commit 42d2979c4b1950507e38f7e6a8648ecbc9dcc5cd
parent 41f592ce2d4596d79588dcd2ae525564ecb085e8
Author: Christian Grothoff <grothoff@gnunet.org>
Date: Mon, 9 Oct 2023 17:37:28 +0200
reg
Diffstat:
3 files changed, 1059 insertions(+), 98 deletions(-)
diff --git a/presentations/2021-cb/boh-reg.tex b/presentations/2021-cb/boh-reg.tex
@@ -0,0 +1,600 @@
+\pdfminorversion=3
+\documentclass[fleqn,xcolor={usenames,dvipsnames}]{beamer}
+\usepackage{amsmath}
+\usepackage{multimedia}
+\usepackage[utf8]{inputenc}
+\usepackage{framed,color,ragged2e}
+\usepackage[absolute,overlay]{textpos}
+\definecolor{shadecolor}{rgb}{0.8,0.8,0.8}
+\usetheme{boxes}
+\setbeamertemplate{navigation symbols}{}
+\usepackage{xcolor}
+\usepackage{tikz,eurosym}
+\usepackage[normalem]{ulem}
+\usepackage{listings}
+\usepackage{adjustbox}
+
+\usepackage{pgf-umlsd}
+\usepackage{tikz}
+\usetikzlibrary{shapes,arrows}
+\usetikzlibrary{positioning}
+\usetikzlibrary{calc}
+\usetikzlibrary{quotes}
+
+% CSS
+\lstdefinelanguage{CSS}{
+ basicstyle=\ttfamily\scriptsize,
+ keywords={color,background-image:,margin,padding,font,weight,display,position,top,left,right,bottom,list,style,border,size,white,space,min,width, transition:, transform:, transition-property, transition-duration, transition-timing-function},
+ sensitive=true,
+ morecomment=[l]{//},
+ morecomment=[s]{/*}{*/},
+ morestring=[b]',
+ morestring=[b]",
+ alsoletter={:},
+ alsodigit={-}
+}
+
+% JavaScript
+\lstdefinelanguage{JavaScript}{
+ basicstyle=\ttfamily\scriptsize,
+ morekeywords={typeof, new, true, false, catch, function, return, null, catch, switch, var, if, in, while, do, else, case, break},
+ morecomment=[s]{/*}{*/},
+ morecomment=[l]//,
+ morestring=[b]",
+ morestring=[b]'
+}
+
+\lstdefinelanguage{HTML5}{
+ basicstyle=\ttfamily\scriptsize,
+ language=html,
+ sensitive=true,
+ alsoletter={<>=-},
+ morecomment=[s]{<!-}{-->},
+ tag=[s],
+ otherkeywords={
+ % General
+ >,
+ % Standard tags
+ <!DOCTYPE,
+ </html, <html, <head, <title, </title, <style, </style, <link, </head, <meta, />,
+ % body
+ </body, <body,
+ % Divs
+ </div, <div, </div>,
+ % Paragraphs
+ </p, <p, </p>,
+ % scripts
+ </script, <script,
+ % More tags...
+ <canvas, /canvas>, <svg, <rect, <animateTransform, </rect>, </svg>, <video, <source, <iframe, </iframe>, </video>, <image, </image>
+ },
+ ndkeywords={
+ % General
+ =,
+ % HTML attributes
+ charset=, src=, id=, width=, height=, style=, type=, rel=, href=,
+ % SVG attributes
+ fill=, attributeName=, begin=, dur=, from=, to=, poster=, controls=, x=, y=, repeatCount=, xlink:href=,
+ % CSS properties
+ margin:, padding:, background-image:, border:, top:, left:, position:, width:, height:,
+ % CSS3 properties
+ transform:, -moz-transform:, -webkit-transform:,
+ animation:, -webkit-animation:,
+ transition:, transition-duration:, transition-property:, transition-timing-function:,
+ }
+}
+
+\lstdefinelanguage{JavaScript}{
+ basicstyle=\ttfamily\scriptsize,
+ keywords={typeof, new, true, false, catch, function, return, null, catch, switch, var, if, in, while, do, else, case, break, for},
+ keywordstyle=\color{blue}\bfseries,
+ ndkeywords={class, export, boolean, throw, implements, import, this},
+ ndkeywordstyle=\color{darkgray}\bfseries,
+ identifierstyle=\color{black},
+ sensitive=false,
+ comment=[l]{//},
+ morecomment=[s]{/*}{*/},
+ commentstyle=\color{purple}\ttfamily,
+ stringstyle=\color{red}\ttfamily,
+ morestring=[b]',
+ morestring=[b]"
+}
+
+\usetikzlibrary{shapes,arrows}
+\usetikzlibrary{positioning}
+\usetikzlibrary{calc}
+
+\title{GNU Taler Digital Cash Payment System}
+%\subtitle{}
+
+\setbeamertemplate{navigation symbols}{\includegraphics[width=1cm]{inria.pdf} \includegraphics[width=2.3cm]{bfh.png} \includegraphics[width=1.6cm]{fub.pdf} \includegraphics[width=0.4cm]{ashoka.png} \includegraphics[width=0.4cm]{gnu.png} \includegraphics[width=1cm]{logo-2020.jpg} \hfill}
+%\setbeamercovered{transparent=1}
+
+\author[C. Grothoff]{{\bf C. Grothoff}}
+\date{10.09.2023}
+\institute{Bern University of Applied Sciences}
+
+
+\begin{document}
+
+\justifying
+
+\begin{frame}
+ \begin{center}
+ \LARGE {\bf GNU}
+
+ \vfill
+% \includegraphics[width=0.66\textwidth]{logo-2017-fr.pdf}
+ \includegraphics[width=0.66\textwidth]{logo-2021.pdf}
+
+ Digital Cash Payment System
+ \vfill
+ \end{center}
+\begin{textblock*}{6cm}(.5cm,7.7cm) % {block width} (coords)
+ {\Large {\bf \href{https://taler.net/}{taler.net}} \\
+ \href{https://taler-systems.com/}{taler-systems.com}}
+\end{textblock*}
+
+% Substitute based on who is giving the talk!
