Bank AI

<img width="800" height="533" src="https://cdn.thebittimes.com/images/2023/10/26/a85e989541b17fd15f760b8f3f469f2d.webp" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="1" loading="lazy" srcset="https://cdn.thebittimes.com/images/2023/10/26/a85e989541b17fd15f760b8f3f469f2d.webp 800w, https://cdn.thebittimes.com/images/2023/10/26/a85e989541b17fd15f760b8f3f469f2d.webp 450w, https://cdn.thebittimes.com/images/2023/10/26/a85e989541b17fd15f760b8f3f469f2d.webp 750w, https://cdn.thebittimes.com/images/2023/10/26/a85e989541b17fd15f760b8f3f469f2d.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
The European Data Protection Board and the European Data Protection Supervisor issued a joint opinion statement on regulating a <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> euro.
On Oct. 18, the European Data Protection Board and the European Data Protection Supervisor issued a joint statement on regulating a <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> euro, as proposed by the European Commission in July 2023. The regulators made several <a rel="noopener noreferrer nofollow" title="recommend" href="https://thebittimes.com/tag/recommend.html">recommend</a>ations to enhance the personal data <a rel="noopener noreferrer nofollow" title="protection" href="https://thebittimes.com/tag/protection.html">protection</a> standards for the European Union central bank <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> currency (CBDC).&nbsp;
The authorities suggest clarifying the proposed verification procedure for the maximum allowed amount of digital euro held by an individual account. The current draft allows the European Central Bank (ECB) and national central banks to establish a single access point to each user’s data. Both authorities recommend conducting an assessment to determine the necessity and proportionality of a singular access point. They emphasize that employing technical measures for the decentralized storaThe regulators also point out the lack of foreseeability in the proposed fraud detection and prevention mechanism of the CBDC. They recommend considering “less intrusive measures” from a data protection perspective.
The authorities also “strongly recommend” establishing a “privacy threshold” for online transactions, below which offline and online low-value transactions are not subject to tracking for Anti-Money Laundering and combating the financing of terrorism. However, they didn’t come up with a specific amount, referring only to the transaction limit, covering “low-value daily transactions.”
This week, the governing council of the ECB announced the ”preparation phase” for the <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> euro project following a two-year investigation. The preparation phase will last two years and focus on finalizing rules for the <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> currency and selecting possible issuers.
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The post EU data protection authorities recommend anonymity for minor digital euro transactions. appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/eu-data-protection-authorities-recommend-anonymity-for-minor-digital-euro-transactions-tbt67874.html">https://thebittimes.com/eu-data-protection-authorities-recommend-anonymity-for-minor-digital-euro-transactions-tbt67874.html</a>

EU data protection authorities recommend anonymity for minor digital euro transactions.

TheBitTimes

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