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Payment Systems and Privacy

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Abstract

Privacy in payments is desired not just for illegal transactions, but also for protection from malfeasance or negligence by counterparties or by the payments system provider itself. Proposals to abolish cash take inadequate account of these legitimate demands for privacy. While central banks can play a useful role in setting standards for payments privacy, they are unlikely to have a comparative advantage at providing privacy. Therefore the replacement of cash by central bank electronic money is likely to spur demand for alternative means of payments to solve specific privacy problems.

Suggested Citation

  • Kahn, Charles M., 2018. "Payment Systems and Privacy," Review, Federal Reserve Bank of St. Louis, vol. 100(4), pages 337-344.
  • Handle: RePEc:fip:fedlrv:00109
    DOI: doi.org/10.20955/r.100.337-44
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    File URL: https://doi.org/10.20955/r.100.337-44
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    More about this item

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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