• The Digital Euro Association (DEA) has published a new whitepaper, to which Ripple Director of CBDC Product Management Anthony Ralphs was a contributor.
• The paper examines the importance of privacy and how it impacts the successful adoption, use, and implementation of Central Bank Digital Currencies.
• Ripple recommends strong encryption methods, strict access controls, regular audits and a strict disciplinary regime for data breaches to ensure data privacy.
Digital Euro Association Publishes Whitepaper on Privacy and CBDCs
The Digital Euro Association (DEA) has published a new whitepaper to which Ripple Director of CBDC Product Management Anthony Ralphs was a contributor. Ripple called attention to this development in a tweet and blog post today.
Importance of Privacy for Successful Implementation of Central Bank Digital Currencies
The blog post explains that with central banks around the world increasingly exploring Central Bank Digital Currencies (CBDCs), privacy has become an important consideration. DEA’s white paper takes a look at the subject of privacy and CBDCs – examining the importance of privacy and how it impacts the successful adoption, use, and implementation of Central Bank Digital Currencies. To gain user trust and allay fears of government surveillance, the DEA provides recommendations for improving privacy and security in a CBDC system. Anthony Ralphs of Ripple contributed his expertise and research to this working group.
Minimum Standards Defined by DEA for Respect on Global Scale
The paper concludes that each central bank has different views and values regarding privacy. Because of this, Ripple and the DEA define some minimum standards that should be respected on a global scale. Blockchain is the best technology for this according to Ripple employee who stated; “One thing the paper explores is that CBDCs-and the blockchain technology they are built on-offer enhanced security and access management to help ensure privacy across the various use cases that are being implemented.”
CBDC Systems Can Increase Cross-Border Data Flows
Ripple notes in its blog post that the various use cases and implementations make it possible for CBDCs to increase global, cross-border data flows in the future. To ensure data privacy, the Digital Euro Association recommends strong encryption methods, strict access controls, regular audits and a strict disciplinary regime for data breaches among other things
DEA is an Independent Voice Unaffiliated with Any European Organization
It should be noted that the DEA is a think tank thus an independent voice of society unaffiliated with eitherthe Eurosystem or any European organization In addition to Ripple DEA members include Deutsche Bundesbank Ernst Young RTGSglobal Circle as well as several German banks