According to Adili, the European Central Bank (ECB) released its first interim report on central bank digital currencies (CBDC) on June 24, with a strong focus on protecting privacy. The European Central Bank has pledged to prevent personal transactions from being traced through pseudonymization, hash functions and encryption features. Without individual consent, payment service providers are not permitted to use consumer financial data. The report also presented ways to support offline transactions.
A newly established Rulemaking Group is scheduled to submit a draft of the technical and regulatory framework for central bank digital currencies (CBDC) by the end of 2024. Privacy issues remain a major concern for CBDCs, with sentiments of opposition continuing to grow within the CBDC community. Cryptocurrencies.
