"The European Central Bank (ECB) publishes its first progress report on the development of a central bank digital currency (CBDC). The ECB promises to protect privacy through measures such as pseudonymization, hashing and encryption 🏦

The ECB also mentioned supporting direct offline transactions between parties without the need for intermediaries. These transactions will be settled directly on payment devices that users use on smartphones.

However, issues of privacy and fundamental freedoms remain primary concerns with the widespread use of CBDCs. Critics argue that these risks outweigh the benefits of CBDCs when considering stablecoins.

Let's discuss this issue in the comments section!#cryptocurrency#CBDC #ECB"