This paper studies the implications of money laundering for the optimal design of central bank digital currency (CBDC). I build a general equilibrium framework to explicitly allow money laundering by agents and income audits by a government. I find that as long as CBDC offers less anonymity than...

Digital platforms, such as social media and video streaming sites, often collect large amounts of personal data from their users. In recent years, most platforms also start offering payment services, such as Apple Pay, Amazon Pay, and WeChat Pay. In this paper, we characterize conditions under...