🎉🎉The European Central Bank (ECB) recently released its first Central Bank Digital Currency (CBDC) progress report, which emphasized the importance of privacy protection. 🔐🔐
The ECB promised to prevent individual transactions from being tracked through pseudonymization, hashing functions and encryption. 🕵️♂️🕵️♂️This means that payment service providers will not be able to use consumers' financial data without their consent. 🚫🚫
The report also introduced methods to support offline transactions, which is undoubtedly a major breakthrough. 👏👏
The newly established "Rulemaking Group" will submit a draft CBDC technical and regulatory framework by the end of 2024. ⏰⏰
However, privacy issues remain a major concern for CBDC, and opposition continues to grow in the crypto community. 😟😟
Let us look forward to the ECB's ability to promote the development of CBDC while protecting privacy. 🚀🚀