{"id":13199,"date":"2023-06-29T13:56:24","date_gmt":"2023-06-29T13:56:24","guid":{"rendered":"http:\/\/TheNextWeb=1397815"},"modified":"2023-06-29T13:56:24","modified_gmt":"2023-06-29T13:56:24","slug":"digital-euro-framework-seeks-to-quell-privacy-concerns","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=13199","title":{"rendered":"Digital euro framework seeks to quell privacy concerns"},"content":{"rendered":"\n

The digital euro is edging closer to reality, despite concerns over the project\u2019s privacy risks and functionality.<\/span><\/p>\n

The European Commission on Wednesday proposed a legal framework for the electronic currency. Under the draft legislation, digital euros would be accepted for transactions anywhere in the eurozone, but cash would remain safeguarded as a form of payment. <\/span>It would then be up to the European Central Bank (ECB) to decide if, and when, to issue the digital currency.<\/span><\/p>\n

\u201cIn the euro area, the digital euro would offer a digital payment solution that is available to everyone, everywhere, for free,\u201d said Valdis Dombrovskis, the European Commission\u2019s executive vice president.<\/span><\/p>\n

According to Dombrovskis, the project will modernise payments, enhance financial inclusion, and support innovation. He also emphasised the need to protect the eurozone from rival digital payment systems.<\/span><\/p>\n

\u201c<\/span>If other central bank digital currencies were allowed to be used more widely for cross-border payments, we would risk diminishing the attractiveness of the euro\u2026 and the euro could become more exposed to competition from alternatives such as global stablecoins,\u201d he said.<\/p>\n

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Unlike cryptocurrencies<\/a>, the digital euro would be backed by a central bank. That could reduce volatility, but it\u2019s triggered anxieties about government control.<\/span><\/p>\n

These concerns are prevalent across the bloc. In a consultation last year, 43% of respondents <\/span>said privacy<\/a> was what they wanted most from the digital euro. The next most desired features were security (18%), usability across the euro area (11%), absence of additional costs (9%), and offline use (8%).<\/span><\/p>\n

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<\/i><\/a>The share of citizens per country who ranked privacy as the most important feature of a digital euro.<\/figcaption>