ECB releases first CBDC progress report
he European Central Bank (ECB) released its first progress report on central bank digital currencies (CBDCs) on June 24, with a strong emphasis on privacy protection. The ECB has committed to preventing personal transactions from being traced through anonymization, hash functions, and encryption, and payment service providers are not allowed to use consumer financial data without their consent. The report also introduces methods to support offline transactions. A newly established "rule-making group" will submit a draft CBDC technology and regulatory framework by the end of 2024. Privacy remains a major concern for CBDCs, and opposition is growing in the cryptocurrency community.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Indian Supreme Court’s YouTube Channel Hacked to Promote Crypto Scam
Judge Approves Terraform Labs Liquidation, Payouts Expected for Investors
Why BlackRock Is Eyeing Bitcoin as a Hedge Against Dollar Volatility
Unveiling the Elite: 5 Titans Reshaping the Quantum Computing Landscape