+ \begin{textblock*}{6cm}(6.7cm,7.7cm) % {block width} (coords)
+ {%\hfill {\Large {\bf Florian Dold \&} \\
+ \hfill {\bf Christian Grothoff} \\
+ \hfill grothoff@taler.net }
+\end{textblock*}
+
+\end{frame}
+
+\section{Introduction}
+
+
+\section{What is Taler?}
+\begin{frame}{What is Taler?}
+ \begin{center}
+Taler is an electronic instant payment system based on tokens.
+ \end{center}
+ \begin{itemize}
+ \item Uses electronic coins stored in {\bf wallets} on customer's device
+ \item Like {\bf cash}
+ \item Pay in {\bf existing currencies} (i.e. CHF, EUR, USD)
+ \end{itemize}
+ \vfill
+ \pause
+ \noindent
+ However, Taler is
+ \begin{itemize}
+ \item \emph{not} a currency
+ \item \emph{not} a long-term store of value
+ \item \emph{not} a network or instance of a system
+ \item \emph{not} decentralized
+ \item \emph{not} based on proof-of-work or proof-of-stake
+ \item \emph{not} a speculative asset / ``get-rich-quick scheme''
+ \end{itemize}
+\end{frame}
+
+
+\begin{frame}{Design Principles}
+ \framesubtitle{https://taler.net/en/principles.html}
+GNU Taler must ...
+\begin{enumerate}
+ \item {... be implemented as {\bf free software}.}
+ \item {... protect the {\bf privacy of buyers}.}
+ \item {... must enable the state to {\bf tax income} and crack down on
+ illegal business activities.}
+ \item {... prevent payment fraud.}
+ \item {... only {\bf disclose the minimal amount of information
+ necessary}.}
+ \item {... be usable.}
+ \item {... be efficient.}
+ \item {... avoid single points of failure.}
+ \item {... foster {\bf competition}.}
+\end{enumerate}
+\end{frame}
+
+
+\begin{frame}{The Big Picture (Taler Pilot)}
+\begin{center}
+\includegraphics[width=0.8\textwidth]{operations.png}
+\end{center}
+\end{frame}
+
+
+\begin{frame}[fragile]{Business Process: Withdraw}
+\begin{figure}[h!]
+\tiny
+ \begin{sequencediagram}
+ \newinst{wallet}{Customer wallet}
+ \newinst[2]{exchange}{Taler (exchange)}
+ \newinst[2]{bank}{Customer bank}
+% \postlevel
+% \mess[0]{wallet}{Withdraw {(Amount)}}{exchange}
+ \mess[0]{exchange}{{Configuration (ToS, Fees)}}{wallet}
+ \mess[0]{wallet}{{Initiate transfer (Amount, Credit account, Wallet ID)}}{bank}
+ \mess[0]{bank}{{Credit (Wallet ID)}}{exchange}
+
+ \begin{sdblock}{Acceptable transfer?}{}
+ \prelevel
+ \mess[0]{exchange}{{Bounce funds}}{bank}
+ \end{sdblock}
+ % \postlevel
+ \mess[0]{exchange}{Confirm wire transfer}{wallet}
+ \mess[0]{wallet}{Request digital cash}{exchange}
+ \mess[0]{exchange}{Distribute digital cash}{wallet}
+ % \postlevel
+ \begin{sdblock}{Withdraw period expired?}{}
+ \prelevel
+ \mess[0]{exchange}{{Return remaining funds}}{bank}
+ \end{sdblock}
+\end{sequencediagram}
+\end{figure}
+\end{frame}
+
+
+\begin{frame}[fragile]{Business Process: Pay}
+\begin{figure}[h!]
