The Deutsche Bundesbank and MIT’s Digital Currency Initiative have teamed up for a collaboration to explore the security and privacy aspects of central bank digital currencies (CBDCs). Their focus will be on addressing the challenges of safeguarding customer data in digital transactions.
Joachim Nagel, President of the Bundesbank, stressed the importance of upholding privacy during the creation of Central Bank Digital Currencies (CBDCs). He reassured that the Eurosystem would prioritize respecting the privacy of its users.
The research aims to develop a method for ensuring security in Central Bank Digital Currencies (CBDCs), reducing the risk of user privacy violations. Nagel emphasized the drawbacks of current payment systems, promoting the concept of a digital euro for seamless transactions within the Eurozone.
MIT DCI boasts a rich history of working closely with institutions like the Federal Reserve and the Bank of England in the central banking sector. As such, they play an essential role in driving CBDC research forward.
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2024-04-18 01:08