Digital euro: ensuring the highest data protection and privacy standards

Summary:

The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) have issued a Joint Opinion on the proposed Regulation on the digital euro, a central bank digital currency. The digital euro aims to provide individuals with an additional means of payment, alongside cash. The EDPB and EDPS acknowledge that the proposed Regulation addresses many data protection aspects, but make several recommendations to ensure the highest standards of personal data protection and privacy. These recommendations include minimizing the processing of personal data, ensuring adequate data protection for both online and offline transactions, and clarifying the data protection responsibilities of the European Central Bank (ECB) and payment service providers (PSPs). The EDPB and EDPS also recommend introducing a "privacy threshold"" for online transactions