The European Central Bank releases its first CBDC progress report, highlighting privacy protection

2024-06-25 08:09:26

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ChainCatcher news, according to Cointelegraph, the European Central Bank (ECB) released its first progress report on Central Bank Digital Currency (CBDC) on June 24, emphasizing privacy protection.

The ECB is committed to preventing personal transactions from being tracked through pseudonymization, hashing functions, and encryption features, and payment service providers are prohibited from using consumer financial data without individual consent. The report also outlines methods to support offline transactions. The newly established "Rulemaking Group" will submit a draft of the CBDC technical and regulatory framework by the end of 2024. Privacy issues remain a major concern for CBDC, with opposition sentiment continuing to grow within the crypto community.

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