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Genesis of the Digital Euro - The Relationship Between the Central Bank Digital Currency and Data Protection Law

Ioannou Naoum, Christos LU (2024) HARN63 20241
Department of Business Law
Abstract
This thesis conducts a legal investigation and critical analysis of the creation and establishment of a digital currency in the transactional agora of the European Union. The implementation of the digital euro as a new method of the European numismatic zone is a revolutionary neoteric strategy for efficiency in monetary transactions. A profound problem at the epicentre of this novel concept is the mechanism of how exactly data storage and handling shall be executed by intermediaries and operators of this digital form of capital regulated by the European Central Bank which utilises the data of each individual user. The processing of this data should be in line with the General Data Protection Regulation data protection axioms, and more... (More)
This thesis conducts a legal investigation and critical analysis of the creation and establishment of a digital currency in the transactional agora of the European Union. The implementation of the digital euro as a new method of the European numismatic zone is a revolutionary neoteric strategy for efficiency in monetary transactions. A profound problem at the epicentre of this novel concept is the mechanism of how exactly data storage and handling shall be executed by intermediaries and operators of this digital form of capital regulated by the European Central Bank which utilises the data of each individual user. The processing of this data should be in line with the General Data Protection Regulation data protection axioms, and more specifically in the case of the digital euro, the three principles of transparency, data minimisation, and purpose limitation which in combination with each other enact as the key requirements to vanguard privacy of data in the area of Central Bank Digital Currencies. Throughout this thesis, three Articles of the Proposal for a Regulation on the establishment of the digital euro addressing users’ data protection are juxtaposed with the relevant data-safeguarding provisions of various adjacent and convergent General Data Protection Regulation Articles related to the triad of transparency, data minimisation, and purpose limitation, as these are the most problematic principles omitted in the attempt to lawfully create the digital euro, unveiling the existing legal challenges and the analogous antidotes to overcome data protection drawbacks. (Less)
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author
Ioannou Naoum, Christos LU
supervisor
organization
course
HARN63 20241
year
type
H1 - Master's Degree (One Year)
subject
keywords
Digital Euro, GDPR, Data Protection Principles, CBDC
language
English
id
9157742
date added to LUP
2024-06-04 09:44:15
date last changed
2024-06-04 09:44:15
@misc{9157742,
  abstract     = {{This thesis conducts a legal investigation and critical analysis of the creation and establishment of a digital currency in the transactional agora of the European Union. The implementation of the digital euro as a new method of the European numismatic zone is a revolutionary neoteric strategy for efficiency in monetary transactions. A profound problem at the epicentre of this novel concept is the mechanism of how exactly data storage and handling shall be executed by intermediaries and operators of this digital form of capital regulated by the European Central Bank which utilises the data of each individual user. The processing of this data should be in line with the General Data Protection Regulation data protection axioms, and more specifically in the case of the digital euro, the three principles of transparency, data minimisation, and purpose limitation which in combination with each other enact as the key requirements to vanguard privacy of data in the area of Central Bank Digital Currencies. Throughout this thesis, three Articles of the Proposal for a Regulation on the establishment of the digital euro addressing users’ data protection are juxtaposed with the relevant data-safeguarding provisions of various adjacent and convergent General Data Protection Regulation Articles related to the triad of transparency, data minimisation, and purpose limitation, as these are the most problematic principles omitted in the attempt to lawfully create the digital euro, unveiling the existing legal challenges and the analogous antidotes to overcome data protection drawbacks.}},
  author       = {{Ioannou Naoum, Christos}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{Genesis of the Digital Euro - The Relationship Between the Central Bank Digital Currency and Data Protection Law}},
  year         = {{2024}},
}