The introduction of the digital euro will protect the eurozone from competing currencies, as well as increase privacy for citizens, said Fabio Panetta, member of the European Central Bank’s Governing Council.
He explained that the ECB has no commercial interest in storing or using user data, so if the regulator deals with digital payments, they should be as protected as possible. Panetta did not rule out that a potential threat could be from other creators of digital payment methods.
“If people want to make digital payments, and we do not give them this opportunity, then someone else will do it” – he told the Financial Times.
Earlier, the ECB conducted a study that showed that 40% of users consider a high level of confidentiality to be a priority for digital payments, and the respondents also suggested making the digital euro a “analogue” of cash, so that payments can be made without an Internet connection.
Now the regulator has already begun testing such offline payments, but so far for amounts up to 100 euros. No data is transferred outside the wallets of the sender and the recipient, and the connection goes through bluetooth.