Digital currency needs to protect privacy, says US Federal Reserve chair
US Federal Reserve Chair Jerome Powell commented on the future of a central bank digital currency during the Bank for International Settlements Innovation Summit. Powell said a hypothetical digital currency would need to be able to verify a user’s identity, ensure user privacy, and be widely embraced by banks, and as a method of payment. He also raised concerns about some cryptocurrencies’ financial stability and association with illicit activity.
Enforcement of Saudi Arabia data privacy law postponed
The Saudi Data and Artificial Intelligence Authority (SDAIA) will postpone the implementation of the Personal Data Protection Law (PDPL) until March 17, 2023. The data privacy law was postponed following the public consultation response. The SDAIA asked for stakeholders’ participation during the second public consultation process, where they hope to “enhance” the law. The proposed law is designed to protect the privacy of personal data and prevent data collection and processing without consent.
Oklahoma data privacy law moves forward
With a 74-15 vote, the Oklahoma House advanced House Bill 2969, the Oklahoma Computer Data Privacy Act. The bill would apply to for-profit businesses that meet revenue and processing thresholds and would require opt-in consent for collecting and selling personal information. The bill is now with the Oklahoma Senate for consideration. If passed, it would go into effect on January 1, 2023. A similar bill was passed by the Oklahoma House last year, but failed in the Senate Judiciary Committee.
Italian DPA opens inquiry into Kasperky’s processing of data
The Italian data authority, the Garante, is investigating potential risks connected to the processing of citizens’ data by a Russian antivirus software created by Kaspersky Lab. They have requested that Kaspersky provide information about the processing of personal data and where the data may be transferred. Concerns have been raised in Europe over the possibility of the software being used for cyber attacks amid the Russian invasion of Ukraine.