'They want the facade of privacy... while retaining the power to uncover users’ identities when needed.' Opinion for the 'Money Reimagined' newsletter mikejcasey.
, sent a chill through the pro-privacy cryptography community. It fears for innovation in the field as developers worry about reprisals by security agencies.developers relented and altered the code to strip it of its privacy protectionsThis crackdown is boneheaded. We are entering into an artificial intelligence era in which digital systems are extracting ever-ballooning amounts of data from our digital activity and can use it to manipulate us.
Let’s recognize that a half-century of ever-expanding compliance rules to enable government surveillance of financial activity has built such a complex web of compliance requirements for financial institutions that true digital privacy is mostly impossible without tearing down that entire complex of regulations. That sort of reform runs counter to the principles of that surveillance system, which governments built in a effort to curb money laundering and other forms of illicit finance.
Is there a world in which an enlightened but realistic government, one that is equally committed to its citizens’ freedoms as to its international obligations that it root out bad guys from the financial system, can find a workable CBDC compromise on privacy? Such a middle-ground solution would never promise to recreate true cash-like privacy, but it would erect a host of cryptographic and legal barriers that would make it extremely cumbersome and difficult for governments to snoop on users,...
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