BIS Innovation Hub publishes guide on offline CBDC use
- ♦ BIS Innovation Hub publishes a handbook on key issues related to how central bank digital currencies (CBDCs) could work offline.
- ♦ Among the issues addressed are security, privacy, risks, solution types and operational factors.
- ♦ Further work on the practical aspects of implementing security and resilient CBDC systems is ongoing.
As part of Project Polaris, the BIS Innovation Hub Nordic Centre today published a comprehensive handbook exploring key aspects of how central bank digital currencies (CBDCs) could work for offline payments.
The ability to make payments offline means being able to use a CBDC without being connected to the internet, either temporarily or because of coverage limitations. Central banks considering the potential implementation of CBDCs with offline functionality must take into account a complex matrix of issues including security, privacy, likely risks, the types of solution, their maturity and applicability, and operational factors.
The handbook, compiled in partnership with Consult Hyperion, addresses these issues as well as objectives for resilience, inclusion, cash resemblance, accessibility and other desired attributes.
The degree to which CBDCs will be provided or used offline will vary significantly by country, region, demographics and specific contexts, which will also influence the solutions chosen.
Over several workstreams, Project Polaris will provide central banks with the essential information needed to inform decision-making, architecture, design, implementation planning and investments. It will also address long-term change and operational considerations.
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