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17 January 2021

US Fed: Privacy concerns in “Big Tech” are good for state-backed digital currencies

US Fed: Privacy concerns in “Big Tech” are good for state-backed digital currencies


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Economists at the Federal Reserve Bank of New York suggest that privacy concerns at “Big Tech” firms like Facebook—which are developing their own digital currencies—could help position Central Bank Digital Currencies (CBDCs) as a better alternative.

They stated that as electronic payment systems collect significant amounts of data from the customer (to build their backend models), payment firms could potentially use such information to “gain a competitive edge.”.

In their view, this meant that digital currencies can be an effective policy tool for improving consumer welfare, as it provides consumers with a “bargaining tool.” Moreover, it fills a vacuum that private firms may not be willing or able to provide, they added

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