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.
Read more: https://www.centralbanking.com/fintech/cbdc/7722856/cbdc-could-give-consumers-power-over-their-data-paper
