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Meanwhile, with regards to feedback on a digital Euro: > In the light of the views expressed by the citizens during the public consultation, the EDPB stresses

Meanwhile, with regards to feedback on a digital Euro: > In the light of the views expressed by the citizens during the public consultation, the EDPB stresses that a very high standard of privacy and data protection is crucial to reinforce the trust of end users and shall be considered as a distinctive element in the offering of digital euro, representing a key factor of success of the project. Footnote 9: > A thresholded approach could be based on the monetary value of the transaction. For example, low value transaction of less than €1000 could enjoy full privacy as they are unlikely to entail AML high risks. Another possible limitation could cover use outside the Euro area. * https://edpb.europa.eu/system/files/2021-07/edpb_letter_out_2021_0105-digitaleuro-toec_en_0.pdf https://edpb.europa.eu/system/files/2021-07/edpb_letter_out_... * https://news.ycombinator.com/item?id=27791789 https://news.ycombinator.com/item?id=27791789

dannyw 5y ago
If a government wanted, they can use Zero knowledge proofs to provide every citizen with the ability to do say $100k/year in completely anonymous transactions with Monero-like technology.
- kaliali 5y ago
  But they won't.
deleted 5y ago
[deleted]
kergonath 5y ago
€1000 is an awfully low threshold.
- lnsru 5y ago
  That’s normal monthly wage in lots of places in Europe. And maybe half of average salary in Germany. So the limit is absolutely reasonable.
  - Mirioron 5y ago
    Yes, and if they choose not to update the value in 30 years then it would be the same as ~€330 due to inflation. Doesn't sound reasonable to me.
  - murgindrag 5y ago
    I think the idea is to set it high enough that not too many people will look, but low enough that after a few decades of inflation (or a few weeks of hyperinflation), it will cover most reasonable transactions, beyond buying a burger.
  - kergonath 5y ago
    There's a lot of stuff we buy every now and then between €1,000 and €2,000 (TV, computers, whatever). Not every month but still not something for which we should be scrutinised. Something around €10,000 would be better.
- alkonaut 5y ago
  It's a reasonable one I think. Importantly, I make very few (0.1%?) transactions above that limit, so if only all my transactions above that are recorded, it doesn't let anyone paint a picture of my movement, habits and so on. Most of my transactions above that limit in the past years were recorded in (publicly available!) ledgers anyway: e.g. buying a car or house. Whether the limit should be €1k or €5k could be debated and you could reach different conclusions in different countries depending on whether that's the cost of an average bicycle or an average home.
  - chopin 5y ago
    The problem with these limits that they are not changed. When my father worked only a very tiny minority payed the maximum income tax rate (talking for Germany). Nowadays everybody in the upper middle income bracket does.
    - alkonaut 5y ago
      You could set the amount to a standardized inflation adjusted amount that just happens to be €1K today but would be automatically adjusted unless there is a political not to. Most every number that isn’t a percentage should be defined that way.
rapnie 5y ago
There also was an earlier HN thread about a research group involved with defining specs for a digital Euro: https://news.ycombinator.com/item?id=26409174 https://news.ycombinator.com/item?id=26409174

dannyw 5y ago

If a government wanted, they can use Zero knowledge proofs to provide every citizen with the ability to do say $100k/year in completely anonymous transactions with Monero-like technology.

kaliali 5y ago
But they won't.

deleted 5y ago

[deleted]

kergonath 5y ago

€1000 is an awfully low threshold.

lnsru 5y ago
That’s normal monthly wage in lots of places in Europe. And maybe half of average salary in Germany. So the limit is absolutely reasonable.
- Mirioron 5y ago
  Yes, and if they choose not to update the value in 30 years then it would be the same as ~€330 due to inflation. Doesn't sound reasonable to me.
- murgindrag 5y ago
  I think the idea is to set it high enough that not too many people will look, but low enough that after a few decades of inflation (or a few weeks of hyperinflation), it will cover most reasonable transactions, beyond buying a burger.
- kergonath 5y ago
  There's a lot of stuff we buy every now and then between €1,000 and €2,000 (TV, computers, whatever). Not every month but still not something for which we should be scrutinised. Something around €10,000 would be better.
alkonaut 5y ago
It's a reasonable one I think. Importantly, I make very few (0.1%?) transactions above that limit, so if only all my transactions above that are recorded, it doesn't let anyone paint a picture of my movement, habits and so on. Most of my transactions above that limit in the past years were recorded in (publicly available!) ledgers anyway: e.g. buying a car or house. Whether the limit should be €1k or €5k could be debated and you could reach different conclusions in different countries depending on whether that's the cost of an average bicycle or an average home.
- chopin 5y ago
  The problem with these limits that they are not changed. When my father worked only a very tiny minority payed the maximum income tax rate (talking for Germany). Nowadays everybody in the upper middle income bracket does.
  - alkonaut 5y ago
    You could set the amount to a standardized inflation adjusted amount that just happens to be €1K today but would be automatically adjusted unless there is a political not to. Most every number that isn’t a percentage should be defined that way.

rapnie 5y ago

There also was an earlier HN thread about a research group involved with defining specs for a digital Euro: https://news.ycombinator.com/item?id=26409174 https://news.ycombinator.com/item?id=26409174