As Europe moves towards the creation of a digital euro, a data-driven organization within the EU is calling for any design proposals to prioritize privacy and protection.
As Europe moves towards the creation of a digital Euro, a data-driven organization within the EU is calling for any design proposals that will prioritize privacy and protection.
The European Data Protection Board, which was created to enforce Europe’s General Data Protection Regulation (GDPR), states that a very high standard of privacy and data protection is crucial to strengthen the trust of end users, and that this is a distinctive element. stressed that it should be seen. Disclosures were included in a letter approved Monday:
“Such concerns should be taken into account from the design phase. In addition, the EDPB recommends that the EU body responsible for the design of the project conduct a high-level data protection impact assessment. The EDPB also states that it is ready to advise the ECB or other EU institutions.”
Discussions continue about the potential launch of a digital euro, which will likely take years to roll out once the design is approved.
“The digital euro design will be discussed at the ECB governing council on July 14 to find a solution to the dwindling use of cash and facilitate access to it,” ECB president Christine Lagarde told MEPs on Monday. Lagarde said in January that technical hurdles continued to be an important discussion point.