Bank of England Says Upcoming CBDC System Won’t Share Personal Data With Authorities - The Daily Hodl

The Daily Hodl
The Daily Hodl

27 Jun 2023 7:55 PM

The head of the Bank of England's central bank digital currency (CBDC) project says their CBDC system won't share its users' personal data with the government....

  • Tom Mutton, head of Bank of England's CBDC project, says their CBDC system won't share users' personal data with the government.
  • Mutton explains that all electronic payments create a data footprint and it's a choice of who should have that data and how it should be protected.
  • Under the proposed CBDC system, the central bank will see the history of each transaction but not the actual individual behind them.
  • The private wallet used will know the individual but not the transaction history.
  • The Bank of England is proposing a system where they know the transaction history but not the individual, giving people the assurance that their personal data is not being collected.

The article has a neutral sentiment as it presents factual information without any positive or negative connotations.

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You May Ask

What is the Bank of England's proposed CBDC system?Will the government have access to users' personal data under the CBDC system?What is the difference between the information known by the central bank and the private wallet under the proposed CBDC system?Why does Mutton say that all electronic payments have some sort of transparency and are not 100% private or anonymous?What is the assurance given to people under the proposed CBDC system?

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