High importance will be given to data protection
The European Central Bank has given its approval for a digital euro and will move ahead with the matter as quickly as possible.
One of the key focus points for the bank will be protecting people’s data, according to Fabio Panetta of the bank’s executive board.
“The record level of participation in our public consultation and the willingness of citizens and professionals to support a digital euro are encouraging,” Panetta said.
He also said that in the coming months, the bank’s governing council will decide on a formal investigation phase on a digital euro. Panetta said that process may take a couple of years and that puts Europe well behind China who began their own process around two years ago and already tested it in the city of Shenzen.
“This phase, which would take several years, would see the development of integrated services, testing and possible live experimentation of a digital euro,” Panetta said.
He also added that the most important feature of a digital euro is privacy.
“Protecting users’ personal data and ensuring a high level of confidentiality will therefore be a priority in our work.”
The world’s most important central banks are making a decisive, yet slow, move towards digital currency adoption.
GMP Trade provides real-time trading signals for cryptocurrencies on Telegram at https://t.me/gmptrade
