According to ECB board member, Digital Euro has promised to protect people's privacy

European Central Bank (ECB) board member Fabio Panetta has promised that the digital euro will respect consumer privacy. In a report by the Financial Times, Panetta says that the digital version of the euro will provide users with greater privacy compared to stablecoins issued by private companies. He emphasizes that the ECB is not interested in monetizing user data. “When the central bank is involved in digital payments, privacy is better protected… because we are not like private companies. We have no business interest in storing, managing, or monetizing users' data.” According to Panetta, the ECB has conducted tests to separate users' identities from payment details to ensure that transactions remain confidential to the public. In an effort to further protect consumer privacy, Panetta says the central bank is also experimenting with offline small-value payments, where no data is captured between payer and payee. , Panetta warns that absolute confidentiality cannot be guaranteed, as authorities can still track transactions related to illegal activity: For very small amounts, we may indeed allow anonymous payments, but in general privacy and privacy are different from anonymity. A payment can be restructured. [after the incident] if the police wanted to assess whether there was any illegal activity.” Don't miss a thing – Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram Browse The Daily Hodl Mix Check the latest news Headlines Disclaimer: Opinions expressed on The Daily Hodl It is not investment advice. Take due care before making any risky investment in Bitcoin, cryptocurrency or digital assets. Please note that the risk of your transfers and transactions and any losses you may suffer are yours.

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