Piero Cipollone, an executive board member of the European Central Bank, spoke about the digital euro CBDC, stressing its high privacy parameters for its future users.
The CBDC project in Europe has been a subject of discussion across regulatory circles in the region for a long time. The digital euro CBDC has invited multiple opinions and suggestions from the crypto industry in Europe as well. Piero Cipollone of the European Central Bank recently delivered a speech at the EU Parliament’s Committee on Economic and Monetary Affairs.
The speech regarding the digital euro CBDC consisted mainly of the ECB’s concerns about the CBDC project. Cipollone claimed the CBDC project would have better privacy than other private systems. He also listed the four major areas where the European Central Bank laid focus.
The four key sections of the digital euro’s preparation phase were listed as “i) search for possible providers to develop a digital euro platform and infrastructure; ii) preparing the digital euro rulebook; iii) ensuring the stability of the financial system; and iv) last but not least, offering a higher level of privacy when making digital payments.”
Regarding the first area, he stated how only European entities can participate in the procurement process. Secondly, Cipollone mentioned the ECB was preparing a draft of the digital euro rulebook.
He shared how a digital euro would help maintain a stable financial system. It would also ensure the importance of central bank money, according to him. Finally, regarding privacy, the ECB board member revealed how digital euro users could control the privacy of their data. Moreover, he said high-level security and privacy measures would hold for the digital euro.
Various European countries, including those like Spain and Finland, have lent support to the CBDC project. At the same time, EU lawmakers have also participated in the preparations for the CBDC.
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