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Balancing privacy and data use: The potential impact of large online platforms and central bank digital currencies
Journal of Payments Strategy & Systems,
17
(2),
142-150
(2023)
Abstract
This paper reviews the international discussion among academics and policy makers regarding the trade-off between privacy protection and data use. In particular, it is intended to shed light on the mechanism behind the data monopoly enjoyed by the large online platform companies. The paper also discusses how central bank digital currencies can reduce the potential side effects of this data monopoly.
Keywords: privacy protection; data monopoly; central bank digital currency (CBDC); negative externality
The full article is available to subscribers to the journal.
Author's Biography
Yuji Maruo is a senior economist and Deputy Head of the Policy Planning Division, within the Bank of Japan’s Department of Monetary Affairs. Prior to this, he was Deputy Head of Payment and Settlement Systems at the Bank of Japan.
Sei Sugino is an economist within the Financial Markets Department at the Bank of Japan. Prior to this, he was an analyst within the Bank of Japan’s Department of Payment and Settlement Systems.
