{"id":446459,"date":"2022-05-13T17:13:24","date_gmt":"2022-05-13T14:13:24","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ecb-lays-out-anonymous-digital-euro-as-public-opposes-slavecoins\/"},"modified":"2022-05-13T17:13:24","modified_gmt":"2022-05-13T14:13:24","slug":"ecb-lays-out-anonymous-digital-euro-as-public-opposes-slavecoins","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ecb-lays-out-anonymous-digital-euro-as-public-opposes-slavecoins\/","title":{"rendered":"# ECB lays out \u2018anonymous\u2019 digital euro as public opposes \u2018slavecoins\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36889e7c512\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36889e7c512\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ecb-lays-out-anonymous-digital-euro-as-public-opposes-slavecoins\/#%E2%80%9D_ECB_lays_out_%E2%80%98anonymous_digital_euro_as_public_opposes_%E2%80%98slavecoins_%E2%80%9C\" >&#8221; ECB lays out \u2018anonymous\u2019 digital euro as public opposes \u2018slavecoins\u2019 &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_ECB_lays_out_%E2%80%98anonymous_digital_euro_as_public_opposes_%E2%80%98slavecoins_%E2%80%9C\"><\/span>&#8221; ECB lays out \u2018anonymous\u2019 digital euro as public opposes \u2018slavecoins\u2019 &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvYjBmNTI2MjgtYzNiOS00NmRhLTliMjItNmM3OGRmNWI1MTYyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The ECB <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ecb.europa.eu\/pub\/pdf\/scpwps\/ecb.wp2662~fa8429a967.en.pdf?88b4fb9730f2df55b49ca612d24b3a18\">released<\/a> another working paper on the digital euro, providing an extensive technical analysis of a potential European CBDC and its position in the existing financial system.<\/p>\n<p>Issued on May 13, the working paper aims to study issues like financial inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tion, payment choices and privacy in the digital economy, providing a large number of related algebra-based conclusions.<\/p>\n<p>The study suggests that a \u201cCBDC with anonymity\u201d is preferable to traditional digital payments like bank deposits but it \u201cmay become supplanted\u201d by digital currencies, or \u201cpayment tokens\u201d issued by <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> giants.<\/p>\n<p>\u201cThis risk would be particularly tangible if those platforms compete with banks in the market for financial services. However, an optionality for data sharing features may result in a widespread CBDC adoption,\u201d the working paper reads.<\/p>\n<p>According to the ECB, one of the main problems of cash is that it cannot be used for more efficient online transitions while it still preserves anonymity. In contrast, bank deposits can be used online but do not provide enough anonymity.<\/p>\n<p>Finally, digital currencies issued by tech platforms \u201callow merchants to hide from banks but enable platforms to stifle competition,\u201d the ECB wrote, adding:<\/p>\n<p>The European Central Bank (ECB) continues pushing its central bank digital currency (CBDC) project despite Europeans <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arently not feeling too much positive about a digital euro.<\/p>\n<blockquote><p>\u201cAn independent digital payment instrument \u2014 a CBDC \u2014 that allows agents to share their payment data with selected parties can overcome all frictions [&#8230;] The introduction of a CBDC with anonymity enables merchants to prevent banks from extracting information from payment flows.\u201d<\/p><\/blockquote>\n<p>While the ECB keeps promoting a potential digital euro with anonymity-enabled features, the Europeans are not quite optimistic about any CBDC. According to public feedback from another digital euro consultation, the majority of Europeans are against the adoption of a CBDC in the European Union.<\/p>\n<p>Launched on April 5, the consultation has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ec.europa.eu\/info\/law\/better-regulation\/have-your-say\/initiatives\/13392-A-digital-euro-for-the-EU\/feedback_en?p_id=29585848\">amassed<\/a> 14,110 feedback entries at the time of writing, with many opposing the very idea of a central bank-controlled digital currency and associated lack of user privacy. Some online commentators even referred to a CBDC as a \u201cslavecoin,\u201d opposing \u201cdigital slavery\u201d potentially introduced by such financial instruments.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Why don&#8217;t you read citizens comments?<br \/>100% of the citizens are against a CBDC. It&#8217;s a mass surveillance panopticon nightmare. Programmable expiration. Negative interest rates. Freedom killer.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/leJJ64UMn9\">https:\/\/t.co\/leJJ64UMn9<\/a><\/p>\n<p>\u2014 Bitcoin Comfy (@BitcoinComfy) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BitcoinComfy\/status\/1525050164964098049?ref_src=twsrc%5Etfw\">May 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cThe digital euro in the sense of the EU referral is not compatible with either the protection of privacy or with data protection regulations. [&#8230;] A control system for the small guarantors requires,\u201d Austrian citizen Schmidl Andreas wrote.<\/p>\n<p>\u201cI&#8217;m totally against the introduction of a digital euro because I don&#8217;t want to be dependent on the internet when I buy something. I strictly reject the digital euro, because it leads to total control and restricts our fundamental rights and freedoms,\u201d another anonymous user wrote.<\/p>\n<p>As previously reported by Cointelegraph, the question of user privacy has emerged as one of the biggest problems associated with central bank digital currencies. This quickly became a big problem for global regulators and governments as they need to prevent illicit financial activity while also preserving confidentiality.<\/p>\n<p>According to a previous digital euro public consultation released in April 2021, user privacy was considered the most important feature of a digital euro by both citizens and professionals in the European Union.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Proposed digital euro designs lack privacy options, ECB presentation shows<\/em><\/strong><\/p>\n<p>There are a number of other problems associated with a digital euro, including the alleged lack of demand. Jonas Gross, chairman of the Digital Euro Association, told Cointelegraph in April the primary aim of the digital euro is still not clear. Last year, regulatory executive Pablo Urbiola at Spanish bank BBVA argued that it was not exactly clear what kind of customer demand the digital euro was supposed to meet.<\/p>\n<p>According to European Commission finance chief Mairead McGuinness, the ECB still expects a prototype CBDC sometime in late-2023.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ecb-lays-out-anonymous-digital-euro-as-public-opposes-slavecoins\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; ECB lays out \u2018anonymous\u2019 digital euro as public opposes \u2018slavecoins\u2019 &#8220; The ECB released another working paper on the digital euro, providing an extensive technical analysis of a potential European CBDC and its position in the existing financial system. Issued on May 13, the working paper aims to study issues like financial intermediation, payment&#8230;<\/p>\n","protected":false},"author":1,"featured_media":446460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvYjBmNTI2MjgtYzNiOS00NmRhLTliMjItNmM3OGRmNWI1MTYyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[15047,76943,74862,75046,75022,75159,75603,74889,28340,70934],"class_list":["post-446459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-privacy","tag-anonymity","tag-bitcoin","tag-cbdc","tag-central-bank","tag-digital-currency","tag-ecb","tag-payments","tag-europe","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/446459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=446459"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/446459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/446460"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=446459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=446459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=446459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}