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European Central Bank Promises Digital Euro Privacy

European Central Bank Promises Digital Euro Privacy

A one-time Apple executive perceives the European Central Bank pledge to ensure privacy with regard to digital euro as listless.

During the address of ECB board member, Fabio Panetta to the European Union Committee in the past month, he continued to hammer on the benefits of privacy in any promising CBDC.

The ECB in its solicitation of public opinion engaged about 8,000 persons and enterprises. The outcome of this process was a clamour for privacy which is termed as the foremost priority in the giving out of central digital bank currency.

With the response that privacy is paramount to CBDC from 43% of the reapondents, Panetta stated that the digital euro can satiate this need while still keeping up to the security standards.

Following the results of the survey, each group of  respondents made its reasons for opting for digital euro known.18% of the respondents took to it for insured payments.11% for cross-border payments within the states in Europe. 9% concerned itself with its provision of low fees, and 8%  because it can function limitlessly even if its offline.

Panetta continued to stress that privacy is the basic trait digital euro possesses. Thus, the security of users’ personal data is eminent in their work.

Prior to the initiative for digital euro, ECB has always sought out for other privacy strategies. However, digital system can be kept track on for incongruities in operation , while it continues to encourage “transparency and privacy.”

Seemingly, People do not hope for the best result in the end despite the privacy uproars ECB raises. This is ascertained in the statement of Anne Fauvre Willis who believes that even though the ECB seemed to have given in to the idea of cusumer privacy sometime ago , such might not eventually be the case when it succeeds in giving out digital euro on a centralized system.

Fauvre questioned the reason behind  this  digital euro running a centralized pattern instead of decentralized. ECB has had excellent history of consumer privacy although still on a centralized system.

For instance, If a  digital euro were given on Ethereum blockchain, it would still be conditioned to similar level of decentralization and independence as Ether, and all other assets given through Ethereum.

However, there is doubt of any feasibility of such being the case of a central bank. Bad enough, human desire for convenience makes people opt for the digital euro, even though their privacy be traded for, Fauvre Willis speaks.

Fauvre further stated that privacy though a “feature” isn’t “enough” to motivate  people into getting their behavior reformed. The final resolve on digital euro is anticipated during summer season in 2021. Meanwhile, the research on  the feasibility of digital euro is still on going.


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