> When designing CBDCs, public authorities should look to build in ways of countering fraud and other forms of illicit finance by looking to incorporate advancements in technology and/or innovative solutions that may improve the authentication and verification of transactions.
> Public authorities’ powers and use of data in any CBDC ecosystem to counter their use for illicit finance should be set out transparently in national legislative frameworks (see Principle 2) and those powers should not be used for other purposes.
We can expect bank lobbying in G7 countries for new legal kill-switch, data harvesting and analytics powers to "authenticate and verify" EVERY transaction that uses a national CBDC. Since CBDCs are scheduled for deployment by 2025, the pre-requisite national legislation would be needed by 2023.
> When designing CBDCs, public authorities should look to build in ways of countering fraud and other forms of illicit finance by looking to incorporate advancements in technology and/or innovative solutions that may improve the authentication and verification of transactions.
> Public authorities’ powers and use of data in any CBDC ecosystem to counter their use for illicit finance should be set out transparently in national legislative frameworks (see Principle 2) and those powers should not be used for other purposes.
We can expect bank lobbying in G7 countries for new legal kill-switch, data harvesting and analytics powers to "authenticate and verify" EVERY transaction that uses a national CBDC. Since CBDCs are scheduled for deployment by 2025, the pre-requisite national legislation would be needed by 2023.