Robert Bench: “When developing digital currencies, it is necessary to consider the anonymity of transactions”.
Robert Bench, Director of Applied Research at the Federal Reserve Bank of Boston, believes that the design of state digital currencies should initially consider privacy.
Robert Bench, speaking at a meeting of the Chamber of Digital Commerce, emphasized that the privacy of digital currency transactions is critical “from a technical point of view. He said:
“We have learned that privacy and identification issues need to be taken into account at an early stage of digital currency development. If transaction privacy is just a side job, it is not optimal in terms of confidentiality, and most importantly, in terms of security.
Cash money has an important function – anonymity. And, when planning state cryptov currencies, developers often forget about it. According to Bench, digital currencies don’t have to be anonymous, but if the developers decide it’s necessary, the issue of privacy has to be worked through from the very b e g i n I n g n g.
The meeting was also attended by the co-founder of Tether Craig Sellars. He noted that cash has certain properties: interchangeability, confidentiality and anonymity.
“We must ask ourselves: if we have the technology to preserve these properties of paper money, why should we accept digital dollars with less freedom? I say we don’t want to accept such digital currencies, and we shouldn’t accept them,”
R e c a l l that, as stated earlier by Deutsche Bank analysts, state cryptov currencies are quite capable of replacing cash and eliminate intermediaries in the banking system.