+\tiny
+ \begin{sequencediagram}
+ \newinst{wallet}{%\shortstack{
+ Customer wallet% \\
+% \\ \begin{tikzpicture}
+% \node [fill=gray!20,draw=black,thick,align=center] { Unique \\ Wallet ID};
+% \end{tikzpicture}
+ %}
+ }
+ \newinst[1]{merchant}{%\shortstack{
+ Merchant %\\
+% \\ \begin{tikzpicture}[shape aspect=.5]
+% \tikzset{every node/.style={cylinder,shape border rotate=90, draw,fill=gray!25}}
+% \node at (1.5,0) {\shortstack{{{\tiny Database}}}};
+% \end{tikzpicture}
+ %}
+ }
+ \newinst[1]{exchange}{%\shortstack{
+ Taler (exchange) %\\
+% \\ \begin{tikzpicture}[shape aspect=.5]
+% \tikzset{every node/.style={cylinder,shape border rotate=90, draw,fill=gray!25}}
+% \node at (1.5,0) {\shortstack{{{\tiny Database}}}};
+% \end{tikzpicture}
+% }
+}
+
+ \newinst[1]{bank}{%\shortstack{
+ Merchant bank %\\
+% \\ \begin{tikzpicture}
+% \node [fill=gray!20,draw=black,thick,align=center] {Commercial \\ Accounts};
+% \end{tikzpicture}
+% }
+}
+% \postlevel
+ \mess[0]{wallet}{Browse catalog}{merchant}
+ \mess[0]{merchant}{Commercial offer}{wallet}
+% \begin{callself}{wallet}{Review offer}{}
+% \end{callself}
+ \mess[0]{wallet}{Pay {(Coins)}}{merchant}
+ \mess[0]{merchant}{Deposit {(Coins)}}{exchange}
+ \begin{sdblock}{Acceptable account?}{}
+ \prelevel
+ \mess[0]{exchange}{{Refuse deposit}}{merchant}
+ \mess[0]{merchant}{{Refund purchase}}{wallet}
+ \end{sdblock}
+ \mess[0]{exchange}{{Confirm deposit}}{merchant}
+ \mess[0]{merchant}{Fulfill order}{wallet}
+ \end{sequencediagram}
+\end{figure}
+\end{frame}
+
+
+\begin{frame}[fragile]{Business Process: Aggregation}
+\begin{figure}[h!]
+\tiny
+ \begin{sequencediagram}
+ \newinst{wallet}{Customer wallet}
+ \newinst[1]{merchant}{Merchant}
+ \newinst[1]{exchange}{Taler (exchange)}
+ \newinst[1]{bank}{Merchant bank}
+ \begin{callself}{exchange}{Aggregate transactions}{}
+ \end{callself}
+ \begin{sdblock}{KYC/AML required?}{}
+ \prelevel
+ \begin{callself}{exchange}{KYC/AML process}{}
+ \end{callself}
+ \end{sdblock}
+ \mess[0]{exchange}{{Initiate transfer}}{bank}
+ \end{sequencediagram}
+\end{figure}
+\end{frame}
+
+
+
+\begin{frame}[fragile]{Business Process: Deposit}
+
+\begin{figure}[h!]
+\tiny
+ \begin{sequencediagram}
+ \newinst{wallet}{Customer wallet}
+ \newinst[2]{exchange}{Taler (exchange)}
+ \newinst[2]{bank}{Retail bank}
+ \begin{callself}{wallet}{Review deposit fees}{}
+ \end{callself}
+ \mess[0]{wallet}{Deposit {(Coins)}}{exchange}
+ \begin{sdblock}{Acceptable account?}{}
+ \prelevel
+ \mess[0]{exchange}{{Refuse deposit}}{wallet}
+ \end{sdblock}
+ \begin{sdblock}{KYC/AML required?}{}
+ \prelevel
+ \begin{callself}{exchange}{KYC/AML process}{}
+ \end{callself}
+ \end{sdblock}
+ \mess[0]{exchange}{{Initiate transfer}}{bank}
+ \end{sequencediagram}
+\end{figure}
+\end{frame}
+
+\begin{frame}[fragile]{Business Process: Push Payment}
+\begin{figure}[h!]
+\tiny
+ \begin{sequencediagram}
+ \newinst{payer}{Payer}
+ \newinst[2]{exchange}{Taler (exchange)}
+ \newinst[2]{payee}{Payee}
+ \mess[0]{payer}{{Push funds (Coins)}}{exchange}
+ \mess[0]{payer}{{Offer payment (e.g. via QR code)}}{payee}
+ \mess[0]{payee}{{Request funds (Wallet ID)}}{exchange}
+ \begin{sdblock}{KYC/AML required?}{}
+ \prelevel
+ \begin{callself}{exchange}{KYC/AML process}{}
+ \end{callself}
+ \end{sdblock}
+ \mess[0]{exchange}{{Distribute digital cash}}{payee}
+ \begin{sdblock}{Payment offer expired?}{}
+ \mess[0]{exchange}{{Return funds}}{payer}
+ \end{sdblock}
+
+\end{sequencediagram}
+ \caption{Interactions between wallets and Taler exchange
+ in a push payment. KYC/AML checks apply.}
+ \label{fig:int:push}
+\end{figure}
+\end{frame}
+
+\begin{frame}[fragile]{Business Process: Pull Payment}
+\begin{figure}[h!]
