A Theory Model of Digital Currency with Asymmetric Privacy
研究在央行数字货币设计中引入非对称隐私，以保护支出方隐私同时保留收款方数字记录的好处，有助于减少经济扭曲、优化税收和改善外部融资。
This paper considers introducing asymmetric privacy in the design of central bank digital currencies (CBDC) and digital currencies more generally to preserve the privacy of money spent while keeping the benefits of digital records for money received. It is shown that this feature would help minimize real distortions between consumers, firms, and financiers while enabling tax optimization and better access to external financing. Protecting the privacy of consumers is desirable from a welfare and efficiency standpoint as long as there exist noticeable privacy concerns. Implementing asymmetric privacy is technologically feasible, using, for instance, zero-knowledge proofs or other privacy tools. This paper has been accepted by Lin William Cong for the Special Issue on Digital Finance. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2024.06830 .