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There is less danger of a panopticon where digital money balances are issued by a plurality of profit‐seeking competing banks and other private firms. Competing banks do not deny access to certain customers based on suspicions about those customers’ loyalty to the bank.7 Unless a customer requests it, banks do not share client account information with rival firms. Where there is suspicion of a crime, banks may be compelled to share information with the police.
From Should the State or the Market Provide Digital Currency? | Cato Institute:
I agree, of course, and have been consistent in my view that federated strong pseudonymity is the best way to organise the digital cash infrastructure necessary to support a digital currency.
Snippings 