ECB: Digital Euro Offers Maximum Privacy

This distinction between central bank and commercial bank visibility is the crux of the digital euro's privacy architecture. It suggests a deliberate design to keep the ECB out of the data loop, addressing a key political and public concern, while still leveraging banks' existing anti-money-laundering frameworks. The material question is whether this 'maximum privacy' claim holds up under regulatory pressure or operational necessity, and how it compares to existing cash and private payment options in practice. For market participants, the implication is that privacy is being framed as a feature, not a bug, in the push for a public digital currency.