EDPO (European Data Protection Office)’s Post

The #EuropeanUnion's #data #watchdog raises red flags over the #DigitalEuro.🚩 As the European Central Bank forges ahead with its #CBDC plans, it's imperative to safeguard #privacy and financial #autonomy: 𝟭. 𝗣𝗿𝗶𝘃𝗮𝗰𝘆 𝗣𝘂𝘀𝗵: The European Data Protection Board (EDPB) urges stronger privacy safeguards for the digital euro, emphasizing the need for anonymity in low-value transactions. 𝟮. 𝗗𝗿𝗮𝗳𝘁 𝗟𝗮𝘄 𝗗𝗶𝗹𝗲𝗺𝗺𝗮: The European Commission's draft legislation aims to provide legal backing for the digital euro, but consumers fear it could displace cash and enable intrusive spending tracking. 𝟯. 𝗔𝗻𝗼𝗻𝘆𝗺𝗶𝘁𝘆 𝗮𝘁 𝗥𝗶𝘀𝗸: Critical concerns persist about the potential lack of privacy in digital euro transactions, prompting calls for clearer data protection responsibilities. 𝟰. 𝗖𝗵𝗼𝗶𝗰𝗲 𝗠𝗮𝘁𝘁𝗲𝗿𝘀: The EDPB highlights that users must always have the freedom to choose between digital euros and cash payments. https://lnkd.in/ezKMJiVP #fiat #trust #crisis

European Data Protection Board, the #EU #dataprotection #watchdog, calls for more #privacy for #digitaleuro The European data protection watchdog recommends changes to the European Commission draft #legislation for a #digitaleuro to #boost #privacystandards. The European Central Bank is moving onto a two-year preparation phase to finalize the #digitaleuro #rulebook and select #providers for a #digitaleuro #platform and #infrastructure. The digital euro is envisioned as a #digitalformofcash that can be used for all #digitalpayments, #free of charge, and that meets the highest privacy standards. It would coexist alongside physical cash.

💶 The digital euro aims to provide individuals with the possibility to make payments electronically, both online and offline, as an additional means of payment alongside cash. Here is the Joint Opinion on the proposed Regulation on the digital euro as a central bank digital currency issued by the European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS). #GDPR #privacy #dataprotection

" The European Union's data protection watchdog on Wednesday called for stronger privacy safeguards in EU draft legislation to underpin a digital euro. The European Central Bank (ECB) is due to say shortly that it will push ahead with further preparations for a digital euro, one of many central banks across the world seeking to keep ahead of technological advances in payments. The European Commission has proposed a draft law that would give legal underpinning to the digital euro, but consumers are concerned it will displace cash and allow authorities to track spending." #GDPRandNonEUcompanies #EDPObrussels #EUrepresentative #DataProtection #UKrepresentative #EDPOuk #GDPR #UKGDPR #EUGDPR #EURO #digitalEURO #ECB #EuropeanCentralBank #bankprivacy    Subscribe to EDPO's newsletter here: https://lnkd.in/dwK8sde *This article was not written by EDPO. The opinions and views of the author(s) do not necessarily represent those of EDPO. https://lnkd.in/ekycfz2A

💶The Digital Euro: how should we be balancing modernization and privacy? Lately, the EU Council has been deeply engaged in discussions surrounding the Digital Euro. As we move towards a (inevitable?) digital currency, it’s essential to consider the implications, especially regarding privacy. The Digital Euro aims to be a public, data-minimizing alternative to current payment systems, suitable for both online and in-store transactions. While the European Central Bank (ECB) is working on its practical implementation and EU institutions are are setting the necessary legal framework, the final decision rests with the ECB itself. A significant concern is the level of privacy for users. The Commission proposes real-time monitoring of transactions by the #ECB and service providers. However, countries like the Netherlands question the trade-off between real-time monitoring benefits, operational costs, and privacy considerations. As modernization leads us towards a digital currency, are we ready to implement it without compromising privacy? #EU #DigitalEuro #DigitalCurrency #Privacy

