{"id":54519,"date":"2023-07-14T10:40:18","date_gmt":"2023-07-14T14:40:18","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=54519"},"modified":"2023-07-14T10:40:22","modified_gmt":"2023-07-14T14:40:22","slug":"eu-officials-dismiss-privacy-fears-over-digital-euro","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/eu-officials-dismiss-privacy-fears-over-digital-euro\/","title":{"rendered":"EU Officials Dismiss Privacy Fears Over Digital Euro"},"content":{"rendered":"\n

European authorities are trying to reassure the public that the digital euro,<\/a> a proposed central bank digital currency, will not be a surveillance tool or a conspiracy. They say the project will be democratic, open, and transparent and will complement cash as a means of payment.<\/p>\n\n\n\n

\"EU<\/figure>\n\n\n\n

The digital euro is a potential digital form of central bank money that would allow people and businesses to pay electronically with a secure and widely accepted form of public money in the euro area. <\/p>\n\n\n\n

The European Central Bank (ECB)<\/a> would issue the digital euro and coexist with euro banknotes and coins.<\/p>\n\n\n\n

Some fear that the central bank or other authorities could track or monitor their transactions or personal data, making privacy a major concern in discussions regarding the digital euro. <\/p>\n\n\n\n

Some also worry that the digital euro could be used for political or economic manipulation or coercion.<\/p>\n\n\n\n

The EU's Response to the Privacy Concerns<\/h4>\n\n\n\n

EU officials\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> are trying to quell these fears by stressing that the digital euro will not be a “Big Brother”<\/strong> project or a conspiracy. <\/p>\n\n\n\n

They say the project will be subject to democratic oversight and public consultation and respect users' privacy and data protection rights.<\/p>\n\n\n\n

“It will not be a conspiracy,” <\/em>Paolo Gentiloni, European Commissioner for Economy, said at a press conference on Thursday. <\/p>\n\n\n\n

He spoke following a eurozone ministers' meeting where he presented a digital euro proposal <\/use><\/svg><\/span><\/a>to finance ministers, who will begin negotiations in September.<\/p>\n\n\n\n

\n

“It will be a democratic, open, transparent process in the European Parliament and with European governments,”.<\/p>\nPaolo Gentiloni<\/cite><\/blockquote>\n\n\n\n

Paschal Donohoe, president of the Eurogroup at the European Council, told reporters, <\/p>\n\n\n\n

\n

“Any citizen of any stakeholder who is interested in us will have an opportunity to see how the project is moved forward,” <\/p>\n<\/blockquote>\n\n\n\n

At the same time, the European Parliament will also negotiate the file.<\/p>\n\n\n\n

The comments come as finance commissioner Mairead McGuinness said last month that the digital euro is “not a Big Brother project.”<\/use><\/svg><\/span><\/a><\/em><\/p>\n\n\n\n

The Benefits of the Digital Euro<\/h4>\n\n\n\n

According to EU officials, the digital euro represents the next evolutionary step for cash. <\/p>\n\n\n\n

A CBDC<\/a> for Europe would provide a payment system across the bloc with “even more convenient ways for Europeans to pay each other to pay their businesses and to access goods and services within Europe,”<\/strong><\/em> Donohoe said.<\/p>\n\n\n\n

The digital euro could also support the EU's digital finance and retail payments strategies and foster efficiency, innovation, and resilience in the EU's digitalizing economy. <\/p>\n\n\n\n

Lastly, the digital euro<\/use><\/svg><\/span><\/a> could increase the international role of the euro and support the EU's open strategic autonomy.<\/p>\n","protected":false},"excerpt":{"rendered":"

European authorities are trying to reassure the public that the digital euro, a proposed central bank digital currency, will not be a surveillance tool or a conspiracy. They say the project will be democratic, open, and transparent and will complement cash as a means of payment. The digital euro is a potential digital form of […]<\/p>\n","protected":false},"author":44,"featured_media":54521,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[773,9540,8556,1332],"class_list":["post-54519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cbdc","tag-digital-euro-2","tag-ecb","tag-eu"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/Paolo-Gentiloni.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=54519"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54519\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/54521"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=54519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=54519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=54519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}