EU Moves Forward With Digital ID Despite Potential For Abuse and Security Concerns

The European Union is set to implement “European Digital Identity Wallets,” a centralized digital ID system for storing personal and financial data. Despite privacy concerns, the EU is pushing forward with the system and the digital Euro, a central bank digital currency (CBDC). Critics warn of potential government overreach and a shift towards a system similar to China’s “social credit score.” The initiative awaits formal approval from the European Parliament and Council. Concurrently, the Biden White House released a framework for digital asset development last year, indicating a global trend towards digital identities and currencies.