Ripple & Digital Euro Association (DEA) has launched CBDC and digital assets whitepaper

A whitepaper discussing about Central Bank Digital Currencies (CBDC), privacy, and how they interact was distributed to the general public by a working group of the Digital Euro Association (DEA) and Ripple – an official DEA partner. Many consumers are worried that the adoption of CBDCs will open the door to government tracking and surveillance of their personal details and behaviors.

Participants of Digital Euro Association, with help of Ripple, answer questions about CBDC

The cryptocurrency company’s head of digital currency products and solutions, Anthony Ralph, contributed his ideas and expertise to the study. He said in his comments about the whitepaper that CBDC and blockchain, the technologies that “state cryptocurrencies” are built on, can provide improved access control and security to guarantee privacy in various usage scenarios.

Due to concerns about government oversight of CBDCs and digital assets, the paper takes a look at:

  • Reasons for privacy and the degrees of privacy in CBDCs
  • Key stakeholders in the CBDC privacy conversation, including Central Banks, Commercial Banks and Merchants
  • Technology’s role in consumer privacy
  • How potential and existing regulations will impact CBDCs

The whitepaper addresses concerns regarding government oversight of CBDC and digital assets and questions regarding the reasons for the need for privacy, technology’s role in ensuring it, and how existing regulatory assets will affect “state cryptocurrencies.”

The paper’s main conclusion is that global minimum standards must be adhered to, even though each central bank will have different views and values regarding the privacy of CBDCs and digital assets. According to the authors’ summary, “state cryptocurrencies” may increase global inter-jurisdictional data flows despite various use cases and implementations.

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