Bank of England Assures Personal Data Privacy in Upcoming CBDC System

By Lola Coin Jun 27, 202358Views

In a podcast interview, Tom Mutton, the head of the Bank of England’s CBDC project, discusses the transparency and privacy concerns surrounding electronic payments. Mutton explains that while cash offers anonymity, electronic payments create a data footprint that raises questions about data ownership and protection. The Bank of England’s proposed CBDC system aims to address these concerns by allowing the central bank to see the transaction history without identifying the individuals involved. Mutton emphasizes that no personal data will be shared with the Bank of England or the government, giving people assurance that their personal data won’t be collected. This approach differs from the current system where financial institutions have access to both transaction history and individual information. By prioritizing data privacy, the Bank of England hopes to build trust in its CBDC system.

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