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Federal Reserve Researcher: Privacy in the Design of a CBDC Should Outperform “BigTech” Firms
Summary: Rod Garratt, Federal Reserve researcher and Maxwell C. and Mary Pellish Chair in Economics at the University of California Santa Barbara released a new report on Monday, claiming that CBDC is the best successor to cash in terms of efficiency and consumer protection in the digital era. The report states that tech giants like Facebook or ...
Rod Garratt, Federal Reserve researcher and Maxwell C. and Mary Pellish Chair in Economics at the University of California Santa Barbara released a new report on Monday, claiming that CBDC is the best successor to cash in terms of efficiency and consumer protection in the digital era.
The report states that tech giants like Facebook or Twitter are not dedicated to protecting customer data, "Private initiatives proposed by 'BigTech' firms are likely to lead to even less privacy. Central banks are better positioned, relative to private intermediaries, to commit to safeguarding data from outside vendors, because a central bank has no profit motive to exploit payments data." the report says.
By Mary Liu
Tags: BigTech,CBDC,Privacy,Rod Garratt
Link: Federal Reserve Researcher: Privacy in the Design of a CBDC Should Outperform “BigTech” Firms [Copy]