+\tiny
+ \begin{sequencediagram}
+ \newinst{payer}{Payer}
+ \newinst[2]{exchange}{Taler (exchange)}
+ \newinst[2]{payee}{Payee}
+ \mess[0]{payee}{{Create invoice (Wallet ID)}}{exchange}
+ \mess[0]{exchange}{{Invoice ready}}{payee}
+ \mess[0]{payee}{{Send invoice (e.g. via QR code)}}{payer}
+ \mess[0]{payer}{{Make payment (Coins)}}{exchange}
+ \begin{sdblock}{KYC/AML required?}{}
+ \prelevel
+ \begin{callself}{exchange}{AML/KYC process}{}
+ \end{callself}
+ \end{sdblock}
+ \mess[0]{exchange}{{Distribute digital cash}}{payee}
+ \end{sequencediagram}
+\end{figure}
+\end{frame}
+
+\begin{frame}[fragile]{Business Processes: Shutdown}
+\begin{figure}[h!]
+\tiny
+ \begin{sequencediagram}
+ \newinst{wallet}{Customer wallet}
+ \newinst[2]{exchange}{Taler (exchange)}
+ \newinst[2]{bank}{Customer bank}
+ \mess[0]{exchange}{{Shutdown alert}}{wallet}
+ \begin{sdblock}{Bank account known?}{}
+ \prelevel
+ \begin{callself}{wallet}{Designate bank account}{}
+ \end{callself}
+ \end{sdblock}
+ \mess[0]{wallet}{{Deposit (Coins)}}{exchange}
+ \begin{sdblock}{KYC/AML required?}{}
+ \prelevel
+ \begin{callself}{exchange}{}{}
+ \end{callself}
+ \end{sdblock}
+ \mess[0]{exchange}{{Initiate transfer}}{bank}
+\end{sequencediagram}
+\end{figure}
+\end{frame}
+
+\begin{frame}[fragile]{Compliance Processes: Withdraw}
+ \begin{center}
+\scalebox{0.3}{
+\begin{tikzpicture}[node distance=1cm,font=\sffamily,
+ start/.style={rectangle, rounded corners, minimum width=3cm, minimum height=1cm,text centered, draw=black, fill=yellow!30},
+ end/.style={rectangle, rounded corners, minimum width=3cm, minimum height=1cm,text centered, draw=black, fill=red!30},
+ process/.style={rectangle, minimum width=3cm, minimum height=1cm, text centered, draw=black, fill=orange!30},
+ failed/.style={rectangle, rounded corners, minimum width=3cm, minimum height=1cm, text centered, draw=black, fill=red!30},
+ io/.style={trapezium, trapezium left angle=70, trapezium right angle=110, minimum width=3cm, minimum height=1cm, text centered, draw=black, fill=blue!30},
+ decision/.style={diamond, minimum width=3cm, minimum height=1cm, text centered, draw=black, fill=green!30},
+ arr/.style={very thick,-latex},
+ every edge quotes/.style = {auto, font=\footnotesize, sloped}
+ ]
+ \node (start) [start] {Start};
+ \node (country) [decision,below=of start,text width=3cm] {Wire transfer originates from allowed country?};
+ \node (amount) [decision, below=of country,text width=3cm] {Transferred less than maximum amount from origin account over last month?};
+ \node (allow) [end, below=of amount] {Allow};
+ \node (deny) [failed, right=of allow] {Deny};
+ \draw[arr] (start) -> (country) {};
+ \draw[arr] (country) -> (amount);
+ \draw (country) edge["Yes"] (amount);
+ \draw[arr] (country.east) -> (deny);
+ \draw (country.east) edge["No"] (deny);
+ \draw[arr] (amount) -> (allow);
+ \draw (amount) edge["Yes"] (allow);
+ \draw[arr] (amount.east) -> (deny);
+ \draw (amount.east) edge["No"] (deny);
+\end{tikzpicture}
+}
+ \end{center}
+\end{frame}
+
+\begin{frame}[fragile]{Compliance Processes: Deposit}
+ \begin{center}
+\scalebox{0.3}{
+\begin{tikzpicture}[node distance=1cm,font=\sffamily,
+ start/.style={rectangle, rounded corners, minimum width=3cm, minimum height=1cm,text centered, draw=black, fill=yellow!30},
+ end/.style={rectangle, rounded corners, minimum width=3cm, minimum height=1cm,text centered, draw=black, fill=red!30},
+ process/.style={rectangle, minimum width=3cm, minimum height=1cm, text centered, draw=black, fill=orange!30},
+ failed/.style={rectangle, rounded corners, minimum width=3cm, minimum height=1cm, text centered, draw=black, fill=red!30},
+ io/.style={trapezium, trapezium left angle=70, trapezium right angle=110, minimum width=3cm, minimum height=1cm, text centered, draw=black, fill=blue!30},
+ decision/.style={diamond, minimum width=3cm, minimum height=1cm, text centered, draw=black, fill=green!30},
+ arr/.style={very thick,-latex},
+ every edge quotes/.style = {auto, font=\footnotesize, sloped}
+ ]
+ \node (start) [start] {Start};
