Privacy will be an important focus for a UK CBDC, according to FIS central bank digital currency strategy head Julia Demidova.
Privacy is a key priority for a Digital Pound, according to FIS CBDC and digital asset strategy head Julia Demidova.
The comments echo those of the Bank of England’s strategy head amid an improving environment for crypto in the UK.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Privacy will be a big focus for a potential Digital Pound, according to FIS CBDC strategy head Julia Demidova.
“Privacy continues to be a key priority when it comes to a UK central bank digital currency. With a CBDC, central banks and regulators could achieve greater transparency and increase the visibility of transactions while protecting the privacy of individuals," Demidova said in an emailed statement to The Block.
“For example, aggregated data can be used by central banks and governments in real time to analyze the health of the economy. Should the Bank of England press ahead with a Digital Pound, proper safeguards will need to be in place to respect end-user privacy," she added.the payments giant WorldPay for around $43 billion in 2019 — one of the largest-ever acquisitions in the sector.
Demidova acknowledged there will be challenges though. “Launching a CBDC involves extensive testing, with various technical, regulatory and policy-driven aspects taken into consideration,” Demidova added. “Stakeholders across the industry will need to integrate CBDC into their infrastructure, and merchants will need to add CBDC options to their point-of-sale terminals. It’s likely that the launch of a CBDC will require time and, most importantly, it will require careful planning.
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