Categories: Market

The government-run digital euro protects privacy better than the “unstable coins” of private companies

According to a board member, the European Central Bank (ECB) is better able to protect user privacy than private companies with regard to the introduction of the digital euro.

In one interview Fabio Panetta told the Financial Times on June 14th that the ECB had no commercial interest in storing, managing or monetizing user data.

Fabio Panetta – Member of the Executive Board of the ECB

According to a recent ECB survey, data protection issues relating to the digital euro and security concerns are the focus of Europeans.

“When the central bank interferes with digital payments, privacy is better protected. We are not like private companies. “

Panetta also said that having their information processed by a public institution would make people feel more secure, adding that the bank would do better.

“There are many ways to protect confidential data and at the same time allow legal controls to avoid illegal transactions, for example in connection with money laundering, financial terrorism or tax evasion.”

When asked if he saw a threat from cryptocurrencies or other central bank digital currencies, Panetta said there was an external “potential threat” that includes the development of a global stablecoin that could transform people’s view of digital instruments.

“I think this is a fundamental change in the way payments will work in the future, both for the financial system and for society at large. That arouses great interest. “

ECB President Christine Lagarde said a digital euro will likely be launched in the middle of the decade, while a prototype has started with distributed ledger technology.

Annie

According to Coindesk

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Gate.io Shatters Records in Total Trading Volume in Q3 2024, with Its User Base Surpassing 17 Million

In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…

1 hour ago

MEXC Champions the Future of Crypto Content Creation at CCCC

MEXC is proud to partner with the inaugural Crypto Content Creator Campus CCCC event, taking…

1 hour ago

Dtec Announces Global Partnership with DİZAYNVIP to Elevate AI-Driven Mobility Design  

Dtec and DİZAYNVIP partner to merge AI technology with luxury vehicle design, revolutionizing smart mobility…

2 hours ago

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

7 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

9 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

11 hours ago

This website uses cookies.