Digital Wallets Raise Data Privacy Questions, CRS Says

By Elise Hansen (April 19, 2022, 4:23 PM EDT) -- Digital wallets — whether for cash or cryptocurrency — raise key questions around cybersecurity, data privacy and consumer protection, the Congressional Research Service said in a report.

The Congressional Research Service on Monday published an overview of digital wallet technology and its uses, as well as major policy issues. Digital wallets are software applications that can be used to facilitate payments. The technology spans transfers from consumers' bank accounts to a merchant, peer-to-peer transactions and cryptocurrency transactions.

Peer-to-peer transactions in particular are a rapidly growing field. The CRS report cited research suggesting peer-to-peer transactions topped $785 billion in 2021 and could...

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