The European Central Bank (ECB) has released its first progress report on developing a central bank digital currency (CBDC). The report emphasizes privacy, promising pseudonymization, hashing functions, and encryption to prevent tracking. Payment service providers will require explicit consent to use consumer financial data for commercial purposes.
The ECB also detailed methods for offline transactions, which would be settled directly on users' devices. A "Rulebook Development Group" will finalize the technical and regulatory framework by the end of 2024, following consultations with stakeholders.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
