Data protection official says privacy is key to a successful digital euro

The European Data Protection Board (EDPB) has urged EU institutions to protect privacy when designing a digital version of the euro. The agency is available to advise on data protection issues surrounding the project. Meanwhile, an ECB executive promised that the digital euro would protect users' privacy. EDPB insists data protection is a priority in the eurozone CBDC project EDPB shared its views on the privacy and data protection aspects of a possible digital euro in a letter to European Union institutions. The independent body stresses that ensuring privacy and data protection will be critical to the success of a project to digitize Europe's common fiat currency. In an announcement posted on its website, the board stressed: A very high standard of privacy and data protection is essential to strengthen end-user trust and should be seen as a differentiator in the digital euro offering; success. The agency added that its concerns should be taken into account during the design phase of the eurozone's central bank (CBDC) digital currency. In the document, the EDPB also recommends conducting a high-level data protection impact assessment. The body says it is willing to advise the ECB and other EU institutions involved in the development of the digital euro. The task of the European Data Protection Board is to facilitate the implementation of the General Data Protection Regulation (GDPR). It was established in 2018 to replace the Article 29 Working Group. The EDPB provides guidelines and recommendations on the implementation of the GDPR, which came into effect in May of the same year. It also advises the European Commission on relevant matters and resolves disputes between national authorities. ECB official pledges digital euro to increase privacy In the CBDC, the eurozone monetary policy regulator lags behind other major central banks such as the United States.

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