Robert Bench: Privacy Critical in CBDC Development

State authorities involved in the development of national cryptocurrencies (CBDCs) should pay particular attention to confidentiality and identification. This was stated by the head of applied research at the Federal Reserve Bank of Boston, Robert Bench, speaking at a meeting of the Chamber of Digital Commerce.

So, according to him, when comparing with fiat money, which has anonymity, developers of digital assets should pay attention to this property at the first stages of the development of a CBDC.

This idea was supported by the co-founder of Tether Craig Sellars. So, he stressed that one should not accept new money if they do not have the same freedoms as, for example, fiat funds. “We have to think: if it is possible to preserve the properties of banknotes through technology, then why should we accept digital assets with less freedom?” – he asked in conclusion.