When European Central Bank board member Fabio Panetta addressed the European Union Committee on Economic and Monetary Affairs in April, he emphasized the importance of privacy in any potential future CBDC rollout.
The ECB had conducted a public consultation on the possibility of a digital euro, canvassing the opinions of over 8,000 individuals and businesses. The responses that came back suggested privacy was the number one concern surrounding the issuance of a central bank digital currency.
With 43% of respondents highlighting privacy as the core requirement, Panetta declared that the digital euro could meet those requirements without relaxing security standards.
Other responses from the survey highlighted the need for a digital euro to provide secure payments (18%), while others focused on cross-border payments within the European Union (11%). Some respondents highlighted the need for low fees (9%), and the ability to use the system even if it’s offline (8%).
“As I have already mentioned, privacy emerges as the most important