ECB releases first CBDC progress report

Odaily News The European Central Bank (ECB) released its first Central Bank Digital Currency (CBDC) Progress Report on June 24, with a focus on privacy protection. The ECB promises to prevent individual transactions from being tracked through pseudonymization, hashing and encryption, and payment service providers are not allowed to use consumer financial data without individual consent. The report also introduces methods to support offline transactions. The newly established Rulemaking Group will submit a draft CBDC technical and regulatory framework by the end of 2024. Privacy issues remain a major concern for CBDC, and opposition continues to grow in the crypto community.