Lagarde: Stablecoins Have More Privacy Risks Than CBDCs

European Central Bank (ECB) President Christine Lagarde made statements about the digital currency at the panel of the International Settlements Bank BIS. Lagarde, central banks CBDC responded to the criticisms against his initiatives.

“Central banks are not interested in the personal data of citizens as part of the digital currency project that it aims to offer in the coming years.”

Unlike central banks, the ECB President stablecoin He argued that there is a wider area where issuing crypto startups can collect user data. Lagarde, after responding to criticism digital money It also accepted that its units would not be as anonymous and confidential as cash.

According to the ECB Chairman, however, collecting citizen data is in their own interest.

Citizens Biggest Concern: Privacy

While the European Central Bank continues its CBDC work, it also attaches great importance to public opinion. The financial institution has investigated what kind of reservations citizens have in its survey in recent months.

Most of the 8,000 European citizens surveyed “privacy” expressed concern. ECB officials, on the other hand, began to emphasize this issue frequently in order to reassure citizens after determining the public opinion.

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