#CBDC | #DigitalEuro | #Privacy | #Payments : Digital euro: ensuring the highest data protection and privacy standards. EU data protection regulators urge anonymity for smaller transactions in digital euro

Data Protection Bodies Call For ‘Privacy Threshold’ in Digital Euro Transactions Ensuring low-value digital euro transactions are not traced is one of the recommendations made by two data protection agencies in the EU. The independent bodies have presented their joint opinion on the proposed regulation for the upcoming digital version of Europe’s common fiat currency. Independent EU Regulators Insist on Embedding Data Protection in the Design of the Digital Euro The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) have made several recommendations on how to ensure high-level protection for the personal data and privacy of users of the future digital euro. The stated aim of the eurozone’s central bank digital currency (CBDC) is to provide Europeans with an alternative means to make online and offline payments, complementing cash. The authorities welcomed the idea that users will have a choice and that the proposal for an EU regulation on the establishment of the digital euro addresses many data protection aspects. However, the agencies believe that data protection should be embedded in the digital euro’s design itself and suggest further improvements to guarantee that the rights to privacy and protection of personal data are effectively preserved. EDPB Deputy Chair Irene Loizidou Nicolaidou emphasized: "A high standard of privacy and data protection is instrumental in gaining citizens’ trust in this new digital currency." Complete article:

In a dynamic fintech landscape, staying informed about the latest developments is crucial. Today, we are excited to bring you a curated digest of the latest news highlights: EU Watchdog Calls for Enhanced Privacy in Digital Euro Legislation: The European Data Protection Board and Supervisor recommend amendments to EU legislation on the digital euro to strengthen data protection. They propose clearer delineation of data protection responsibilities and a "privacy threshold" for transactions, aiming to enhance privacy standards in the digital currency space. https://lnkd.in/evvrMYVB Scam Epidemic Targets Majority of UK Adults: Over 70% of UK adults report being targeted by scams in the past year, with an average of three scam attempts weekly. Digital platforms and social media are the prime mediums for these scams, including phishing and trusted organisation scams. This trend is causing some to avoid online shopping and holiday bookings due to concerns about scams. https://lnkd.in/ebHAMWWi CLM Technology's Role in Countering US Economic Downturn: Fenergo highlights the importance of Contract Lifecycle Management (CLM) technology in addressing economic challenges in the United States. It provides efficiency, revenue, and regulatory compliance benefits for financial institutions amidst concerns about inflation, interest rates, and operational leverage. https://lnkd.in/ep5RtpVM PayPal Invests in Women's Economic Empowerment: PayPal allocates funds to Sweef Capital's Southeast Asia Women's Economic Empowerment Fund and Quona Opportunity Fund, in line with its commitment to promote economic empowerment for women. These investments aim to support women-led enterprises and transformative fintech companies in emerging markets. https://lnkd.in/e4Z64U4U Vesti Launches in the UK to Support Immigrants: Vesti, a migration FinTech platform, expands to the United Kingdom, offering tailored legal and financial solutions for immigrants. It aims to provide critical information and support for global citizens moving to new countries. Vesti's services include visa options and financial solutions for easy fund management across multiple currencies. https://lnkd.in/exWAEvgk

Regulatory Compliance vs. User Privacy 💬 Privacy coins offer enhanced anonymity but often clash with global regulations. With tighter AML and KYC rules, how can these coins maintain privacy while complying with laws? Learn more from projects tackling this issue: https://lnkd.in/ewwHrEsf

With the European Central Bank on Wednesday confirming that it is moving onto the preparation phase of the digital euro, the European Data Protection Board and the European Data Protection Supervisor say that the regulation underpinning a future CBDC should "further clarify" the data protection responsibilities of the ECB and of payment services providers. https://lnkd.in/eFJB2FSa #digitaleuro #payments #ecb #paymentservices