Will Europe’s Digital Euro Really Protect Privacy?
EU officials pay lip service on data rights, but its proposals for a CDBC don’t offer much reassurance for users, says CoinDesk’s Michael Casey....
- The European Commission proposed regulations for a future central bank digital currency (CBDC) that claims to protect privacy.
- However, a review of the proposal reveals record-keeping provisions that challenge these privacy intentions.
- European governments have shown a lack of commitment to real privacy in digital money, wanting the appearance of privacy while retaining the power to uncover user identities.
- Privacy-preserving CBDC models are far from the anonymity of physical cash.
- Recent crackdowns on open-source privacy projects indicate low tolerance for private, non-monitored transactions.
- The enforcement against privacy coin Zen and the alteration of its code to remove privacy protections is seen as a boneheaded move.
- Privacy tech is crucial in the era of artificial intelligence and data manipulation.
- Compliance rules for government surveillance of financial activity have created a complex web of compliance.
The sentiment of the article is critical and skeptical towards the European Commission's proposed regulations and the lack of commitment to real privacy in digital money.