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@ p2p fiat
2024-12-27 20:15:29Central banks, in particular the ECB, are pushing hard to force a CBDC on their citizens - these citizens are not interested in a CBDC that invades their privacy.
Chaumian e-cash
In 1982, David Chaum published “Blind Signatures for Untraceable Payments”.
e-Cash
- Ensures privacy
- Is permissionless
- Can be minted / issued by banks
- Can be developed completely in open source code
- Can be supported by a multitude of (open source) wallets - each bank can enable it in their bank app
e-Cash - Does not enable a holding limit - that is not necessary, as it is not competing with bank accounts - on the contrary: bank client convert a small part of their deposit to ecash, which is non interest bearing - Does not require KYC - which some may consider a problem - this being said, it is issued only by banks that have performed KYC on their clients
David Chaum worked with the SNB to descibe on How to issue a central bank digital currency .
Central banks should consider e-Cash if they want to successfully enable digital payments for their citizens.
The digital p2p value transfer protocol, bitcoin, already has an extensive e-Cash ecosystem. Cashu and the OpenCash Association lead this development, which has so far resulted in a broad range of wallets and mints, that mint "satoshi" tokens and even "euro" tokens. That open source software can perfectly serve as blueprint for a reasonable digital euro.