Central banks, including the BIS, discuss plans for designing a CBDC system, focusing on critical aspects like privacy.
Several central banks, including the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Board of Governors of the Federal Reserve System, Sveriges Riksbank, and Swiss National Bank, have published papers in collaboration with the Bank for International Settlements (BIS) focusing on the legal issues and system design of retail Central Bank Digital Currencies (CBDCs).
The papers discuss two main options for CBDC system designs: the hub-and-spoke model and the peer-to-peer design. In a hub-and-spoke system, updates are under the control of the central bank, but the ownership of data is distributed. On the other hand, the peer-to-peer design involves sharing the authority for updates.
The debate between centralized and decentralized models for CBDC systems is ongoing, but the central bank that proposed a decentralized modeling of a CBDC system is not explicitly named in the provided search results.
The papers published by the BIS and the central banks cover legal issues related to CBDC systems, such as privacy, security, and regulatory compliance. They also discuss the system design of retail CBDCs, including the hub-and-spoke model and the peer-to-peer design. However, the specific legal issues or system designs discussed are not detailed in the article.
It is important to note that the article does not provide any new information about the ownership of data in a CBDC system, the authority for updates in a CBDC system, or the debate between centralized and decentralized models for CBDC systems.
For deeper insights into the topic of CBDCs, a subscription service is promoted. The collaboration between the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Board of Governors of the Federal Reserve System, Sveriges Riksbank, and Swiss National Bank on various CBDC topics is also ongoing, but the article does not provide any new information about this collaboration.
Read also:
- visionary women of WearCheck spearheading technological advancements and catalyzing transformations
- A continuous command instructing an entity to halts all actions, repeated numerous times.
- Oxidative Stress in Sperm Abnormalities: Impact of Reactive Oxygen Species (ROS) on Sperm Harm
- Genetically manipulated rabbits sprout ominous black horns on their heads
