Computers, Privacy & the Constitution

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AlberthaDewandariFirstPaper 4 - 27 Apr 2022 - Main.AlberthaDewandari
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Compliance of Central Bank Digital Currency with AML/CFT Regulations without Invading Users' Privacy

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Central Bank Digital Currency: Complete Anonymity v. KYC Mechanism

 

Introduction

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 International privacy law presents a set of concise, binding standards that states must take into consideration when determining what framework should regulate the implementation of CBDC.
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Really?

  Privacy is a fundamental human right recognized throughout international bodies and treaties. Invasion of one’s privacy can be considered both as criminal and civil conducts. The United Nations General Assembly Resolution 68/167 called on state to protect the right to privacy in the digital age and note that international human rights law provides the structure to examine instruments’ and actions’ compliance with the right to privacy.

Article 17 of the International Covenant on Civil and Political Rights (ICCPR) creates an external limit on the innovation of CBDCs, as central banks themselves may not have incentive to pursue the most anonymous form of currency. Article 17 imposes two umbrella standards to consider for any potential infringement of privacy: lawfulness and arbitrariness.


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Revision 3r3 - 26 Apr 2022 - 18:35:53 - AlberthaDewandari
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