The president of the German central bank spoke at the Massachusetts Institute of Technology about the challenges of issuing a digital euro as he announced new joint research.
The Deutsche Bundesbank is the fourth central monetary authority to conduct research in conjunction with MIT’s Digital Currency Initiative.
The Deutsche Bundesbank is the latest monetary authority to team up with the Massachusetts Institute of Technology Digital Currency Initiative to study central bank digital currency . President of the German central bank Joachim Nagel spoke at the launch of the project about challenges ahead for the digital euro.MIT students that the joint research will focus on designing security and privacy measures in a CBDC.
“A digital euro would offer the highest possible level of privacy. The Eurosystem would not have access to digital euro users’ personal information. Consumers would gain more control over their personal data.” Nagel went on the say the current payments system does not work well. “German bank cards, for example, don’t always work in other euro area countries, even if they contain a payment scheme operated by an international company,” he said.As digitalization increases, the Eurosystem is considering “a digital product that complements our analogue product cash,” Nagel said.
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