ASLI Seminar – Digital Leviathan? Data Protection for Central Bank Digital Currency
- Events
- ASLI Seminar – Digital Leviathan? Data Protection for Central Bank Digital Currency
April
02
Tuesday
| Speaker: | Dr Ke, Da Associate Researcher, East China University of Political Science and Law |
| Moderator: | Mr Benjamin Wong Faculty of Law, NUS |
| Time: | 1:15 pm to 2:15 pm (SGT) |
| Venue: | NUS Law (Bukit Timah Campus) Block B Conference Room, Level 2 (BBCR), located next to the Centre for Banking & Finance Law (CBFL) |
| Type of Participation: | Open To Public |
Description
| Central bank digital currency (CBDC) is a digital medium of exchange issued by the central bank. Unlike cash, CBDC involves the collection, storage, and use of personal data generated in the process of monetary circulation by central banks and other institutions, and whether the personal data can be effectively protected has become a priority factor for many central banks such as the European Central Bank and the Federal Reserve in deciding whether to issue CBDC. More importantly, there are three important legal issues: Whether technical data protection measures for CBDC, such as controlled anonymity, can fully replace the law; How to take into account public interest measurement in the data protection for CBDC; What is the role of the central bank and commercial banks in the data protection for CBDC. The research attempts to draw the following conclusions: (1) The stronger anonymity of CBDC forms a measurement mechanism between the interests of private information, the traditional public interest, and the new public interest of promoting the universal acceptance of CBDC; (2) CBDC still faces the risk of interest imbalance such as the illegal acquisition of personal data in physical devices by others, and the infringement of personal data rights and interests by public power; and (3) The law should directly give the central bank the statutory authority to handle personal data in CBDC, establish corresponding internal control management and external supervision systems, and set exceptions for anti-money laundering and cyber security for digital wallets with strong anonymity. |
Fees Applicable
Complimentary
Registration
Register at https:https://bit.ly/3SIXaA0