+ \node (country) [decision,below=of start,text width=2.5cm] {Target account in allowed country?};
+ \node (amount) [decision, below=of country,text width=2.5cm] {Target account received less than KYB threshold?};
+ \node (kyc) [process, right=of amount] {KYB process};
+ \node (high) [decision, below=of amount,text width=2.5cm] {Target account received more than its AML threshold?};
+ \node (aml) [process, right=of high] {AML process};
+ \node (dummy) [below right=of aml] {};
+ \node (allow) [end, below right=of dummy] {Allow};
+ \node (deny) [failed, right=of kyc] {Deny};
+ \draw[arr] (start) -> (country) {};
+
+ \draw[arr] (country) -> (amount);
+ \draw (country) edge["Yes"] (amount);
+
+ \draw[arr] (country.east) -> (deny);
+ \draw (country.east) edge["No"] (deny);
+
+ \draw[arr] (amount) -> (high);
+ \draw (amount) edge["Yes"] (high);
+
+ \draw[arr] (amount.east) -> (kyc);
+ \draw (amount.east) edge["No"] (kyc);
+
+ \draw[arr] (kyc) -> (deny);
+ \draw (kyc) edge["Failed"] (deny);
+
+ \draw[arr] (kyc) -> (high);
+ \draw (kyc) edge["Succeeded"] (high);
+
+ \draw[arr] (high.south) -> (allow);
+ \draw (high.south) edge["Yes"] (allow);
+
+ \draw[arr] (high.east) -> (aml);
+ \draw (high.east) edge["No"] (aml);
+
+ \draw[arr] (aml) -> (deny);
+ \draw (aml) edge["Violation"] (deny);
+
+ \draw[arr] (aml) -> (allow);
+ \draw (aml) edge["Ok"] (allow);
+\end{tikzpicture}
+}
+ \end{center}
+\end{frame}
+
+
+\begin{frame}[fragile]{Compliance Processes: KYC}
+\begin{figure}[h!]
+\tiny
+ \begin{sequencediagram}
+ \newinst{wallet}{Customer}
+ \newinst[2]{exchange}{Taler (exchange)}
+ \newinst[2]{kyc}{KYC provider}
+ \mess[0]{wallet}{{Initial action}}{exchange}
+ \prelevel
+ \begin{callself}{exchange}{Establish KYC requirement}{}
+ \end{callself}
+ \mess[0]{exchange}{Request new KYC process}{kyc}
+ \mess[0]{kyc}{{Process identifier (PI)}}{exchange}
+ \prelevel
+ \mess[0]{exchange}{{KYC required (PI)}}{wallet}
+ \mess[0]{wallet}{{KYC start (PI)}}{kyc}
+ \mess[0]{kyc}{{Request identity documentation}}{wallet}
+ \mess[0]{wallet}{{Upload identity documentation}}{kyc}
+ \prelevel
+ \begin{callself}{kyc}{Validate documentation}{}
+ \end{callself}
+ \mess[0]{kyc}{{Share documentation (PI)}}{exchange}
+ \mess[0]{kyc}{{Confirm completion}}{wallet}
+ \mess[0]{wallet}{{Retry action}}{exchange}
+\end{sequencediagram}
+\end{figure}
+\end{frame}
+
+
+\begin{frame}[fragile]{Compliance Processes: AML}
+\begin{figure}[h!]
+\tiny
+ \begin{sequencediagram}
+ \newinst{wallet}{Customer}
+ \newinst[2]{exchange}{Taler (exchange)}
+ \newinst[2]{staff}{AML staff}
+ \mess[0]{wallet}{{Initial action}}{exchange}
+ \prelevel
+ \begin{callself}{exchange}{Establish AML requirement}{}
+ \end{callself}
+ \mess[0]{exchange}{Wait for AML}{wallet}
+ \mess[0]{staff}{Request AML work}{exchange}
+ \mess[0]{exchange}{KYC/AML data}{staff}
+ \prelevel
+ \begin{callself}{staff}{Review and decide}{}
+ \end{callself}
+ \mess[0]{staff}{{Decision documentation}}{exchange}
+ \mess[0]{exchange}{AML decision}{wallet}
+ \mess[0]{wallet}{{Retry action}}{exchange}
+\end{sequencediagram}
+\end{figure}
+\end{frame}
+
+
+
+
+
+\begin{frame}{The Future: Taler PILOT}
+ First deployments with retail banks 2024--2026:
+ \begin{itemize}
+ \item Integration with respective core banking systems
+ \item Integration with compliance (KYC/KYB/AML/CFT processes)
+ \item Development of legal framework (ToS/PP/regulatory oversight)
+ \item Integration with merchants (E-commerce, publishers, public transportation, e-health, ...)
+ \item Usability studies and accessibility improvement
+ \item Organized events with discussions on the future of money
+ \item Technical enhancement (donations, tax deductions, subscriptions, programmable money,
+ hardware development, ...)
+ \end{itemize}
+ \begin{center}
+ $\Rightarrow$ EU-wide activities (+non-EU partners)
+ \end{center}
+\end{frame}
+
+
+\begin{frame}
+\frametitle{Do you have any questions?}
+\vfill
+References:
+{\tiny
+ \begin{enumerate}
+ \item{Martin Summer and Hannes Hermanky.
+ {\em A digital euro and the future of cash}.
