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EU

European Central Bank Can Better Protect Digital Payment Privacy, Exec Board Member Says (coindesk.com) 31

Posted by msmash from the closer-look dept.
The European Central Bank (ECB) is better suited than private companies to protect user privacy for the eventual adoption of a digital euro, according to an executive board member. From a report: In an interview with the Financial Times on June 14 and published Sunday, Fabio Panetta said his institution had no commercial interest in storing, managing or monetizing user data. The issue over privacy in the digital euro is a focal point for Europeans as are concerns of security, according to a recent survey by the ECB. "If the central bank gets involved in digital payments, privacy is going to be better protected," said Panetta. "We're not like private companies." The banker also said people felt safer when their information was handled by a public institution, adding the bank would do a better job. "There are many ways in which we can protect confidential data while allowing the checks foreseen by law to avoid illicit transactions, such as those linked to money laundering, the financing of terrorism or tax evasion," said Panetta.
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European Central Bank Can Better Protect Digital Payment Privacy, Exec Board Member Says More

European Central Bank Can Better Protect Digital Payment Privacy, Exec Board Member Says

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  • Because a government controlled entity is not subject to political pressure. I have no doubt they could add stability and security; privacy is another matter.

    • Also, if a private company fucks up, you go to its competitor and the bad company dies. You cannot choose a government, especially if it's the ECB. I would have to move out of the continent.

      And it will be really scary if it will be combined with this great plan from the EU:
      https://www.dw.com/en/eu-unvei... [dw.com]

      No, thanks!

      If they are really serious about protecting privacy, they will use some currency that has anonymity built-in. But every single decision any government takes nowadays, goes into the opposite of a

      • You cannot choose a government, especially if it's the ECB.

        I think you're suppose to overthrow it or something. When was the last time anyone overthrew a private company?

      • Re: (Score:2)

        by aitikin ( 909209 )

        Also, if a private company fucks up, you go to its competitor and the bad company dies. You cannot choose a government, especially if it's the ECB. I would have to move out of the continent.

        That's how it works in theory, but in reality, those companies [wikipedia.org] just go on doing what they do.

      • LMOL, right Potsy. So who's the competitor for Colonial Pipeline again? Or when BP had that nasty oil spill a few years back - they're still going right?

        Sorry but that's not how things work in the real world.

      • Also, if a private company fucks up, you go to its competitor and the bad company dies.

        This is the funniest thing I've read all day. Can you point to a single example in history where a bad company leaking customer data has died? Doesn't even need to a soft case, go all out. Sure Cambridge Analytica but remember that company was a scam operation that got taken down by a government not by competition.

        The reality is no bad companies don't die on the privacy infringement of users, they outright fucking prosper. And the ability to go to a "competitor" is laughable in many cases, especially in the

    • Re: (Score:2)

      by AmiMoJo ( 196126 )

      The privacy is because they have no commercial incentive to sell or monetize your personal data such as purchase history or bank balance.

      • Re: (Score:2)

        by gweihir ( 88907 )

        Pretty much this. And the ECB has some independence in that it is not subject to the whims of any individual government.

      • The privacy is because they have no commercial incentive to sell or monetize your personal data such as purchase history or bank balance.

        or allow other agencies access when asked? Not everything is about money. I'm not against such a move but it's not a panacea.

        • Re: (Score:2)

          by AmiMoJo ( 196126 )

          Commercial banks have to allow law enforcement and government agencies access too.

          • Commercial banks have to allow law enforcement and government agencies access too.

            True, but that requires a warrant or some sort of court order, generally. A government entity could simply decide to share the information. I'm not saying it's bad or there is some nefarious reason behind; just to expect more privacy is wrong, IMHO.

    • Government institutions already get your financial information, the point made here is that while you can't get around sharing your banking info with government, a digital euro could get you around sharing your banking info with private sector. Personally I'd say there are many more important reasons than that to take digital euro into use. With private banks, if you want a loan from them, you'll still end up showing them your account statement all the same so it'll still work out to same end result, just t

      • Government institutions already get your financial information, the point made here is that while you can't get around sharing your banking info with government, a digital euro could get you around sharing your banking info with private sector. Personally I'd say there are many more important reasons than that to take digital euro into use. With private banks, if you want a loan from them, you'll still end up showing them your account statement all the same so it'll still work out to same end result, just that it'll be declared to you more clearly who knows your financial information and who doesn't.

        Having a governmental entity back a digital currency is a good idea, since they can control money supply. My comment was directed at the idea that somehow it is more private than a commercial entity.

    • Political pressure is a good thing, it can be fought against. On the flip side the incentive to monetise for a company which exists only to make a profit is far harder to resist.

      • Political pressure is a good thing, it can be fought against. On the flip side the incentive to monetise for a company which exists only to make a profit is far harder to resist.

        Maybe, though laws can restrict use of private information. My thoughts centered more around agencies, such as law enforcement, gaining access; something I think will be as easy, if not easier, with a governmental organization than a private one.

  • Bankers tell European people, "Trust us"

    That title is much better.

  • "We're not like private companies." The banker also said people felt safer when their information was handled by a public institution, adding the bank would do a better job.

    *looks at slashdot story below it*

    Better job indeed.

  • The Swiss are still glad they're not under the thumb of the ECB. Yes, they still have to prop up the Euro [www.cbc.ca] from time to time, but they were smart for not signing up to the Euro state.

  • Europeans choose government and regulations to maintain their privacy. People from the USA still think that deregulated capitalism is more effective.

    Me? I'm staying in Europe...

    • Re: (Score:2)

      by gweihir ( 88907 )

      Europeans choose government and regulations to maintain their privacy. People from the USA still think that deregulated capitalism is more effective.

      Me? I'm staying in Europe...

      Indeed. There are a lot of problems with the EU, but basically all these problems are worse in the US and the US has some nice additional ones. The one thing that is far better in the US is the self-evaluation. So people are worse off but feel they have the better deal.

  • It is refreshing to hear an UE official praising public institutions, after UE fought public services for decades for the sake of competition.
  • in charge of the hen house,

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