro should make sense for the citizens in Europe.

Overall, there are still many open questions related to the digital euro. Experts assume that the consultations will only be completed after the European elections next year. However, the EU Commission is already planning the introduction of the digital euro in 2026, whereby compliance with this schedule is questionable.