CBDC could give consumers power over their data – paper
Mere existence of CBDC could discipline data-hungry payments firms, authors say
The creation of a central bank digital currency (CBDC) that preserves consumers’ privacy could help give consumers greater power over their data, new research finds.
Authors Rodney Garratt and Michael Lee – from the University of California, Santa Barbara and the New York Fed, respectively – say a CBDC could help consumers “monetise” their privacy.
Even if the CBDC is an inferior mode of payment, its mere existence is likely to encourage private payments monopolists to offer consumers a better
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