ECB Seeks To Assure Data Protection Board Over Digital Euro

Law360, London (July 22, 2021, 11:52 AM BST) -- The European Central Bank has assured the European Union's data protection bodies that its plan to create a digital Euro will not infringe citizens' privacy and that it will minimize the amount of personal data it collects about users' payments.

Fabio Panetta, an executive board member at the central bank, said in a letter to the European Data Protection Board, a collective of EU data protection authorities, that its plans to launch a virtual currency for the region will not harvest excessive data from consumers and will not breach the EU's privacy protections.

"Protecting users' personal data and ensuring a high level...

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