What would happen if we subjected the digital euro to a data protection audit, and is that even possible? We’ll outline the basics of conducting a data protection audit How we would audit.
The “digital euro” – an overview How we would audit
Currently, so-called ” central bank money ,” balances held at the central bank and cash, is only available to the public in cash. This is likely to change; the European Central Bank (ECB) is currently investigating the introduction of a digital central bank currency—i.e., a ” digital euro .” The spain business fax list ECB believes that the current payment model will be replac by the widespread use of digital means of payment. Under the current payment model (a “hybrid payments model”), the central bank provides the “monetary base in the form of central bank deposits for banks and cash for people, and the private sector offers payment solutions (e.g., cards) based on commercial bank money (such as deposits)” ( ECB, Arguments for a Digital Euro: Main Objectives and Design Aspects , July 2022, p. 1).
For the GDPR to apply, personal data would have to be processed as part of the service. As with any other digital service aimed at consumers, seo for shopping on amazon and google personal data is also. Processed when using the digital euro as a means of payment. From a data protection perspective. The question arises as to the extent to which payments or people’s payment behavior can be track and under what conditions data can be shar with. For example, government agencies.
Conducting a data protection audit
Pre-audit
First, the exact scope must be determin. Since both a data protection audit and GDPR certification do not evaluate products. But rather processing operations, email data a specific data processing operation is agre upon for auditing. To do this. We first identify the specific data processing operations related to the digital currency.
Site Visit
The next step is the audit. For this purpose, all data protection requirements are identified (target state) and the defined data processing procedure (actual state) is reviewed for compliance. The following relevant points are reviewed (see also ECB, FAQ – Frequently Asked Questions on the Digital Euro , accessed on July 30, 2022).