US Fed researcher says CBDCs should beat Big Tech payments on privacy protection
The paper also put forward CBDCs as solutions to high transaction fees and the energy use of mining cryptocurrencies like Bitcoin. Cash usage has lost a ton of ground to digital payments as the pandemic has changed the way people transact worldwide. Some experts have recently argued that central bank digital currencies could solve the problem of leaving that payments data in the hands of major tech platforms.In a blog post published Monday morning, Federal Reserve of New York researcher Michael Lee and University of California Santa Barbara economics professor Rod Garratt expounded on a....
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CBDCs won’t fundamentally be changing anything — central banks still want to control your wealth and your money. Mark my words: Governments and central banks will never care about your wealth and your privacy as much as you do. That reality is exactly why central bank digital currencies are dead in the water already.They say if you can’t beat them, join them. That’s exactly what CBDCs are attempting to do. They want to join the party that is cryptocurrency without actually giving their citizens the privacy and democratic freedom a truly decentralized digital currency provides.In a recent....
Privacy should be a key talking point from the beginning of CBDC development. Robert Bench, the Federal Reserve Bank of Boston’s director of applied research, thinks privacy should be a focus during the creation of digital money, not an afterthought. “Privacy is a question that we have learned is critical from a technical perspective,” Bench said during a Chamber of Digital Commerce panel on Friday: “One of our learnings is that the questions of privacy and identity must be considered at the earliest stage of the architecture. Making privacy or identity an ad hoc process is suboptimal from....
August would have been a very exciting month for technology enthusiasts around the world. A security researcher, by the name of Ben Caudill, had set the date and time to unveil his privacy device that would allegedly mask the physical location of Internet users. But for some reason, that unveiling has been scheduled, which is cause for concern and consternation around the world. For those people who have been following the news over the past few years, you will have noticed how the topic of “privacy” is ever present in mainstream media. User privacy is a basic human right, yet no....
The European Data Protection Board (EDPB) has issued a call for EU institutions to uphold privacy when designing a digital version of the euro. The agency is ready to provide advice on data protection matters surrounding the project. Meanwhile, an ECB executive has vowed that the digital euro will protect users’ privacy. EDPB Insists Data Protection Should Be a Priority in Eurozone’s CBDC Project The EDPB has shared its views on the privacy and data protection aspects of a possible digital euro in a letter addressed to European Union institutions. The independent body insists....
Any digital currency issued by a central bank must support financial and monetary stability, finance leaders from G7 member states have insisted. State-issued coins should also ensure privacy, transparency, and data protection, the officials stated. The forum adopted 13 public policy principles for retail digital currencies and stressed that “CBDCs are not ‘cryptoassets.’”
CBDCs Must ‘Do No Harm’ to Stability, G7 Finance Chiefs Say
Recognizing the potential benefits of innovation in digital money and payments, finance officials from the....