A currency has to be private enough for citizens to trust and transparent enough for the state to govern. Sovex calibrates privacy by risk — data minimisation and selective disclosure, not a single blanket setting.
Full anonymity invites abuse; full transparency invites surveillance. The workable answer is proportionality — privacy that tightens as value and risk rise.
Low-value, low-risk activity carries more privacy; higher-value and higher-risk activity carries more scrutiny.
The system collects and exposes the minimum needed for the obligation at hand — nothing more, by default.
The central bank sets the privacy calibration; it is a sovereign policy choice, enforced in code.
Privacy and obligation, calibrated together.
Minimal identity, everyday privacy — cash-like for small amounts, within strict limits.
Fuller identity unlocks higher limits and services, with correspondingly more oversight.
Full transparency to supervisors, as regulated finance requires.
Privacy that is engineered, not promised.
Reveal only the specific attribute required — that a limit was met, not the full history.
Separation between what operators, institutions, and supervisors can each see.
Cryptographic techniques that let rules be checked without exposing underlying data.
Privacy that lifts only under due process.
Identifying data disclosed to authorities only under the jurisdiction's legal process.
Every disclosure is itself logged — who accessed what, under which authority.
Access is event- and authority-bound, not a permanent window.
Calibrated privacy still leaves the state able to govern.
Supervisors see the aggregates and risk signals they need without per-citizen surveillance.
Depth available where warranted, on the specific accounts under review.
The privacy/oversight balance is explicit, adjustable policy — not an accident of the tech.
Talk to us about the privacy model behind a sovereign pilot.