I read in one of the kbin discussion threads recently that PMs are a feature in progress, currently low-priority due to the Reddit migration.
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I'd be a little hesitant on privacy matters when it comes to private messages. There are a lot of people who might get access to those. With regular messages, there's no illusion of privacy, but with private messages, there is.
Today, there's no mechanism for end-to-end encryption or the like.
indeed, works locally but not to remote users yet.
Someone posted this as an issue, so I’m guessing messaging users on other instances isn’t implemented yet and it’ll eventually get worked on.