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Central Bank Digital Currency Data Use and Privacy Protection
Author:
Kieran P Murphy
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Tao Sun https://isni.org/isni/0000000404811396 International Monetary Fund

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Yong Sarah Zhou https://isni.org/isni/0000000404811396 International Monetary Fund

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Natsuki Tsuda
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Nicolas Zhang
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Victor Budau
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Frankosiligi Solomon
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Kathleen Kao
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Morana Vucinic
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Kristina Miggiani
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Series:
Fintech Notes
Volume/Issue:
Volume 2024: Issue 004
Language:
English
Publication Date:
30 Aug 2024
DOI:
https://doi.org/10.5089/9798400286971.063
ISBN:
9798400286971
ISSN:
2664-5912
Pages:
51
Keywords:
CBDC; central banks; data use; privacy protection; technology; trust; CBDC data; CBDC design; CBDC stakeholder; IMF Fintech Note 2024/004; Central Bank digital currencies; Data processing; Payment systems; Digital financial services; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Europe; data privacy
Legal-disclaimer:
Fintech Notes offer practical advice from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This note offers a framework to help countries navigate, as well as tools to help them manage, the trade-offs between CBDC data use and privacy protection. It addresses retail CBDC, as data access and privacy-preserving considerations in a wholesale environment are similar to those of the traditional RTGS systems. It emphasizes the role of institutional arrangements, data collection, access and storage policies, design choices, and technological solutions. At a given level of preference for privacy, central banks can facilitate better use of CBDC data through robust transparency and accountability arrangements, sound policies, and judicious adoption of privacy-by-design approaches including the use of privacy-enhancing technologies.
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Cover FinTech Notes
FinTech Notes
ISSN:
2664-5912
Publisher:
International Monetary Fund