The central bank retains control over the issuance and foundational management of CBDCs, delegating user-facing responsibilities to private intermediaries.
Source: cryptoslate
Translation: Blockchain Knight
The Bank for International Settlements (BIS) has released a comprehensive framework for designing retail central bank digital currencies (CBDCs), emphasizing a hybrid model that combines central bank control with collaboration from the private sector.
The report, developed by the Consultative Group on Innovation and Digital Economy (CGIDE), provides a roadmap for central banks in the Americas and globally to explore this evolving financial instrument.
The hybrid model proposed in the report allows central banks to retain management over CBDC issuance and infrastructure, while delegating user-facing responsibilities to private intermediaries.
These intermediaries will handle functions such as KYC verification, wallet management, and transaction facilitation.
This model ensures efficiency and scalability while addressing user privacy and compliance-related issues.
The framework includes four core processes: user registration, CBDC issuance (cash inflow), CBDC withdrawal (cash outflow), and ledger-to-ledger transfers.
Notably, the system supports a tiered KYC mechanism, providing basic wallets for low-value transactions with minimal identity requirements and advanced wallets for high-value transactions that meet stricter regulatory standards.
Offline payment functionality is a significant feature of this proposal, aimed at expanding access for underserved and unbanked populations.
The report states: "The hybrid model bridges the gap between centralization and decentralization, offering resilience, accessibility, and enhanced privacy protection."
The BIS report highlights the advanced features that CBDCs can bring to the financial ecosystem, including programmability through smart contracts, asset tokenization, and seamless integration with DeFi.
The report states that these features can enhance liquidity, automate transactions, and create new financial arrangements, positioning CBDCs as foundational tools for the modern economy.
For example, tokenized CBDCs can simplify financial settlements through atomic transactions, eliminating the need for multi-step reconciliation processes. They can also facilitate cross-border payments, reducing costs and processing times while promoting greater competition and efficiency.
The report emphasizes that a programmable CBDC platform can transform supply chain financing and support innovations such as emergency payments.
The report draws on global experiences, mentioning Jamaica's JAM-DEX, China's digital yuan, and Peru's offline pilot projects targeting rural areas.
It also addresses technical challenges, including interoperability with existing payment systems, ensuring privacy without compromising compliance, and safeguarding against cyber threats.
The Bank for International Settlements emphasizes that this proposal is a flexible framework designed to facilitate dialogue and feedback among stakeholders.
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