ECB Executive Discusses Privacy and Implementation of Digital Euro
In a recent discussion at the European Parliament’s Committee on Economic and Monetary Affairs, Piero Cipollone, a member of the ECB Executive Board, shared insights on the forthcoming digital euro.
Cipollone highlighted the ECB’s proactive engagement with EU-based entities for the digital currency’s infrastructure, ensuring compliance with EU regulations.
Privacy was a key topic, with Cipollone assuring Parliament of enhanced privacy features in the digital euro compared to existing payment solutions.
Emphasizing minimal data collection for operations like settlement, Cipollone aimed to address concerns over data protection in digital transactions, promising users greater control.
Cipollone likened the digital euro’s infrastructure to public railways, envisioning state ownership with accessibility for private operators.
Implementation strategies discussed included a digital euro rulebook for consistent adoption and measures to maintain financial stability, such as interest-free holdings and limits on corporate accumulation.
READ MORE: Telecommunication Giant Partners with Chainlink for Blockchain Security
Plans to streamline transactions by linking CBDC wallets with bank accounts were also mentioned, eliminating the need for wallet pre-funding.
The ongoing dialogue between the ECB and the European Parliament signals preparatory efforts for a potential digital euro launch, prioritizing privacy, operational readiness, and financial stability.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
