The European Central Bank (ECB) published its first progress report on central bank digital currency (CBDC) development in an update on June 24. Privacy provisions were the main focus, with the ECB promising pseudonymisation, hashing functions and encryption features as a defense against individuals being tracked by transaction. Additionally, under the ECB's CBDC framework, payment service providers cannot use consumer financial data for commercial services without first obtaining explicit consent from the individual creating the financial data.

The report concluded by providing a time horizon for the newly formed “Rulebook Development Group” to complete the first draft of the technical and regulatory CBDC framework. According to the ECB, the Rulebook Development Group will deliver its first draft by the end of 2024, after consulting with service providers, infrastructure builders and the general public.

Privacy issues and basic human freedom remain top concerns regarding the widespread use of central bank digital currencies, with anti-CBDC sentiment rising within the crypto community. This raises questions about the redundancy of central bank digital fiat and broader issues around CBDC adoption.

US legislators and politicians are leading the fight against CBDCs. Former President Trump vowed to prevent the implementation of a CBDC in the US, which increasingly fell along party lines. In May, the U.S. House of Representatives voted in favor of the "CBDC Anti-Surveillance Government Act," which highlights the extreme dangers centrally controlled digital money poses to freedom in open societies. We are waiting your comments.#blockchain#CBDC #ECB