The digital dollar will not be anonymous, Federal Reserve chair Jerome Powell says
Erasing the anonymity of physical cash and privacy-focused cryptocurrencies.
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Despite privacy being one of the main concerns citizens have about central bank digital currencies (CBDCs), the heads of the United States (US) Federal Reserve and European Central Bank (ECB) have confirmed that their respective CBDCs will not be anonymous.
During an appearance at a Banque de France (Bank of France) event, the chairman of the Federal Reserve, Jerome Powell, said if the US were to pursue a central bank digital currency (CBDC), it would be “identity verified” and “not anonymous.”
“We would be looking to balance privacy protection with identity verification, which…has to be done, of course, in today’s traditional banking system as well,” Powell added.
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