EU Data Protection Body Emphases on the Privacy and Data Protection in Designing Digital Euro
The European Data Protection Board (EDPB ), an independent European body whose purpose is to ensure consistent application of the General Data Protection Regulation (GDPR) and to promote cooperation among the EU's data protection authorities, recently addresses a letter to EU Institutions on the privacy and data protection aspects of a possible digital euro. Previously, European Central Bank (ECB) revealed that it has not yet decided whether to issue a digital euro, but it is currently in a preparation phase by developing the concept, conducting practical experimentation, listening to the views of the broader public and engaging with stakeholders.
In the letter, the EDPB stresses that a very high standard of privacy and data protection is crucial to reinforce the trust of end users and should be considered a distinctive element in the offering of a digital euro, representing a key factor of success. Such concerns should be taken into account from the design stage. In addition, the EDPB recommends that the EU body in charge of the design of the project performs a high-level data protection impact assessment. The EDPB further indicates that it stands ready to provide advice to the ECB or other EU institutions.
ECB president Christine Lagarde once told European Parliament lawmakers that "the design of the digital euro will be discussed on 14 July by the ECB governing council with a view to finding a solution for the shrinking use of cash and facilitating access to it for people without bank accounts."
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