The Digital Dollar Project To Lead CBDC Privacy Discussions With Top Universities

News provided by

Feb 08, 2023, 10:21 ET

Roundtables will advance insights on privacy values and security for a U.S. CBDC

WASHINGTON, Feb. 8, 2023 /PRNewswire/ -- The Digital Dollar Project (DDP) today announced a series of privacy-focused roundtables in partnership with leading educational institutions, including UC Berkeley's Center for Responsible, Decentralized Intelligence, MIT Connection Science and Engineering, and the Georgetown University Law Center's Institute of International Economic Law.

"To fully explore the potential of a U.S. CBDC, it is imperative that we approach the conversation with an open mind and a willingness to consider new and innovative solutions. This includes re-evaluating current financial surveillance frameworks," said Jennifer Lassiter, executive director of the Digital Dollar Project. "As the world becomes increasingly digital, privacy will become a global competitive edge for currency. Through discussions like these roundtables, we will explore potential frameworks that not only meet current privacy standards but attempt to enhance them for the future."

Throughout the series, academics and subject matter experts will discuss and debate the technical and legal applications and regulatory implications of privacy related to a potential digital dollar. This analysis will be guided by DDP's Privacy Principles for a Digital Dollar, which were released for consideration in October 2021:

Private: A U.S. CBDC should avoid subjecting users to undue corporate tracking or government surveillance and should allow users the ability to limit having their information shared with financial services providers. U.S. law should strictly control law enforcement and broader government access to public data.
Secure: A U.S. CBDC should provide robust security against theft, hacking, illegal seizure, and fraud. As such, it should provide a new way for people to handle money individually, utilizing a system that is both secure against attacks and legally protected
Accessible: A U.S. CBDC should improve Americans' and global dollar users' access to financial services by increasing efficiency and lowering the cost of transacting. Widespread CBDC usage should spur competition in financial services to produce better services at lower costs. Additionally, accessible and low-cost digital wallets could serve as an on-ramp into the financial system for the un-and-under-banked.
Transparent: A U.S. CBDC system should have transparent operations to enable stakeholders to independently gain assurance about its technical functioning, security, and resistance to impermissible monitoring or other exploitation.

At the end of the series, the DDP will publish a second iteration of the Privacy Principles, including overall conclusions gathered from each event and the recommended privacy requirements to be tested in future real-world experimentations. The DDP will share these findings to further public consideration of the technical and policy choices for a potential digital dollar.

The DDP is committed to providing policymakers and the private sector with a stronger, clearer picture of what implementing a U.S. CBDC could look like and to exploring important questions about how a digital dollar could impact the private sector. For more information on The Digital Dollar Project, please visit https://digitaldollarproject.org/

About The Digital Dollar Project (DDP)
A nonprofit organization, The Digital Dollar Project was created to encourage research and public discussion on the potential advantages and challenges of a U.S. CBDC — or a "digital dollar." The DDP will identify options for a CBDC solution to help enhance monetary policy effectiveness and financial stability; provide needed scalability, security and privacy in retail, wholesale and international payments; and integrate with existing financial infrastructures. The DDP believes it is key and will facilitate opportunities for the U.S. to engage in international standard-setting regardless of whether the U.S. eventually issues a CBDC or not.

For more information on The Digital Dollar Project, please visit https://digitaldollarproject.org

SOURCE Digital Dollar Project