+ {\bf Monetary Policy \& The Economy Q1-Q2/22}, 2022.}
+ \item{David Chaum, Christian Grothoff and Thomas Moser.
+ {\em How to issue a central bank digital currency}.
+ {\bf SNB Working Papers, 2021}.}
+ \item{Priscilla Huang, Emmanuel Benoist, and Sebastian Javier Marchano.
+ {\em Practical Offline Payments Using One-Time Passcodes}.
+ {\bf SUREF Policy Note}, Issue No 622, June 2023.}
+ \item{Antoine d'Aligny, Emmanuel Benoist, Florian Dold, Christian Grothoff, \"Ozg\"ur Kesim and Martin Schanzenbach.
+ {\em Who comes after us? The correct mindset for designing a Central Bank Digital Currency}.
+ {\bf SUREF Policy Note}, Issue No 279, May 2022.}
+ \item{Christian Grothoff and Alex Pentland.
+ {\em Digital cash and privacy: What are the alternatives to Libra?}.
+ {\bf MIT Media Lab}, 2019.}
+ \item{Christian Grothoff, Bart Polot and Carlo von Loesch.
+ {\em The Internet is broken: Idealistic Ideas for Building a GNU Network}.
+ {\bf W3C/IAB Workshop on Strengthening the Internet Against Pervasive Monitoring (STRINT)}, 2014.}
+\end{enumerate}
+}
+\end{frame}
+
+
+\end{document}
diff --git a/presentations/2021-cb/boh.tex b/presentations/2021-cb/boh.tex
@@ -0,0 +1,367 @@
+\pdfminorversion=3
+\documentclass[fleqn,xcolor={usenames,dvipsnames}]{beamer}
+\usepackage{amsmath}
+\usepackage{multimedia}
+\usepackage[utf8]{inputenc}
+\usepackage{framed,color,ragged2e}
+\usepackage[absolute,overlay]{textpos}
+\definecolor{shadecolor}{rgb}{0.8,0.8,0.8}
+\usetheme{boxes}
+\setbeamertemplate{navigation symbols}{}
+\usepackage{xcolor}
+\usepackage{tikz,eurosym}
+\usepackage[normalem]{ulem}
+\usepackage{listings}
+\usepackage{adjustbox}
+
+% CSS
+\lstdefinelanguage{CSS}{
+ basicstyle=\ttfamily\scriptsize,
+ keywords={color,background-image:,margin,padding,font,weight,display,position,top,left,right,bottom,list,style,border,size,white,space,min,width, transition:, transform:, transition-property, transition-duration, transition-timing-function},
+ sensitive=true,
+ morecomment=[l]{//},
+ morecomment=[s]{/*}{*/},
+ morestring=[b]',
+ morestring=[b]",
+ alsoletter={:},
+ alsodigit={-}
+}
+
+% JavaScript
+\lstdefinelanguage{JavaScript}{
+ basicstyle=\ttfamily\scriptsize,
+ morekeywords={typeof, new, true, false, catch, function, return, null, catch, switch, var, if, in, while, do, else, case, break},
+ morecomment=[s]{/*}{*/},
+ morecomment=[l]//,
+ morestring=[b]",
+ morestring=[b]'
+}
+
+\lstdefinelanguage{HTML5}{
+ basicstyle=\ttfamily\scriptsize,
+ language=html,
+ sensitive=true,
+ alsoletter={<>=-},
+ morecomment=[s]{<!-}{-->},
+ tag=[s],
+ otherkeywords={
+ % General
+ >,
+ % Standard tags
+ <!DOCTYPE,
+ </html, <html, <head, <title, </title, <style, </style, <link, </head, <meta, />,
+ % body
+ </body, <body,
+ % Divs
+ </div, <div, </div>,
+ % Paragraphs
+ </p, <p, </p>,
+ % scripts
+ </script, <script,
+ % More tags...
