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+++ b/sa/sa.tex
@@ -232,6 +232,14 @@ supply and movement. Specifically, it must be possible to manage risks such as v
 migrating rapidly from commercial bank money to CBDC, thereby skewing the ability
 of commercial banks to provide credit.}
   Regulation may impose limits on withdrawals and maximum amounts transacted.
+  This should mitigate the risk from bank runs (movement) that might be triggered
+  independent of the introduction of a CDBC.
+  As Taler does not introduce a new currency,
+  there is no risk of competing with existing currencies. However, Taler may
+  provide competition for profitable payment services offered by commercial banks,
+  possibly reducing the risk spread in the business activities of commercial banks.
+  Taler CBDC would be created as part of M1 by the SARB, thus it does not
+  impact SARB's ability to make policy decisions with regard to supply. 
 \item
 {\bf CBDC must provide the opportunity for stakeholders to innovate in terms of payment
 products, but must not be seen to disintermediate commercial banks.
@@ -695,6 +703,80 @@ case, SARB may still want to run the auditing logic to provide
 assurance against insider threats.
 
 
+\section{Secondary objectives}
+
+In this section, we want to anticipate the conclusions SARB
+might draw for its secondary objectives (Section 2.3 of the
+tender) with respect to the Taler system.  While of course
+the objective of the sand pit would be for SARB to draw these
+conclusions, we want to provide an idea what results we predict
+for these questions on the basis of our technology.
+
+\subsection{Focus area 1: Design considerations}
+
+\paragraph{What are the potential and preferred design options and deployment models of a
+  SARB-issued CBDC, and why?}
+%Potential deployment models, for the purpose of
+%the project, can either be based on distributed ledger technology (DLT) or
+%cryptography.
+
+\paragraph{What are the emerging technologies that underpin CBDC designs and which
+technology option(s) are appropriate, and why?}
+
+\paragraph{How would these technologies integrate into the SARB current and future
+architecture?}
+
+\paragraph{What are the possible transition arrangements, after due consideration of all the
+relevant economic and financial/financial system implications as articulated
+below?}
+
+\subsection{Focus area 2: Policy impact}
+
+\paragraph{Why should the SARB consider the issuance of a CBDC? How does issuance
+  link to the SARB’s mandate?}
+
+\paragraph{How could the respective design options impact monetary policy, financial
+stability, fiscal policy, financial market structures and any other policy objectives
+(financial inclusion, competition etc.)?}
+
+\subsection{Focus area 3: Intended and unintended consequences}
+
+\paragraph{What are the potential economic and financial system impacts (e.g. on gross
+domestic product, inflation targeting, monetary policy transmission mechanisms,
+and impacts on financial institutions)?}
+
+\paragraph{What are the major benefits and risks (including cyber-risks)? What potential
+attack vectors are related to the issuance of a CBDC? What are the SARB’s
+liability implications in the event of a significant breach?}
+
+\paragraph{What are the lessons learned from practically issuing a CBDC in a test
+ environment?}
+
+ 
+\subsection{Focus area 4: Legal and regulatory regime}
+
+\paragraph{What are the legal implications and impacts of issuing a CBDC?}
+
+\paragraph{What would a regulatory regime need to consider (e.g. how would the CBDC
+scheme be structured and who would determine the scheme ‘rulebooks’)?}
+
+\paragraph{What potential high-level rules would need to be considered (e.g. participation
+criterion, chargebacks, liability shifts).}
+
+
+\subsection{Focus area 5: Ongoing monitoring, and incorporating learnings and}
+perspectives from other central banks and related local and international
+forums}
+
+\paragraph{Continued participation and research in global developments pertaining to CBDC.}
+  
+\paragraph{Incorporating learnings and perspectives from other global participants in CBDC
+in the SARB CBDC project, where relevant.}
+
+\paragraph{Ongoing engagement with key stakeholders (local and international) on the topic
+of CBDC to broaden the knowledge base and relationships.}
+
+
 \section{Conclusion}
 
 Taler effectively provides electronic cash and thus solves the problem