According to Odaily, the European Central Bank (ECB) released its first progress report on Central Bank Digital Currency (CBDC) on June 24, with a strong emphasis on privacy protection. The ECB has pledged to prevent personal transactions from being tracked through pseudonymization, hash functions, and encryption features. Without individual consent, payment service providers are not allowed to use consumer financial data. The report also introduced methods to support offline transactions.
A newly established 'rule-making group' is set to submit a draft of the CBDC's technical and regulatory framework by the end of 2024. Privacy issues remain a major concern for the CBDC, with opposition sentiment continuing to grow within the crypto community.
