BIS reveals technical priorities for CBDC in America

BIS reveals technical priorities for CBDC in America

The central banks of the Americas, under the direction of the BIS, have outlined key technical priorities for a possible CBDC architecture.

The Consultative Group on Innovation and Digital Economy (CGIDE) report is a valuable reference for countries researching or implementing central bank digital currency (CBDC) solutions.

Central bank collaboration

In a cooperative initiative, central banks are presenting key technological aspects for a future CGIDE proposal on a central bank digital currency (CBDC) proof of concept. The proposal considers technical requirements such as interoperability, scalability, user-centered design, security and data privacy.

In order to address technological priorities, the proposed CBDC architecture is a general reference for central banks involved in CBDC research or development without representing a political position on CBDC design, issuance, adoption or technical standards, according to the members and observers of CGIDE.

In its initial phase, the CGIDE Technical Task Force (TTF) will primarily focus on programmability features related to clearing and settlement. The chosen technical requirements within each category, specifically linked to these characteristics, were determined through a survey among TTF members. Each member of the central bank selected technical requirements based on policy objectives.

Strike a balance

The announcement comes from an update on Project Tourbillon on November 29, led by the Bank for International Settlements innovation center, as notable progress has been revealed in achieving a balance between privacy and transparency within CBDCs.

The final report, recently released by the Tourbillon Project, presents a nuanced strategy for handling privacy in CBDC transactions. The proposal suggests a system that allows users to make payments without disclosing personal information to merchants or other involved parties.

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