Gilbert Verdian, CEO and Founder of Quant—a company involved in the development of central bank digital currencies (CBDCs), mostly in the UK and the U.S.—insisted that users shouldn’t be worried about privacy when it comes to CBDC technology.

“We can categorically state that the central bank does not care how much people spend on sandwiches, it’s not their mission,” Verdian said at the Financial Times Crypto and Digital Assets Summit. “What is happening is the same rules of AML, KYC are going to be applied to central bank currencies as they are today to any other form of money from commercial banks.”

Quant is positioned in the industry to help governments and organizations build distributed ledger systems whether it be a traditional blockchain or CBDC technology. Central Bank Digital Currencies, or CBDCs, are usually tokenized versions of fiat currencies, like the dollar or the pound.

“The transactional data on chain is on an interbank network that is looking at the actual API calls,” he said. “It’s looking at the values, but not personal identifiable information.”

The UK CBDC, known as the Digital Pound, will be “private but not anonymous” affirmed the director responsible for Central Bank Digital Currency at the Bank of England, Tom Mutton.

“The reason for that is we think that it’s important that there is some level of identity information, to make sure that there are no opportunities for fraud or financial crime,” Mutton said. “But none of that identity information will be pa

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Author: Ryan Gladwin

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