IPEN Webinar on central bank digital currency





IPEN events bring together privacy experts and engineers from public authorities, industry, academia and civil society to discuss relevant challenges and developments for the technological implementation of data protection and privacy.

The EDPS organised on 1st December 2022 an Internet Privacy Engineering Network (IPEN) Webinar entitled:

IPEN webinar on central bank digital currency

Countries around the world are examining whether they should offer central bank money to the public not only as banknotes and coins but also in digital form. While almost 90% of central banks around the world have already launched a state-owned digital currency with different design choices the European Central Bank has decided to start an exploratory phase by 2024. Data protection and security are among the most compelling aspects that impact the core design choices to be taken.

The workshop aimed at understanding the challenges and identifying the state of the art of the available design options in the field of transaction validation, auditability and monitoring for compliant and privacy-enhancing solutions.


14:30 - 14:45

Welcome introduction



Leonardo Cervera Navas, EDPS


14:45 - 15:15

Keynote speech



Ananya Kumar, Atlantic Council - GeoEconomics Center


15:15 - 15:30

Coffee break


15:30 - 16:20

Panel 1: “Transaction validation and privacy implications”



CBDC in the world opened a huge discussion about the role of the different stakeholders intervening in the validation of transactions of a digital currency when a payment is operated. According to different design choices, different validation mechanisms can be used. How a transaction can be validated and by which actor if a distributed architecture is chosen instead of a centralized one? What is the difference between a bearer-based and an account-based solution is implemented? Moreover, in case the amount of digital currency in circulation is limited via a threshold or a tier approach, how those requirements can be technically enforced while respecting privacy of the different parties involved in the transaction? And what about in case of offline systems that involves secure hardware solutions? How to avoid the possibility to “create money” and/or fake transactions?  In particular, the panel will analyze in depth the privacy implications and the maturity of the privacy enhancing technologies that can support these processing operations.



Rakesh Arora, Bank of Canada



Prof. Dr. Christian Grothoff, Bern University of Applied Science



Dr. Lars Hupel, Gieseke + Devrient



Moderator : Stefano LeucciEDPS


16:20 - 16:30

Coffee break


16:30 - 17:20



Panel 2:  “Enhancing privacy in auditability and monitoring” 



As any other means of payment, CBDC need to be audited and monitored to a certain extent defined by the law (especially for compliance to AML/CTF purposes). Technologies such as zero knowledge proof, z-cash and homomorphic encryption are getting mature in supporting similar use cases. On the other side, open issues remains on how to guarantee that those solutions are not tampered or have backdoors. While providing general understanding of the more common solutions in CBDC implementation around the world, the panel will focus on the state of the art, the pros and the cons of such solutions.


Veljko Andrijasevic, Sveriges Riksbank



Karl Wust, CISPA Helmholtz Center for Information Security



Maik Jordt, Chainalysis



Moderator: Melanie van der HeijdenEDPS


17:20 - 17:30

Concluding remarks



Luis Velasco, EDPS


Registration details

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Leonardo Cervera Navas

Leonardo Cervera Navas is the Director of the Office of the European Data Protection Supervisor (EDPS), the Data Protection Authority of the European Union. Leonardo joined the European Commission in 1999 and since then he has been working in the Data Protection field in the EU institutions. In 2010, he joined the EDPS, as Head of the Human Resources, Budget and Administration Unit and he was appointed Director in 2018. As Head of the Secretariat, he is a member of the Management Board of the EDPS, responsible for advising on data protection law and policy, and he is in charge of the coordination and implementation of the strategies and policies of the institution.

Stefano Leucci

Stefano is a legal and technological expert in the Technology and Privacy unit at the EDPS. His main responsibilities concern strategic foresight, financial matters and artificial intelligence. Stefano is the Tech Champion on Central Bank Digital Currency in the EDPS’ foresight efforts. Stefano has a diversified experience as a data protection officer, both in public and in private organizations.

Ananya Kumar

Ananya Kumar is the assistant director of digital currencies at the Atlantic Council’s GeoEconomics Center. She manages the Center’s work on the future of money and coordinates research on central bank digital currencies, stablecoins, cryptocurrencies, and other digital assets. The Atlantic Council is the most advanced think thank on the CBDC topics. They released the CBDC tracker and several papers on security and privacy.

Rakesh Arora

Rakesh is a solutions architect in the FinTech research team at the Bank of Canada, where he contributes to the Bank’s efforts to monitor and research developments and implications of new technologies affecting the economy. In addition, he was an expert group member for the publication of the paper “Central Bank Digital Currencies: system design and interoperability.”

Prof. Dr. Christian Grothoff

Christian is a professor for computer network security at the Bern University of Applied Sciences, researching future internet architectures. His research interests include compilers, programming languages, software engineering, networking, security and privacy. He earned his PhD in computer science from UCLA and M.S. in computer science from Purdue University.

Dr. Lars Hupel

Lars is Chief Evangelist at Giesecke+Devrient, a global company specialized in payments, connectivity, identities, and digital infrastructure. An engineer at heart, Lars is working to bring modern financial services to people. Lars can provide valuable insight on if / how privacy enhancing technologies can support a better realization of a CBDC project.

Melanie van der Heijden

Melanie is a Bluebook trainee at the EDPS, with Stefano Leucci as her advisor. Prior to joining the EDPS, Melanie worked in the financial sector as a Banking & Capital Markets associate at a law firm and as a fund administrator at a financial service provider. Melanie obtained her LL.M. in European Law at the College of Europe and her LL.M. in Intellectual Property and Information Technology from Fordham University.

Veljko Andrijasevic

Veljko leads the technology activities of the e-Krona program at Sveriges Riksbank. He explores emerging technologies and assesses their impact on the e-krona business model and prototypes. Veljko also evaluates new concepts and recommends new technology strategies and solutions. Veljko is responsible for the Sveriges Riksbank’s technology collaboration in the international CBDC communities, participating in IMF, CBDC Coalition and BIS CBDC work.

Karl Wust

Karl is a tenure-track faculty member at CISPA Helmholtz Center for Information Security. He completed his PhD at ETH Zurich in the System Security Group. His research interests are in computer security, with a particular focus on security and privacy aspects of digital currency and smart contract systems, as well as some aspects of trustworthy computing. Karl combines techniques from cryptography, distributed systems and trusted hardware to build practical systems and balance the trade-off between reducing trust assumptions and high-performance.

Maik Jordt

As Head of Sales, Maik Jordt is responsible for the use of Chainalysis solutions in the private sector in Germany. His focus is on the banking and financial sector, from classic financial institutions to crypto exchanges and supervisory authorities. Chainalysis offerings help financial institutions meet regulatory requirements and stay ahead of financial crime. As an expert on local and global crypto regulations, he offers his clients solutions to confidently manage risks while developing secure crypto-currency strategies and offerings.