U.S. Treasury official Graham Steele said at a payments conference in Texas that the confidentiality of CBDCs should be taken into account, emphasizing the importance.
A US Treasury official stated that the design of the digital dollar should consider the ability to transact under the umbrella of privacy. On June 13, the Assistant Secretary of the Treasury for Financial Institutions, Graham Steele, spoke at a payments-themed conference in Texas about the Federal Reserve’s controversial FedNow system and CBDCs.
“Confidentiality Must Be Considered With CBDCs”
Steele said one challenge of the CBDC is minimizing illegal transactions while protecting user privacy. In addition, Steele voiced items that still need to be considered on how to protect user anonymity;
It is important that we consider the extent to which privacy and anonymity can be protected, and that we explore the technologies and methods available, including Privacy-Enhancing Technologies, to provide such protections in the design of any potential retail CBDC.
Steele, who prioritizes user anonymity while CBDCs are preferred, underlined that the studies in this area are carried out strictly.
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