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<p class="p1" style="text-align: justify">The European Data Protection Board and the European Data Protection Supervisor have issued a joint statement regarding the regulation of the proposed digital euro, which was put forward by the European Commission in July 2023. In the statement published on October 18th, regulators provided various recommendations to enhance personal data protection standards for the European Union central bank digital currency (CBDC).</p>
<h2 class="p1" style="text-align: justify" id="digital-euro-project">Digital Euro Project</h2>
<p class="p1" style="text-align: justify">One notable recommendation from officials came regarding individual accounts. They suggested clarifying the proposed verification procedure for the maximum allowed amount of digital euro held in these accounts. The current draft legislation allows the European Central Bank (ECB) and national central banks to create a single access point to users’ data. Both authorities advise conducting an assessment to determine the necessity and proportionality of a single access point.</p>
<p class="p1" style="text-align: justify">Additionally, regulators emphasize the possibility of implementing technical measures for storing these identifiers through a decentralized system. They also draw attention to the lack of predictability in the fraud detection and prevention mechanism proposed by the European Commission.</p>
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<h2 class="p1" style="text-align: justify" id="recommendations-in-the-statement">Recommendations in the Statement</h2>
<p class="p1" style="text-align: justify">The statement advises considering less intrusive measures from a data protection perspective. Authorities also strongly recommend establishing a privacy threshold for online transactions through CBDC, exempting low-value offline and online transactions from anti-money laundering and counter-terrorism financing monitoring.</p>
<p class="p1" style="text-align: justify">However, the absence of a specific amount mentioned in these decisions aimed at preventing such incidents causes confusion. The statement only refers to a limit on the number of transactions that cover low-value daily transactions.</p>
<p class="p1" style="text-align: justify">This week, the Governing Council of the European Central Bank announced the preparatory phase for the <strong>digital euro</strong> project after a two-year investigation. The preparatory phase will last for two years and focus on finalizing the rules for the digital currency and selecting potential issuers.</p>
<p class="p1" style="text-align: justify">Especially in developed countries, governments aim to accelerate international money transfers and increase trade volume with their national fiat currencies through ongoing CBDC projects. These steps also aim to prevent potential crises in stablecoin companies.</p> Continue Reading: <a href="https://en.coin-turk.com/european-data-protection-board-and-european-data-protection-supervisor-publish-joint-statement-on-regulation-of-digital-euro/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/european-data-protection-board-and-european-data-protection-supervisor-publish-joint-statement-on-regulation-of-digital-euro/</a>

European Data Protection Board and European Data Protection Supervisor Publish Joint Statement on Regulation of Digital Euro

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