Last Updated on April 4, 2023 by Bitfinsider
Ripple Director of CBDC Product Management Anthony Ralphs contributed to a new whitepaper released by the Digital Euro Association (DEA). Ripple highlighted this development in a tweet and blog entry today.
The latter explains that, as central banks around the globe explore Central Bank Digital Currencies (CBDCs), privacy has become a critical consideration. The DEA’s white paper examines the issue of anonymity and CBDCs.
It investigates the significance of privacy and how it affects the adoption, use, and execution of Central Bank Digital Currencies. The DEA makes recommendations for improving privacy and security in a CBDC system in order to win user trust and alleviate concerns about government surveillance.
Ripple’s Anthony Ralphs offered his expertise and research to this working group. According to the paper, each central bank has distinct views and values on privacy. As a result, Ripple and the DEA establish some minimum standards that should be followed on a global basis.
According to a Ripple employee, “one thing the paper explores is that CBDCs–and the blockchain technology on which they are built–offer enhanced security and access management to help ensure privacy across the various use cases that are being implemented.”
Furthermore, Ripple points out in its blog post that the different use cases and implementations allow CBDCs to increase global, cross-border data flows in the future. The Digital Euro Association suggests, among other things, strong encryption methods, stringent access controls, regular audits, and a strict disciplinary regime for data breaches to guarantee data privacy.
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