PANews reported on October 23 that according to DL News, Michael Mainelli, the mayor of the City of London, said at an event held by digital pound enthusiasts on Wednesday that central bank digital currencies threaten user privacy. CBDC can combat financial crimes because payments are traceable and transaction monitoring can be automated - but Mainelli said there is also a dark side. He said: This transparency "also means a loss of privacy. Sorry, you can't have both at the same time."