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Shift in identity
The "EU Digital Identity Wallet" is set to roll out next year, which will offer the ability for citizens to prove who they are online without giving over their information to external websites. The effort is being aimed at an increasingly digitized world, and will impact everything from travel to ordering prescriptions from pharmacies. The wallet would also give the ability to store verified electronic documents, like tax forms, notarized filings, and personal work certifications, as well as driving licenses and payment cards.
Backdrop: The latest project followed the adoption of the eIDAS regulation in 2014. In 2021, the European Commission proposed a revision called the European Digital Identity Framework, which was updated last year to lay down the rules for the core functionalities and certification of eID Wallets. The latter will be recognized throughout Europe, assisting with domestic and cross-border transactions without the need to remember countless passwords.
Ahead of the launch of the "EU Digital Identity Wallet," the bloc has revealed that a new white label age-verification app will be out by the summer. The latter could allow for stricter policing and protections for minors online, helping to shield them from accessing harmful content and websites. Services like Apple (AAPL), Google (GOOG), GOOGL) and Meta (META) are already being probed by the EU under the Digital Markets Act, and the latest push toward digital identification may give fresh impetus to those investigations.
Privacy concerns? It may only be a matter of time before the "EU Digital Identity Wallet" is required by the government or is demanded by the private sector as a strong form of identification. Untold amounts of personal information, transactions, and other data - all stored under one framework - could become a hacker's paradise despite selective disclosure capabilities. There are also worries about mass surveillance and the potential for rating systems or scores, though others say that ship has sailed a long time ago for any modern digital economy.
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Today's Markets
In Asia, Japan -1.2%. Hong Kong -1.2%. China -0.5%. India -0.2%.
In Europe, at midday, London +0.8%. Paris +0.3%. Frankfurt +0.8%.
Futures at 6:30, Dow -0.1%. S&P -0.1%. Nasdaq -0.2%. Crude +0.8% to $61.42. Gold -0.7% to $3,321.70. Bitcoin -2.7% to $105,656.
Ten-year Treasury Yield unchanged at 4.43%.
On The Calendar
Companies reporting today include Digital Turbine (APPS) and UP Fintech (TIGR).
See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.
