The privacy factor of CBDCs will ultimately prove to be the biggest bone of contention.
Central Bank Digital Currencies are slowly becoming a reality. The initial hype may have faded, but to crypto advocates’ disdain, these digitized versions of legal tenders appear to be inevitable. So far, 100 countries are reported to be exploring the concept in some form or the other.Social Experiment?
He further said these explorations deserve recognition and praise “as they will contribute to the progress of society and the building of a better world for mankind.” “After all, one of the main benefits of CBDCs against other cryptocurrencies is their higher level of safety, stability, and regulatory compliance. Using a high-quality, safe, and stable CBDC for the settlement of digital asset transactions would unleash the potential of the emerging digital assets ecosystem while reducing the overall risk profile of such transactions.
To address this aspect, The Treasury Department’s Assistant Secretary for Financial Institutions, Graham Steele, said minimizing illegal transactions while maintaining user privacy is a major feature of a retail CBDC. He spoke about including Privacy Enhancing Technologies to protect user anonymity.
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