• The European Central Bank (ECB) has stated that decisions pertaining to the implementation of a digital euro will be left to lawmakers, rather than the bank itself.
• The ECB has expressed that they would not have direct access to the personal data of users.
• Decisions such as if the digital euro can be used as official cash and if third parties are necessary to distribute it will be left to the co-legislators.
The European Central Bank (ECB) has expressed that decisions over the implementation of a digital euro will be left to lawmakers, rather than the bank itself. In a routine discussion on the digital euro on Monday, executive board chairman Fabio Panetta stated that the ECB would not have direct access to the personal data of users. He added that it would be up to lawmakers to decide the balance between privacy and other essential public policy objectives.
The virtual euro will likely rely on middlemen such as private lenders to manage user accounts, however the ECB has made clear that these entities would not have greater access than they already have. Furthermore, it has been noted that the digital euro would never be program money and as such would not impose restrictions on users.
Additionally, it has been stated that decisions such as if the digital euro can be used as official cash and if third parties are necessary to distribute it will be left to the co-legislators. This has been seen as an important step in the progress of the digital euro.
The ECB has made clear that they are not looking to gain access to the private information of users, but instead are hoping to work with lawmakers to make sure that the digital euro is implemented in a safe and efficient manner. It remains to be seen how this process will unfold, however it is clear that the ECB is taking a cautious and considered approach to the implementation of the digital euro.
