Privacy fears dominate launch of digital euro plan
Privacy fears dominate launch of digital euro plan
European Commission insists ECB won’t have access to people’s identities when they use the new version of the currency.
BRUSSELS ― When the European Commission unveiled draft legislation paving the way for a digital version of the euro, its jitters over how to allay privacy concerns were only too apparent.
“This is not a Big Brother project,” Finance Commissioner Mairead McGuinness told reporters on Wednesday after presenting what, if it becomes a reality, will be a virtual extension of euro banknotes and coins and which will settle payments across the eurozone in seconds.
Supporters say the digital euro goes beyond providing a public good and will ensure the currency and European Central Bank remain relevant in a digital economy, where cryptocurrencies circulate and big tech companies dream of printing their own money.
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