Ripple says that the digital euro is privacy-friendly and can be used offline
The European Central Bank (ECB) is making significant progress in developing the digital euro. A recent report reveals interesting details about privacy and ease of use. What can we expect from this new form of money?
ECB aims for launch in 2025
The ECB aims to be ready for a possible introduction of the digital euro in October 2025. The bank is currently working on regulations and is looking for partners for technical implementation.
Important features
Anthony Welfareadvisor at Ripple for central bank digital currencies, explained the key features of the digital euro:
1. Strong privacy protection: For online payments, the Eurosystem cannot directly link transactions to individuals.
2. Offline Payments: Users can make payments without internet connection, after pre-charging their digital wallet.
3. Maximum privacy when used offline: Only the payer and recipient know the transaction details.
Ripple’s involvement
Ripple, known for the cryptocurrency XRP, is closely involved in the development. The company was the main sponsor of a recent conference on the digital euro, where design and legal aspects were discussed, among other things.
What does this mean for users?
The digital euro appears to be a safe and user-friendly addition to cash and regular bank accounts. With strong privacy safeguards and the ability to pay offline, the ECB is responding to the concerns of many Europeans.
Future perspective
As development continues, it remains important to keep an eye on the balance between innovation and reliability. In the near future, more will become clear about how the digital euro can change our daily lives.
The digital euro promises to be an interesting addition to our current monetary system. With its focus on privacy and ease of use, the ECB seems to strike a good balance between modern technology and the needs of users. As we get closer to the 2025 launch, we’ll no doubt hear more details about this new form of money.
