It seems that we’re definitely not over the CBDC projects yet, as the world is getting ready to see these projects implemented. Check out the latest reports coming from the ECB.

Digital Euro and privacy standards

The European Central Bank (ECB) has announced that it is moving into the preparation phase of its digital euro project.

The project aims to create a digital form of cash, which can be used for all digital payments in Europe.

Designed to be free of charge, both online and offline, the ECB says that the digital euro will adhere to strict privacy rules. The decision was made by the Governing Council of the ECB.

“The Eurosystem envisions a digital euro that would be free for basic use for individuals. A compensation model between intermediaries and merchants would ensure that there are incentives for intermediaries to distribute digital euro, as is the case for other electronic payment instruments, and that there are adequate safeguards against excessive service charges for merchants.”

The same notes said the following:

“The Eurosystem would bear its own costs, including those related to scheme management and settlement processing…

It could be used from person to person, at the point of sale, in e-commerce, and in government transactions. No digital payment instrument offers all these features. The digital euro would fill that gap.”

Lagarde says that the digital euro will have the “highest privacy standards” and will co-exist comfortably with physical cash, according to the latest reports coming from the online publication the Daily Hodl.

“We need to prepare our currency for the future. We envisage a digital euro as a digital form of cash that can be used for all digital payments, free of charge, and that meets the highest privacy standards. It would coexist alongside physical cash, which will always be available, leaving no one behind.”

If we take for granted everything that she has to say, we might even consider the fact that our personal privacy might not be affected as much as we initially thought.

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