The Bank for International Settlements says digital cash can offer privacy similar to cash, but its technology stack is not yet 'production ready', partly because bank data breaches could expose users' personal data. In its Project Aurum Phase 2 report, the BIS built a privacy-preserving prototype balancing full anonymity with full transparency. It found that compromising one bank may expose that bank's customer data but not the identities of customers of other counterparties, and a validator-level compromise alone would not expose end users. The article also notes CBDC critics' surveillance concerns, citing Brazil's 2023 pilot code, which had mechanisms to freeze or reduce user funds, and US President Donald Trump's January ban on federal agencies issuing a CBDC.
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