The Working Group gathers mutual interest amongst INATBA members to obtain more guidance and particular help from the regulators. This may lead to issued guidance, on the European level from the EDPB, change of current regulations and taking this key technology into account when drafting new regulations.
The Working Group has selected three objectives around which it will carry out its annual work:
• Finding common grounds between the GDPR and blockchain technology,
• Ensuring privacy in the context of central bank digital currencies (CBDC),
• Use of Zero-Knowledge Proof technology for digital identities,
• Supporting initiatives for data sovereignty.
Privacy regulations, and their unclarity with regard to blockchain, are currently a limiting factor in the development of distributed systems and networks. As regulators currently work on the assumption client-server architecture for IT systems, there are no provisions for blockchain/DLT.