A whitepaper describing aspects of CBDC, privacy and their interaction was presented to the public by a working group of the Digital Euro Association (DEA). Ripple, an official DEA partner, was also involved in the development of the report.
With global interest and growing exploration of #CBDCs, #privacy has become a crucial aspect to consider.— Ripple (@Ripple) March 28, 2023
Learn more and read the DEA whitepaper with contributions from Ripple’s Head of Digital Currency Product & Solutions @moderndosh.https://t.co/CIvHUf8XPH
The crypto company's head of digital currency products and solutions, Anthony Ralph, presented his views and expertise for the study. Commenting on the whitepaper, he said that CBDC and blockchain, as the technology on which "state cryptocurrencies" are built, can and do offer enhanced security and access control to ensure privacy in various usage scenarios.
Emerging not least because of concerns about government oversight of CBDC and digital assets, the whitepaper seeks to answer questions about the reasons for the need for privacy, the role of technology in ensuring it and how existing regulatory assets will affect "state cryptocurrencies."
The main conclusion of the paper is that there is a need for minimum standards to be adhered to globally, even if each central bank will have different views and values regarding privacy in the matter of CBDCs and digital assets. It is possible that in the future, "state cryptocurrencies" could increase global inter-jurisdictional data flows, despite different use cases and implementations, the authors of the text summarize.