Aleph Zero Joins Digital Euro Association to Pioneer Privacy-Enhanced Digital Euro Development.
PR Source Metaverse Post.
Aleph Zero collaborated with the Digital Euro Association to collaboratively work on development of digital euro.
Layer 1 blockchain AlephZero, focused on improving personal information protection joined the Digital Euro Association (DEA), an organization at the forefront of shaping the development of private and public digital euro initiatives in the European Union to collaboratively work on development of digital euro.   
“Aleph Zero Foundation’s significant contributions to blockchain technology fundamentally enhance the technical expertise within our community. This collaboration is another step towards our goal of shaping the future of digital money with a focus on enhanced security, privacy and efficiency. Their commitment to a privacy-first approach aligns closely with our values and establishes them as an ideal partner,” said Dr. Jonas Gross, Chairmat at DEA. 
Collaborating with European Union regulators, the DEA focuses on evaluating the integration of euro stablecoins into the digital money landscape, examining the optimal interaction between private stablecoins and public Central Bank Digital Currencies (CBDCs). Having earlier partnered with notable companies from the cryptocurrency sector including Ripple, Circle, and RTGS.global, DEA seeks to contribute to the public good by promoting innovative ideas within the realm of digital finance.
The DEA actively supports the availability of privacy-preserving stablecoin options, emphasizing that incorporating privacy features could be beneficial for greater future adoption of stablecoins as they would provide users with controlled privacy and independence from central bank assurances to uphold data confidentiality. 
Additionally, the organisation highlights the importance of stablecoins providing privacy and anonymity similar to physical cash as they should also address tax and regulatory considerations, including compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements, without disclosing transaction details to third parties, including the government, unless mandated by a court order.
The collaboration with the DEA enables Aleph Zero to guide the development of stablecoins and CBDCs in accordance with user privacy and protection. Aleph Zero further noted that “CBDCs and stablecoins are one of the next big frontiers in finance and technology. By collaborating with policymakers, regulators, and industry partners, we believe the DEA will help drive sensible development of central bank digital currencies and private sector digital euros.”
Aleph Zero functions as a Layer 1 blockchain, facilitating the deployment of scalable, secure, cost-effective, and privacy-enhanced products using Zero-Knowledge (ZK) technology across various sectors, including DeFi, gaming, and enterprise applications.
Elevating Digital Finance Landscape Ahead of MiCA Implementation
The new partnership coincides with the introduction of the MiCA (Markets in Crypto Assets), scheduled to fully come into effect on December 30, 2024, with stablecoin provisions set to be operational six months earlier in June.
Furthermore, the European Union has been actively investigating the possibility of introducing a digital euro over the recent years. In 2023, the European Central Bank (ECB) issued five calls for applications, seeking providers to develop services related to a potential digital euro, outlining intentions to allocate a budget of up to $1.3 billion to potential contractors, with over half of the budget designated for the offline payments service. However, the question of who the ECB ultimately chooses to build out these services remains open.
The new partnership between AlephZero and the Digital Euro Association is set to facilitate the development of stablecoins and central bank digital currencies, emphasizing enhanced security, privacy, and efficiency in the evolving landscape of digital finance.
Source: mpost.io blog.digital-euro-association.de and alephzero.org
----------------
Aleph Zero is the fastest blockchain with instant finality from wallet to wallet. Aleph Zero is also enhanced with compliant privacy features, making it ideal for enterprises, institutions and Governments. The native coin of Aleph Zero is AZERO.

Article by MarmosetClub 🚀
ALEPH ZERO $AZERO: Resolving Privacy and Regulatory Conflicts in Blockchain - Empowering Compliance without Compromising Privacy.
#CompliantPrivacy
Privacy is a vital aspect of Web 3.

When companies offer services to users, they must create a privacy-focused environment to safeguard customer data.

Companies must adhere to laws and regulations to ensure they don't serve criminals. When necessary, they should provide information to law enforcement authorities to aid investigations.

This thread will provide a brief explanation of conflicts of privacy and regulations, as well as how AZERO (Aleph Zero) resolves those.

Here are some common examples of how a blockchain or DAPP may clash with multiple regulations:

1. Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) Regulations:

Many countries and regions have AML and CFT regulations that require financial institutions to undertake measures to prevent illegal activities.

These regulations typically demand customer identity verification and monitoring/reporting of suspicious transactions.

Most privacy blockchain cannot trace and verify the true identities of transaction participants, conflicting with AML and CFT requirements.

2. Tax regulations:

Tax authorities may require individuals and businesses to disclose transactions and assets for determining tax liabilities.

On many privacy blockchain, transactions cannot be directly linked to specific individuals or entities, hindering appropriate tax collection.

3. Financial regulatory requirements:

Financial regulators mandate compliance with specific regulations and reporting requirements to ensure transparent and stable markets.

Privacy blockchains may not meet these requirements as participant transactions cannot be tracked and monitored.

4. Compliance requirements:

Industries like securities and futures trading often require specific disclosures and reports from participants to ensure fairness and transparency.

Privacy blockchains may struggle to fulfill these compliance obligations.

5. Personal data protection regulations:

Personal data protection is a significant concern, and regulations aim to safeguard individual privacy and grant individuals control over their data. (GDPR)

Privacy blockchains personal data can still be accessed and analyzed, potentially conflicting with data protection regulations.

How does ALEPH ZERO resolve conflicts between privacy and regulations?

- AZERO collaborates with Koinly for easy and convenient management of crypto tax reports.

- Integration with COINFIRM (LUKKA)(on-chain monitoring system) enhances fraud protection and compliance with AML/CFT regulations.

- The use of idOS (Identity Identification Operating System) addresses blockchain's personal identification challenge, ensuring secure and decentralized KYC.

-MME provide legal, tax, and compliance advice, and JANOWSKI MARKIEWICZ specializing in new technology law, intellectual property law, personal data protection law, commercial law, and real estate law.

- Aleph Zero received no-action letter from FINMA in March 2021

What is ALEPH ZERO?

AlephZero is a privacy-enhanced blockchain platform that prioritizes scalability and compliance.

It aims to provide a secure and decentralized environment for various applications while maintaining user privacy.

By leveraging innovative technologies and collaborating with industry experts, Aleph Zero seeks to offer a compliant blockchain solution that addresses the limitations of traditional blockchains.
The native coin of Aleph Zero is AZERO coin. Please notice that AZERO is NOT a privacy coin. #AlephZero #AZERO #CryptoNews🔒📰🚫
Article Powered By Marmoset Club.
This tweet does not provide financial advice, please do your own research.