The Bank of England is working with payment platform Nuggets to investigate the design of a privacy layer for the UK's proposed retail CBDC.
and off the back of that work, Nuggets was then asked by the Bank of England to investigate and design the identity and privacy layer as part of its efforts to ensure privacy and security for the proposed digital pound," Nuggets co-founder Alastair Johnson told The Block.
Critics have pointed out monitoring and privacy-related risks surrounding retail central bank digital currencies. On Tuesday, UK financial services minister spoke about CBDC privacy, monitoring risks and the need to"proceed cautiously" with designs for the digital pound.claims that its identity layer infrastructure will let CBDC users control and keep their data private by using Zero-Knowledge proofs. This will prevent tracking of transactions and meet strict anti-fraud and anti-money laundering standards.
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