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Europe’s finance ministers claim digital euro will increase privacy

European Commission lawmakers believe that the launch of the digital euro could increase privacy for low-value transactions. The European Union (EU) is working on a solution that will integrate payments innovation with its anti-money laundering regulations. These rules will apply to the digital euro as well as private cryptocurrencies. However, the EU has not yet made a final decision regarding the digital euro.

Regarding the digital euro, Europe’s finance ministers say it will increase privacy for low-value transactions, but it is unlikely to remain completely unknown. Ireland’s Finance Minister Paschal Donohoe said the digital euro should allay fears about privacy. He said that the new rules will also not use the digital euro for illegal activities. European Central Bank executive board member Fabio Panetta said the digital euro would give people a level of privacy equal to or greater than that of private digital solutions.

CoinDesk’s Report According to the EU, the law needed to support the new digital euro will be discussed by the MPs of the European Commission. However, the commission warned that a more centralized system could lead to increased espionage. In addition, lawmakers have also proposed anti-money laundering rules for crypto and stablecoins. European Commissioner for Economy Paolo Gentiloni said the digital euro should not be completely unknown. Recently the European Parliament introduced a controversial rule on digital assets. passed did. Under this rule, exchanges will have to collect sender and receiver information even for low value transactions.

The European Central Bank is also exploring a way to use the digital euro as an alternative to payment. It says that it is trying to understand what citizens and merchants want, so that we can improve the features associated with the design of the digital euro. In this regard, the head of the European Central Bank Christine Lagarde said that there is a need to speed up the process regarding the digital euro.

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