Central banks have no interest in using consumer personal data when offering digital cash, President of the European Central Bank Christine Lagarde said on a Bank for International Settlements Summit panel.

Big tech companies or firms offering stablecoins have a greater use for collecting consumer data and should be considered a bigger privacy risk, she argued.

Privacy is one of the biggest concerns for European citizens when it comes to the digital euro, ECB surveys have shown. The central bank chief has attempted to quell privacy concerns in the past, assuring Europeans that a digital euro would not be used for commercial purposes.