A representative of the United States Treasury has stated that the design of a digital dollar ought to take privacy and the capability to conduct transactions anonymously into account. The Treasury Department’s Assistant Secretary for Financial Institutions Graham Steele talked at an installments-centered gathering in Texas about the Central Bank’s disputable FedNow system and central bank digital currencies (CBDCs). Retail CBDC could help prevent bank runs: U.S. Fed According to Steele, one challenge of a retail CBDC is keeping user privacy while minimizing illegal transactions. Steele claims that a retail CBDC would be directly backed by the Fed and could
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