Eurozone Finance Ministers Discuss Privacy and Pledge Support for Digital Euro Project

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In the meantime, the monetary authorities of the single currency area worked to reassure incoming users that the new currency will “preserve privacy by default and by design.”

On Monday in Brussels, to commemorate Croatia’s entry into the eurozone and to discuss current issues, including the economy and the coordination of fiscal policy in the euro area, the finance ministers of the EU member states that have adopted the common European currency, known as the Eurogroup, met.

We intend to keep up our political dialogue with the ECB and the Commission as they advance their procedures because the Eurogroup acknowledged today that many of the decisions that lie ahead are intrinsically political.

The joint statement elaborated, highlighting the requirement for pertinent legislation approved by the European Parliament and the EU Council: “The Eurogroup considers that the introduction of a digital euro, as well as its main features and design choices, requires political decisions that should be discussed and taken at the political level.”

They added that the central bank digital currency (CBDC) ought to offer a high degree of privacy:

The ECB asserts that Europe’s digital currency will guarantee payment privacy.

One of the objectives in a “Digital Euro – Stocktake” report released this week by the European Central Bank was “preserving privacy by default and by design” (ECB)

  • The ECB won’t be aware of a person’s assets, transaction history, or payment habits.

The monetary authority for the eurozone emphasized once more that the CBDC will not be programmable money and that legislators will ultimately decide how to strike a balance between privacy and other public policy goals.

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