Central Bank Digital Currency

The European Central Bank (ECB) recently published a crucial report on the development of its central bank digital currency (CBDC). This first milestone report, unveiled on June 24, places particular emphasis on data protection, a sensitive issue at the heart of consumer and industry expert concerns. By promising pseudonymization and independent audits, the ECB aims to reassure and address concerns related to transaction traceability.

A recent survey by the Bank for International Settlements (BIS) reveals that central banks' interest in issuing central bank digital currencies (CBDCs) continues to grow. This trend could disrupt the management of monetary policy in the years to come.

Kristalina Georgieva actively supports CBDC. She sees these digital currencies as a promising alternative to physical cash.

In recent days, the Fed and CBDC have drawn significant attention from the crypto community. Fifty pro-crypto Republican lawmakers have just introduced a bill aimed at countering the CBDC. These elected officials raise valid concerns about financial privacy and individual freedom.