+ <canvas, /canvas>, <svg, <rect, <animateTransform, </rect>, </svg>, <video, <source, <iframe, </iframe>, </video>, <image, </image>
+ },
+ ndkeywords={
+ % General
+ =,
+ % HTML attributes
+ charset=, src=, id=, width=, height=, style=, type=, rel=, href=,
+ % SVG attributes
+ fill=, attributeName=, begin=, dur=, from=, to=, poster=, controls=, x=, y=, repeatCount=, xlink:href=,
+ % CSS properties
+ margin:, padding:, background-image:, border:, top:, left:, position:, width:, height:,
+ % CSS3 properties
+ transform:, -moz-transform:, -webkit-transform:,
+ animation:, -webkit-animation:,
+ transition:, transition-duration:, transition-property:, transition-timing-function:,
+ }
+}
+
+\lstdefinelanguage{JavaScript}{
+ basicstyle=\ttfamily\scriptsize,
+ keywords={typeof, new, true, false, catch, function, return, null, catch, switch, var, if, in, while, do, else, case, break, for},
+ keywordstyle=\color{blue}\bfseries,
+ ndkeywords={class, export, boolean, throw, implements, import, this},
+ ndkeywordstyle=\color{darkgray}\bfseries,
+ identifierstyle=\color{black},
+ sensitive=false,
+ comment=[l]{//},
+ morecomment=[s]{/*}{*/},
+ commentstyle=\color{purple}\ttfamily,
+ stringstyle=\color{red}\ttfamily,
+ morestring=[b]',
+ morestring=[b]"
+}
+
+\usetikzlibrary{shapes,arrows}
+\usetikzlibrary{positioning}
+\usetikzlibrary{calc}
+
+\title{GNU Taler as a Retail CBDC}
+%\subtitle{}
+
+\setbeamertemplate{navigation symbols}{\includegraphics[width=1cm]{inria.pdf} \includegraphics[width=2.3cm]{bfh.png} \includegraphics[width=1.6cm]{fub.pdf} \includegraphics[width=0.4cm]{ashoka.png} \includegraphics[width=0.4cm]{gnu.png} \includegraphics[width=1cm]{logo-2020.jpg} \hfill}
+%\setbeamercovered{transparent=1}
+
+\author[C. Grothoff]{{\bf C. Grothoff}}
+\date{10.09.2023}
+\institute{Bern University of Applied Sciences}
+
+
+\begin{document}
+
+\justifying
+
+\begin{frame}
+ \begin{center}
+ \LARGE {\bf GNU}
+
+ \vfill
+% \includegraphics[width=0.66\textwidth]{logo-2017-fr.pdf}
+ \includegraphics[width=0.66\textwidth]{logo-2021.pdf}
+
+ as a Retail CBDC
+ \vfill
+ \end{center}
+\begin{textblock*}{6cm}(.5cm,7.7cm) % {block width} (coords)
+ {\Large {\bf \href{https://taler.net/}{taler.net}} \\
+ \href{https://taler-systems.com/}{taler-systems.com}}
+\end{textblock*}
+
+% Substitute based on who is giving the talk!
+ \begin{textblock*}{6cm}(6.7cm,7.7cm) % {block width} (coords)
+ {%\hfill {\Large {\bf Florian Dold \&} \\
+ \hfill {\bf Christian Grothoff} \\
+ \hfill grothoff@taler.net }
+\end{textblock*}
+
+\end{frame}
+
+\section{Introduction}
+
+\begin{frame}{Main Points}
+ \framesubtitle{\url{https://taler.net/}}
+Our payment system:
+\begin{itemize}
+\item is token-based (no accounts), centrally issued (not DLT); as efficient and cost-effective
+as modern real-time gross settlement (RTGS) systems operated by central banks;
+\item is designed to provide an electronic equivalent to banknotes, therefore no material
+impact on monetary policy and/or financial stability expected;
+\item guarantees privacy for the payer, combined with KYC/AML/CFT compliance and
+income transparency to ensure taxes are paid;
+\item is implemented as Free/Libre and Open Source Software (FLOSS) to provide
+transparency, accountability, and security (part of the GNU project).
+\end{itemize}
+\end{frame}
+
+
+\begin{frame}{Payment Systems: Accounts vs. Tokens}
+Two types of payment systems:
+\begin{enumerate}
+\item {\bf account-based system}: transfer occurs by charging the payer’s account and crediting
+the payee’s account (e.g., bank deposits)
+\item {\bf token-based (value-based) system}: transfer occurs by transferring the value itself, or a
+token that represents the monetary asset (e.g., banknotes)
+\end{enumerate}
+Key Difference is the information carried by the information asset:
+\begin{itemize}
+\item account (assets): associated with a transaction history
+\item token (assets): carry information about value and entity that issued the token
+\end{itemize}
+Bitcoin, and Distributed Ledger Technologies (DLTs) in general, are account-based systems!
+Novelty is that the ledger is distributed (decentralized).
+\end{frame}
+
+
+\begin{frame}{Simplistic rCBDC Designs}
+ \framesubtitle{\url{https://edwardsnowden.substack.com/p/cbdcs}}
+ \begin{itemize}
+\item Account-based rCBDC (e.g., Bindseil 2020, Berentsen and Schär 2018):
+\begin{itemize}
+\item simplest solution: central bank account for all
+\item responsibility to perform KYC and ensure AML/CFT (could be outsourced);
+\item potential for mass-surveillance (threat to CB independence);
+\item in direct competition with commercial banks
+\end{itemize} \pause
+\item Token-based rCBDC:
+\begin{itemize}
+\item requires a system to ensure that electronic tokens are not easily copied
+(hardware-based or software-based) \\ $\rightarrow$ double-spending problem
+\item KYC and AML/CFT compliance?
+\end{itemize}
+\end{itemize}
+\end{frame}
+
+
+\section{What is Taler?}
+\begin{frame}{What is Taler?}
+ \begin{center}
+Taler is an electronic instant payment system based on tokens.
