CBDCs Pose Privacy Risks, Says London Financial Official

According to PANews, Michael Mainelli, the Lord Mayor of the City of London, expressed concerns over the privacy implications of Central Bank Digital Currencies (CBDCs) during an event hosted by digital pound enthusiasts on Wednesday. Mainelli highlighted that while CBDCs can effectively combat financial crimes due to their traceable nature and the potential for automated transaction monitoring, they also pose significant privacy risks. He emphasized that the transparency offered by CBDCs inherently leads to a loss of privacy, stating, 'I'm sorry, but you can't have both.'