EDPB Urges Focus on Privacy in the Digital Euro

The European Data Protection Board (EDPB) said privacy and data protection by design are of high importance for the forthcoming digital euro.

The organisation behind the development of the EU’s General Data Protection Regulation (GDPR) emphasised that compliance with these conditions is crucial to strengthening user trust.

“Such concerns should be taken into account at the design stage. The EDPB is ready to provide guidance to the ECB or to another EU institution,”, — the statement said.

Earlier, Fabio Panetta said, a member of the ECB’s Executive Board, that central banks have no commercial interest in storing, managing and monetising user data.

Earlier, the People’s Bank of China ruled out the emergence of fully anonymous CBDC. The Bank for International Settlements and seven leading central banks worldwide concluded to the same conclusion.

In January 2021 the ECB completed public consultations on the digital euro. A majority of respondents named data privacy the most important characteristic of the CBDC.

In April 2021 the ECB President Christine Lagarde stated that the EU could issue its own CBDC within four years, if policymakers approve the project.

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