ACLU and Partners Tell Federal Reserve: On Digital Cash, Anonymity is Not Negotiable
On May 20, 2022, the ACLU joined a dozen civil society organizations in sending a letter to the Board of Governors of the Federal Reserve about how a US Central Bank Digital Currency (“digital cash”) could provide privacy to consumers without providing complete anonymity and facilitating illicit financial activity. This letter is in response to the Fed’s call for public comments, amid their evaluation of a potential US Central Bank Digital Currency.
We believe creating a new form of money is a big step. If it is to be done, it must be done right. CBDCs should be a public good that is available to all and that, to the greatest extent possible, replicates the advantages of physical cash—especially privacy, anonymity, permissionlessness, and accessibility for all.