That the digital euro does not become not a monitoring tool Europeans. This is in some way the wish of the European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS). These entities recently asked the EU toestablish a “ privacy threshold » for crypto transactions in euros. Big plan !
For a lack of monitoring of small crypto transactions?
The BIS, via its Atlas project, wants to constantly keep an eye on the various crypto transactions carried out on major exchanges and notorious blockchains. Unlike the bank of central banks, the EDPB and EDPS, both independent bodies from the European Union, have issued a joint opinion on the proposal for a regulation of the European Parliament and of the Council establishing the digital euro.
In other words, their recommendations do not currently concern cryptocurrencies, but the alternative to fiat so cherished by the ECB: the e-euro.
Contextualization: the e-euro or digital euro is a central bank digital currency (CBNC) developed by the European Central Bank to provide Europeans with an alternative or complement to fiat money. With this new type of digital money, it is notably possible to make online and offline payments. Note that at the moment, the ECB places this project in the preparatory phase: the investigation phase having reached its end.
Combining the digital euro, an asset that is not completely anonymous according to Christine Lagarde, with protection of confidential data is not utopian, believe the two organizations. Moreover, this concept of confidentiality should not be separated from the design of the digital euro.
“ A high level of privacy and data protection is essential to gain the trust of citizens in this new digital currency », Specifies Irene Loizidou Nicolaidou, vice-president of the EDPB.
Hence the introduction of a “ confidentiality threshold » in all forms of digital transactions. Therefore, anything that transfers money (crypto, CBDC, etc.) below this threshold should not be subject to any accusation of money laundering or terrorism.
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