Can Central Bank Digital Currencies Protect Individual Privacy?

Naida_BR

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Quote from: Deddyhoku on May 11, 2020, 06:00:25 PM

Crypto industry leaders and law experts debated the privacy implications of central bank digital currencies, known as CBDCs, during the "Money Re-Imagined" panel as part of Consensus:Distributed on Monday.

Lawrence Summers, the former United States treasury secretary and former chief economist of the World Bank, argued that the current fiat monetary system exhibits issues of too much privacy, advancing that a CBDC should seek to facilitate greater oversight capabilities.

https://cointelegraph.com/news/can-central-bank-digital-currencies-protect-individual-privacy

As you said those banks are Central.
Thus, it cannot protect fully your privacy as those coins are going to be centralized and not decentralized
So with only this criteria you cannot say that your privacy is going to be protected.

Ucy

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Quote from: seoincorporation on May 11, 2020, 11:36:17 PM

I don't think they will because, they are centralized systems and they need a KYC system to avoid money laundering. So, maybe they could have a secure system to avoid hackers getting the data, but if someday the FBI comes with an order to get access to that data, there is not much about they can do to protect individual privacy.

Not really a good excuse.

You can still have a kyc system that is very privacy-friendly and anonymous.

Centralized system is prone to abuses.

I don't see why a global body that preaches rule of law shouldn't be welcoming the idea of transparency, decentralization, anonymity/privacy, checks & balances etc

seoincorporation

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I don't think they will because, they are centralized systems and they need a KYC system to avoid money laundering. So, maybe they could have a secure system to avoid hackers getting the data, but if someday the FBI comes with an order to get access to that data, there is not much about they can do to protect individual privacy.

Deddyhoku

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Crypto industry leaders and law experts debated the privacy implications of central bank digital currencies, known as CBDCs, during the "Money Re-Imagined" panel as part of Consensus:Distributed on Monday.

Lawrence Summers, the former United States treasury secretary and former chief economist of the World Bank, argued that the current fiat monetary system exhibits issues of too much privacy, advancing that a CBDC should seek to facilitate greater oversight capabilities.

https://cointelegraph.com/news/can-central-bank-digital-currencies-protect-individual-privacy

Topic: Can Central Bank Digital Currencies Protect Individual Privacy? (Read 105 times)