Making the digital euro truly private
AI summary of the linked articleThe ECB Blog post by Maarten G.A. Daman argues that the digital euro is being designed to be the most private electronic payment option, though not quite as private as cash. The offline digital euro would let two people pay each other on their phones with transaction details visible only to them, and the Eurosystem would hold only very limited data, with user identities pseudonymised by banks. The post says a planned independent group of data protection officers would assess the safeguards, and that the project is public, so payment data could not be sold or used for marketing. |
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8 comments zinkk.ethSubmitter Key takeaways: * "it will be up to European legislators to decide on the appropriate balance between privacy and other public policy objectives, like countering money laundering and other illicit activities" * offline digital euro: private transactions between 2 users - works offline (but offer no insights into what tech they use to make this happen) So it's basically CBDC, right? Wondering if they're going to add privacy by zks or some other tech zinkk.ethSubmitter Yeah I'm also wondering how they choose to do it. It will probably be highly centralized, and they can take some shortcuts with that. I'm still intrigued by the offline transactions - I'm imagining they would use something like lightning network-style payment channels with a dash of ZK for the privacy. They should hook up with Monerium. They have all the infra ready including a digital Euro. Already fully authorized, fully regulated, and fully backed. Your wallet is your IBAN so you can do SEPA payments with your EURe stables. They only would need to add a privacy layer. Would not be surprised if they’re already speaking to each other.  Lol I read this but HOW DOES THIS WORK? I‘m pretty sure if there was a robust technical solution to what they‘re outlining then we‘d already have it in the crypto space. But it probably relies on wet code zinkk.ethSubmitter Interestingly, you can find some technical documents on their website, such as this presentation: Other documents from each of the stages: https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/html/index.en.html  |
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