BIS says digital cash can offer cash-like privacy, but bank data breaches remain a risk
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The Bank for International Settlements (BIS) said digital cash can achieve "cash-like privacy," but the technology is not yet production-ready due to risks such as bank data breaches, according to its Project Aurum Phase 2 report published Tuesday. The prototype uses BIS's Aurum codebase to balance complete anonymity against full transaction transparency. BIS found that compromising one bank could expose its customer data but not customer identities held by other counterparties, and that a validator-level compromise alone would not expose end users. The report addresses technical requirements for a privacy-preserving central bank digital currency (CBDC), a technology critics have warned could enable financial surveillance.
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