BlocksInform
The Bank of England has published a discussion paper on technology in which it sets out its ideas for an upcoming eBook. The protection of the privacy of users is contemplated.
Digital central bank currencies (cbdcs) are the future of financial transactions according to the majority of central banks and governments around the world. Over 100 central banks are in different phases of development.
The Bank of England has just published a technology working paper which does appear to allay some of the fears that CBDCs could be used to control spending habits and also ‘switch off’ from the system anyone who might be considered by the government as being in contravention of rules or politics.
In fact, according to the discussion paper, the bank will not schedule the cbdc to "limit its use"
Will only do it to "give users more functionality". The bank will not carry out programmable functions at the instigation of the central bank. This means the bank will not be programming CBDC to limit its use. Will only do it to "give users more functionality".
The Bank shall not exercise any programmable function at the initiative of the central bank. It could be automated payments or a programmable portfolio." An additional component of the proposed CBDC is the protection of personal information.
The EU Mica Regulation does not seem to recognize the need for privacy protection.
“An additional component of the proposed CBDC is the protection of personal information.
The European MiCA Regulation does not seem to recognise the need for confidentiality. He explains what he means by "blind evidence" (no evidence of knowledge), which, according to him, will allow users to hide their personal data, and not only those with whom they are dealing. He explains what he means by "blind trials" (no proof of knowledge), which, according to him, will enable users to hide their personal data, not just from anyone they deal with.
