Our Privacy Being Threatened?
16 Jul 2020 — The IMF published a recent speech made by Deputy Managing Director, Tao Zhang at the LSE where he outlined the pros and cons of #CBDC. He mentioned 5 CBDC pros with the exception of security/safety. Without taking out of audience context, isn’t it surprising that he’d missed this?
Regulators are considering CBDC as it provides record of exchange and this reduces crimes from tax evasion, money laundering and illegal transactions, while enhancing security in transporting funds and in making payments.
The recent article from Joshua Stoner mentioned that our privacy is being threatened through the implementation of CBDCs.
As human becomes more sophisticated, privacy has become a (new) need. While recent amendments in the U.S. Constitution provide some protections, the right to privacy is not explicitly stated.
We are increasingly trading privacy for convenience offered by technology. While I believe that privacy is a need only up to certain level, it actually becomes an issue at some point.
The fact remains that everyone of us have different thresholds of privacy tolerance. More than often, we don’t care enough to do something about it.
Choosing privacy over convenience/security will not be such a big issue as regulations are tightening and security is improving.