AlephZero Teams Up with Digital Euro Association to Drive the Evolution of a Privacy-Centric Digital Euro

Layer 1 blockchain AlephZero Focusing on bolstering personal data protection, AlephZero has allied with the Digital Euro Association (DEA), a leading entity committed to shaping digital euro initiatives, both private and public, within the European Union. Digital Euro Association \"The contributions from the Aleph Zero Foundation to blockchain technology substantially elevate the level of technical expertise in our community. This partnership represents yet another stride toward our objective of crafting the future of digital money with a focus on security, privacy, and efficiency. Their dedication to a privacy-centered approach resonates closely with our values, making them an ideal collaborator,\" expressed Dr. Jonas Gross, Chair of the DEA.

Working alongside European Union regulators, the DEA is dedicated to exploring how euro stablecoins can be integrated into the digital finance ecosystem, investigating the most effective relationships between private stablecoins and public Central Bank Digital Currencies (CBDCs). Previously, the DEA has partnered with significant players in the crypto world, such as Ripple, Circle, and RTGS.global, aiming to foster innovative concepts in digital finance for the public benefit.

The DEA champions the availability of stablecoin options that maintain user privacy, underscoring that integrating privacy features can significantly boost the future adoption of stablecoins by allowing users more control over their privacy — independent from central bank assurances regarding data security. Central Bank Digital Currencies Moreover, the organization emphasizes the necessity for stablecoins to offer privacy and anonymity akin to cash transactions, addressing tax and regulatory aspects such as compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) laws, while safeguarding transaction details from third parties, including government entities, unless explicitly required by court orders.

💶 Aleph Zero becomes a member of the Digital Euro Association to shape the future of the private and public digital euro 💶

We are thrilled to share that Aleph Zero is partnering with the Digital Euro Association (DEA).

Transforming the Landscape of Digital Finance in Anticipation of MiCA Implementation

This new alliance comes at a crucial time, coinciding with the impending rollout of MiCA (Markets in Crypto Assets), scheduled to become fully operational on December 30, 2024, with specific provisions for stablecoins set to kick in six months earlier, in June.

The European Central Bank (ECB) has been actively exploring the potential for introducing a digital euro in the last few years. In 2023, the ECB issued five calls for applications to solicit providers who could help develop services related to a potential digital euro, indicating a budget allocation of up to $1.3 billion for project contractors, with more than half earmarked for developing offline payment capabilities. However, it remains to be seen who the ECB will ultimately select to execute these services.

The collaboration between AlephZero and the Digital Euro Association aims to pave the way for the advancement of stablecoins and central bank digital currencies, with a strong emphasis on security, privacy, and efficiency as the digital finance landscape continues to evolve.

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Alisa, a passionate journalist at Cryptocurrencylistings, covers topics in cryptocurrency, zero-knowledge proofs, investments, and the vast ecosystem of Web3. With a sharp eye for emerging trends and technologies, she provides in-depth coverage that informs and engages readers in the constantly shifting landscape of digital finance.