The European Data Protection Board (EDPB) has issued a call for EU institutions to uphold privacy when designing a digital version of the euro. The agency is ready to provide advice on data protection matters surrounding the project. Meanwhile, an ECB executive has vowed that the digital euro will protect users’ privacy.
EDPB Insists Data Protection Should Be a Priority in Eurozone’s CBDC Project
The EDPB has shared its views on the privacy and data protection aspects of a possible digital euro in a letter addressed to European Union institutions. The independent body insists that ensuring privacy and data protection will be decisive for the success of a project to digitalize Europe’s common fiat currency. In an announcement published on its website, the board emphasized:
A very high standard of privacy and data protection is crucial to reinforce the trust of end users and should be considered a distinctive element in the offering of a digital euro, representing a key factor of success.
The agency added that its concerns should be taken into account during the design stage for the Eurozone’s central bank digital currency (CBDC). In the document, the EDPB recommends conducting a high-level data protection impact assessment as well. The body indicates its readiness to provide advice to the ECB and other EU institutions involved in the development of the digital euro.
The European Data Protection Board is tasked to facilitate the implementation of the General Data Protection Regulation (GDPR). It was established in 2018 to replace the Article 29 Working Party. The EDPB issues guidelines and recommendations on the application of the GDPR, which was enforced in May of the same year. It also advises the European Commission on related matters and resolves disputes between
