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European Central Bank Plans to Offer 'Maximum Privacy' with Digital Euro, While Acknowledging It Won't Provide the Same Level of Anonymity as Cash.

European Central Bank Plans to Offer 'Maximum Privacy' with Digital Euro, While Acknowledging It Won't Provide the Same Level of Anonymity as Cash.

European Central Bank (ECB) official Fabio Panetta has stated that a new central bank digital currency (CBDC) in Europe would prioritize privacy, although it would not be as private as cash. Speaking to the European Parliament’s Committee on Economic and Monetary Affairs, Panetta stated that a euro CBDC would complement cash, and aim to replicate the best features of cash payments. However, he acknowledged that such a CBDC would not provide the same degree of privacy as cash, while adding that it would be designed with the “maximum level of privacy” in mind, including the possibility for some small transactions to be made anonymously.

But despite talking seriously about the introduction of a semi-private digital euro, Panetta denied that the ECB is planning to get rid of cash in the Eurozone.

“We would not deprive [citizens] of any option,” he said. “The options that are available today for them to do their payments would be available tomorrow, plus one additional option,” he told the lawmakers, before finally adding:

Panetta emphasized that the ECB would not take away any payment options from citizens, stating that all existing payment options would still be available to them even after the introduction of a euro CBDC. He also confirmed that the CBDC would be an additional option for citizens to use for their payments.

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