ECB defends digital euro privacy amid global CBDC scrutiny

Cipollone's framing tries to separate the digital euro from the broader CBDC privacy debate, but the distinction rests on design choices that are still being negotiated, not on a settled technical guarantee. That matters most for European banks and payment providers, who would sit between the Eurosystem and end users and absorb much of the compliance and trust burden. The open question is whether a non-identifying model can survive the anti-money-laundering and sanctions expectations that typically attach to central bank liabilities.