Privacy may be moving down the priority list as the EU plans its digital euro - and experts worry some design features could make it harder to achieve. jackschickler reports
Finance ministers from the currency zone are also set to give their views at a meeting next week, and they are unlikely to want new kinds of financial secrecy undermining anti-money laundering and tax evasion norms.
– have been keen to bring in customer identity checks for even small bitcoin payments, despite industry complaints about invading privacy.According to the policy paper, the ECB would have access to data about transactions to the extent necessary to fulfill its functions, such as settling payments and carrying out financial oversight, but the paper said that the trove of payment data shouldn’t be “fully visible” to any central entity.
But experts have criticized his characterization, and warned that overly centralized systems might make meaningful privacy much harder to achieve. What’s more, privacy controls can’t be added just on on a policymaker’s whim, but may depend on the kind of technology that is picked. In his remarks on Wednesday, Panetta fretted over the “undesirable implications” of letting foreigners get their hands on large quantities of digital euros – something that would be impossible to avoid in a more distributed model.
The ECB’s own study shows that many people don’t realize what a digital euro is, or why you would bother to have it, and that’s already a major obstacle for Panetta to overcome. For others, that apathy veers into downright concern about damage to the EU crypto world.
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