The European Union wants to ensure that the privacy of users of its future digital euro is preserved by not touching personal data.
But we will still have to convince the citizens of the block, that this project tends to worry. The European Union wants to have its own digital currency by 2025, and thus be able to compete with the cryptocurrencies to which it is particularly hostile.
Private data will remain private…
United States, China, United Kingdom… It is no longer a secret for anyone, in the era of Bitcoin and altcoins, the major States of this world all want to acquire a digital currency. This project is progressing faster on the side of the Middle Empire, even if it is for the moment shunned by the population.
The European Union is one of the ambitious. Brussels, which announced its project a few years ago, is now seeking to reassure the inhabitants of the Union. Fabio Panetta, member of the executive board of the ECB, has just explained that the EU would not keep the data of those who will pay with the digital euro. This fear remains very strong, since with the blockchain, it is physically possible to trace all the transactions carried out with a unit of currency.
… with some exceptions
But if the ECB is obliged to keep its eyes blindfolded, it would still like to keep the possibility of tracking transactions in cases of money laundering, terrorist financing or tax evasion. What balance will she adopt?
Apart from these cases, the ECB does not aspire to limit the use of the digital euro, which it wants to be similar to that of cash. ” The ECB would not set any limits of place, time or recipient to pay with a digital euro », explains Fabio Panetta. This currency could be available through a dedicated application or directly on bank platforms.
However, this asset cannot be used to make regular payments, such as bills or rent. And this, in order to keep the banks in the circuit of payments. ” We believe that supervised intermediaries, who are in direct contact with users, are in the best position to identify use cases for conditional payments and any other advanced payment service. “, justifies the framework of the ECB.
Source : Reuters
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