European Central Bank executive Fabio Panetta said that a digital euro would protect consumer privacy. Central banks could have vast data repositories of nearly every transaction in an economy. Britain’s choice of world war two codebreaker Alan Turing to feature on its new plastic £50 note is ironic.

The Bank for International Settlements is right to call for a two-tier financial system. It advocates an account-based design with regulated private banks dealing with the public and the central bank maintaining digital currencies. But more radical steps such as handing more personal data to the central banks need more widespread consultation.

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