Robert Bench: «when developing digital currencies, you have to consider the anonymity of transactions.»

14.11.2020
Robert Bench, Director of Applied Research at the Federal Reserve Bank of Boston, believes that when designing state cryptov currencies, you should initially think about privacy;

Robert Bench, speaking at a meeting of the Digital Commerce Chamber, stressed that the privacy of digital currency transactions is critical «from a technical point of view. He said:

«We have learned that confidentiality 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 from the point of view of confidentiality and, most importantly, from the point of view of security»;

Cash money has an important function — anonymity. And developers often forget about it when planning state crypts. According to Bench, digital currencies do not necessarily need to be anonymous, but if developers decide that it is necessary, they should consider the issue of privacy from the very beginning;

The co-founder of Tether, Craig Sellars, also participated in the meeting. 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 argue that we do not want to accept such digital currencies, and we should not accept them,» he said;

We would like to remind that, as Deutsche Bank analysts stated earlier, state crypt-currencies are quite can replace cash and eliminate intermediaries in the banking system