Business News Report
February 13, 2024

AlephZero Joins Digital Euro Association to Pioneer Privacy-Enhanced Digital Euro Development

Layer 1 Blockchain AlephZero Joins Forces with Digital Euro Association to Pioneer Privacy-Enhanced Digital Euro Development

Layer 1 blockchain AlephZero, focused on improving personal information protection joined the Digital Euro Association (DEA), an organization at the forefront of shaping the development of private and public digital euro initiatives in the European Union to collaboratively work on development of digital euro.   

“Aleph Zero Foundation’s significant contributions to blockchain technology fundamentally enhance the technical expertise within our community. This collaboration is another step towards our goal of shaping the future of digital money with a focus on enhanced security, privacy and efficiency. Their commitment to a privacy-first approach aligns closely with our values and establishes them as an ideal partner,” said Dr. Jonas Gross, Chairmat at DEA. 

Collaborating with European Union regulators, the DEA focuses on evaluating the integration of euro stablecoins into the digital money landscape, examining the optimal interaction between private stablecoins and public Central Bank Digital Currencies (CBDCs). Having earlier partnered with notable companies from the cryptocurrency sector including Ripple, Circle, and RTGS.global, DEA seeks to contribute to the public good by promoting innovative ideas within the realm of digital finance.

The DEA actively supports the availability of privacy-preserving stablecoin options, emphasizing that incorporating privacy features could be beneficial for greater future adoption of stablecoins as they would provide users with controlled privacy and independence from central bank assurances to uphold data confidentiality. 

Additionally, the organisation highlights the importance of stablecoins providing privacy and anonymity similar to physical cash as they should also address tax and regulatory considerations, including compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements, without disclosing transaction details to third parties, including the government, unless mandated by a court order.

The collaboration with the DEA enables Aleph Zero to guide the development of stablecoins and CBDCs in accordance with user privacy and protection. Aleph Zero further noted that “CBDCs and stablecoins are one of the next big frontiers in finance and technology. By collaborating with policymakers, regulators, and industry partners, we believe the DEA will help drive sensible development of central bank digital currencies and private sector digital euros.”

Aleph Zero functions as a Layer 1 blockchain, facilitating the deployment of scalable, secure, cost-effective, and privacy-enhanced products using Zero-Knowledge (ZK) technology across various sectors, including DeFi, gaming, and enterprise applications.

Elevating Digital Finance Landscape Ahead of MiCA Implementation

The new partnership coincides with the introduction of the MiCA (Markets in Crypto Assets), scheduled to fully come into effect on December 30, 2024, with stablecoin provisions set to be operational six months earlier in June.

Furthermore, the European Union has been actively investigating the possibility of introducing a digital euro over the recent years. In 2023, the European Central Bank (ECB) issued five calls for applications, seeking providers to develop services related to a potential digital euro, outlining intentions to allocate a budget of up to $1.3 billion to potential contractors, with over half of the budget designated for the offline payments service. However, the question of who the ECB ultimately chooses to build out these services remains open.

The new partnership between AlephZero and the Digital Euro Association is set to facilitate the development of stablecoins and central bank digital currencies, emphasizing enhanced security, privacy, and efficiency in the evolving landscape of digital finance.

Disclaimer

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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