According to Odaily Planet Daily, the European Central Bank (ECB) released its first progress report on central bank digital currency (CBDC) on June 24, which emphasized privacy protection. The ECB promised to prevent personal transactions from being tracked through pseudonymization, hashing functions and encryption functions, and payment service providers shall not use consumer financial data without personal consent. The report also introduces methods to support offline transactions.
The newly formed “Rulemaking Group” will submit a draft technical and regulatory framework for CBDC by the end of 2024. Privacy issues remain a major concern for CBDC, and opposition continues to grow in the crypto community.
