ICYMI: EU policymakers criticize Amazon’s role in ECB’s digital euro development
Policymakers expressed worries regarding Amazon’s track record with the EU on privacy and tax issues.
The main concerns MEPs raised in the Economic and Monetary Affairs Committee of the European Parliament on Tuesday were Amazon’s “questionable” social and tax policy, including an alleged violation of EU data protection regulations that led to a recordFabio Panetta, a member of the ECB executive board, appeared Thursday before the Parliament in a quarterly exchange between the institutions to deliver an update on the progress made in the ECB’s investigation into the digital euro.
Panetta tried to quell concerns by explaining that Amazon's current role on the project is not guaranteed to continue in a potential next phase. He also said that the project benefitted from Amazon’s expertise in designing a user interfaces for payments, and that Amazon was not compensated for their work on the project.entrist parliamentarian Stéphanie Yon-Courtin. “We know that Amazon wants to be paid with data.
Panetta originally came to discuss collaboration needed between the private and public sector on the euro-CBDC. He outlined that the ECB aims to replicate “cash-like” privacy features for low-value transactions.
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