The European Central Bank (ECB) has left its digital euro privacy decisions and privacy policies to the country’s legislators.
Work for a central bank digital currency (CBDC) continues in all countries. Especially Europe is working hard to be the pioneer of the sector in this regard. The European Central Bank also focused on infrastructural features for the digital euro, which it focused on developing. The ECB has announced that the privacy decisions that the CBDC will provide to users will be left to EU lawmakers.
European Central Bank Relies on Laws on Digital Euro
The European Central Bank (ECB) relies on the country’s laws and legislators for background issues on the digital euro side. The ECB will act jointly with the European Union (EU) deputies.
ECB executive Fabio Panetta said politicians must balance public and private interests. With this breakthrough of the ECB, legislators will make decisions about how much personal information the CBDC will access and how it will be hosted.
Panetta gave a speech at the economic committee of the EU Parliament. In a remarkable speech, Panetta demanded that they have no access to any personal data regarding the CBDC. This put the focus on leaving data entirely to EU law.
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