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.
The latter 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.
It examines 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. 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 the 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.”
Additionally, 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.
Ripple Establishes Its CBDC Presence In Europe And UK
Importantly, it should be noted that the DEA is a think tank and thus an independent voice of society, unaffiliated with either the Eurosystem or any European organization.
In addition to Ripple, DEA members include the German Central Bank (“Bundesbank”), Ernst & Young, RTGS.global, Circle, and a number of German banks such as Hamburg Commercial Bank, Solaris Bank, DZ Bank and the association of German savings banks (Deutscher Sparkassen Giroverband).
It is also worth noting that Ripple continues to position itself as a solution provider in the CBDC race. As Bitcoinist recently reported, Ripple Senior Vice President Brook Entwistle revealed that the company is currently working with 20 countries on CBDC solutions.
Remarkably, Ripple was also mentioned in the Bank of England’s digital pound consultation paper. In the UK, the company is also a member of the independent Digital Pound Foundation.
At press time, XRP was trading at $0.4836, posting a gain of 3.3% in the past 24 hours. The price increase could be related to the fact that the CFTC referred to several cryptocurrencies as commodities in its lawsuit against Binance.
In the 1-hour chart, XRP shows a strong uptrend and writes higher lows. For now, $0.49 is the key resistance to unleash further upside potential.
Featured image from Mika Baumeister / Unsplash