The regulators made several recommendations to enhance the personal data protection standards for the European central bank digital currency.
The European Data Protection Board and the European Data Protection Supervisor issued a joint opinion statement on the regulation of “digital euro.”On Oct. 18, the European Data Protection Board and the European Data Protection Supervisor issued a joint opinionby the European Commission in July 2023. The regulators made several recommendations to enhance the personal data protection standards for the European central bank digital currency .
The EDPB and EDPS suggest clarifying the proposed verification procedure for the maximum allowed amount of digital euro held by the individual account. The current draft allows the European Central Bank and national central banks to establish a single access point to each user’s data. The EDPB and the EDPS recommend conducting an assessment to determine the necessity and proportionality of a singular access point.
The EDPB and the EDPS also “strongly recommend” establishing a 'privacy threshold' for online transactions, below which offline and online low-value transactions are not subject to tracking for anti-money laundering and combating the financing of terrorism . However, they didn’t come up with a specific amount, referring only to the transaction limit, covering “low-value daily transactions.”for the digital euro project following a two-year investigation.
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