Bundesbank To Explore Digital Euro Opportunities With MIT

Joachim Nagel, the president of the Bundesbank, stated that the bank will prioritize the privacy and security of the digital euro. Particular attention will be paid to user data protection and CBDC design. Many Europeans are worried about this issue because they think state-owned stablecoins would give governments more control over their finances.

The digital euro will further the advancement of European payment systems, the president of the German Central Bank pledged. Bank cards issued in one jurisdiction may not always function in another despite the fact that both countries use the international payment networks Visa and Mastercard. Nagel promised that the digital euro will be standardized and usable for routine business transactions throughout the EU.

In order to investigate the technical concept of the CBDC, the Bundesbank started collaborating with the Bank of Canada and the Bank of England (BoE) in 2022.

source: dw.de

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