The Bank of Canada has studied possible systems for an online retail central bank digital currency (CBDC) in a new report, with the authors noting that though such a system is feasible, any recommendations on the introduction of a digital currency is outside the scope of study.
The report, titled “A Retail CBDC Design For Basic Payments Feasibility Study” was released June 13. The authors said their analysis of potential systems identified a “promising architecture well-suited for basic payments” and summarized the system’s security, money supply integrity, privacy, and scalability.
“It suggests that such system designs can be fast and cheap for basic payments, with high privacy, although some areas such as integration with retail payments systems, performance of auditing and resilience of the core system state require further investigation,” said the report, which was first covered by Blacklock’s Reporter….