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Article (Scientific journals)
Privacy and Transparency in CBDCs: A Regulation-by-Design AML/CFT Scheme
Pocher, Nadia; Veneris, Andreas
2022In IEEE Transactions on Network and Service Management, 19 (2), p. 1776--1788
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Keywords :
anonymity; anti-money laundering; central bank digital currency; compliance.; criminal activities; cryptocurrency; Distributed ledger; Internet; Law; law and technology; policy; Privacy; regulation; risk management; Stakeholders; Task analysis; Terminology
Abstract :
[en] Central banks and governments all over the world are increasingly exploring digital versions of fiat money, known as retail Central Bank Digital Currencies (CBDCs). Most initiatives rely on Distributed Ledger Technologies and are presented as alternatives to physical cash. Consequently, anonymity-related regulatory questions have naturally started to arise in terms of Anti-Money Laundering and Counter-Terrorist Financing compliance. Against this backdrop, this paper provides a techno-legal taxonomy of approaches to balance privacy and transparency in CBDCs without thwarting accountability, but it also underlines cross-sectoral impacts. The contribution heeds regulation-by-design as its core methodological foundation, with Privacy-Enhancing Technologies as the relevant use case. Thus, it highlights that not only technology aids legal purposes, but also that some regulatory requirements ought to be designed into technology for one to reach agreed-upon results and/or standards.
Disciplines :
Engineering, computing & technology: Multidisciplinary, general & others
Author, co-author :
Pocher, Nadia ;  Universitat Autònoma de Barcelona ; Alma Mater Studiorum Università di Bologna ; Katholieke Universiteit Leuven - KUL
Veneris, Andreas
External co-authors :
Language :
Title :
Privacy and Transparency in CBDCs: A Regulation-by-Design AML/CFT Scheme
Publication date :
June 2022
Journal title :
IEEE Transactions on Network and Service Management
Publisher :
Institute of Electrical and Electronics Engineers, New York, United States - New York
Volume :
Issue :
Pages :
Peer reviewed :
Peer Reviewed verified by ORBi
European Projects :
H2020 - 814177 - LAST-JD-RIoE - Law, Science and Technology Joint Doctorate: Rights of the Internet of Everything
Funders :
CE - Commission Européenne [BE]
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