+ \end{center}
+ \begin{itemize}
+ \item Uses electronic coins stored in {\bf wallets} on customer's device
+ \item Like {\bf cash}
+ \item Pay in {\bf existing currencies} (i.e. CHF, EUR, USD)
+ \end{itemize}
+ \vfill
+ \pause
+ \noindent
+ However, Taler is
+ \begin{itemize}
+ \item \emph{not} a currency
+ \item \emph{not} a long-term store of value
+ \item \emph{not} a network or instance of a system
+ \item \emph{not} decentralized
+ \item \emph{not} based on proof-of-work or proof-of-stake
+ \item \emph{not} a speculative asset / ``get-rich-quick scheme''
+ \end{itemize}
+\end{frame}
+
+
+\begin{frame}{Some of the people behind GNU Taler}
+{\tiny
+\begin{itemize}
+ \item Prof. Christian Grothoff (research \& development)
+ \item Prof. Andreas Habegger (research, hardware)
+ \item Prof. Emmanuel Benoist (research, cryptography)
+ \item Prof. Tanja Lange (research, cryptography)
+ \item Prof. Matthias W\"ahlisch (research, embedded systems)
+ \item Dr. Florian Dold (cryptography, systems engineering)
+ \item Dr. Thomas Moser (economics)
+ \item Dr. Richard Stallman (ethics)
+ \item Dr. Michael Widmer, MBA (legal)
+ \item Dr. Belén Barros Pena (UX design, accessibility)
+ \item Leon Schumacher, MBA (business)
+ \item Marcello (bank integration)
+ \item \"Ozg\"ur (security audit, age restrictions)
+ \item Sebastian (Web interface)
+ \item Stefan (documentation, project management)
+ \item Torsten (Andorid wallet)
+ \item Marc (iOS wallet)
+ \item Ivan (backup)
+\end{itemize}
+}
+\end{frame}
+
+
+\begin{frame}{Design Principles}
+ \framesubtitle{https://taler.net/en/principles.html}
+GNU Taler must ...
+\begin{enumerate}
+ \item {... be implemented as {\bf free software}.}
+ \item {... protect the {\bf privacy of buyers}.}
+ \item {... must enable the state to {\bf tax income} and crack down on
+ illegal business activities.}
+ \item {... prevent payment fraud.}
+ \item {... only {\bf disclose the minimal amount of information
+ necessary}.}
+ \item {... be usable.}
+ \item {... be efficient.}
+ \item {... avoid single points of failure.}
+ \item {... foster {\bf competition}.}
+\end{enumerate}
+\end{frame}
+
+
+\begin{frame}{The Big Picture (SNB)}
+\begin{center}
+\includegraphics[width=0.8\textwidth]{bp.png}
+\end{center}
+\end{frame}
+
+
+\begin{frame}{The Big Picture (Taler Pilot)}
+\begin{center}
+\includegraphics[width=0.8\textwidth]{operations.png}
+\end{center}
+\end{frame}
+
+
+\begin{frame}{Taler: Unique Regulatory Features for CBs}
+ \framesubtitle{\url{https://www.snb.ch/en/mmr/papers/id/working_paper_2021_03}}
+ \begin{itemize}
+ \item Central bank issues digital coins equivalent to issuing cash \\
+ $\Rightarrow$ monetary policy remains under CB control
+ \item Architecture with consumer accounts at commercial banks \\
+ $\Rightarrow$ no competition for commercial banking (S\&L) \\
+ $\Rightarrow$ CB does not have to manage KYC, customer support
+ \item Withdrawal limits and denomination expiration \\
+ $\Rightarrow$ protects against bank runs and hoarding
+ \item Income transparency and possibility to set fees \\
+ $\Rightarrow$ additional insights into economy and new policy options
+ \item Revocation protocols and loss limitations \\
+ $\Rightarrow$ exit strategy and handles catastrophic security incidents
+ \item Privacy by cryptographic design not organizational compliance \\
+ $\Rightarrow$ CB cannot be forced to facilitate mass-surveillance
+ \end{itemize}
+\end{frame}
+
+
+\section{Competitor comparison}
+\begin{frame}{Competitor comparison}
+ \begin{center} \small
+ \begin{tabular}{l||c|c|c|c|c}
+ & Cash & DLT & HW-Token & CB-Account & GNU Taler \\ \hline \hline
+ Online &$-$$-$$-$ & + & $-$ & ++ & +++ \\ \hline
+ Offline & +++ & $-$$-$$-$ & $+$ & $-$$-$ & $+$ \\ \hline
+ Cost & $-$ & $-$$-$$-$ & $-$ & + & ++ \\ \hline
+ Speed & + & $-$$-$$-$ & $+$ & o & ++ \\ \hline
+ Taxation & $-$ & +++ & $-$$-$ & +++ & +++ \\ \hline
+ Payer-anon & ++ & $-$$-$ & ??? & $-$$-$ & +++ \\ \hline
+ Payee-anon & ++ & $-$$-$ & ??? & $-$$-$ & $-$$-$$-$ \\ \hline
+ Security & $-$ & ??? & $-$$-$ & o & ++ \\ \hline
+ Migration & +++ & $-$$-$$-$ & $-$$-$$-$& o & + \\ \hline
+ Libre & $-$ & ??? & $-$$-$$-$& N/A & +++ \\
+ \end{tabular}
+ \end{center}
+\end{frame}
+
+
+\begin{frame}{The Future: Taler PILOT}
+ First deployments with retail banks 2024--2026:
+ \begin{itemize}
+ \item Integration with respective core banking systems
+ \item Integration with compliance (KYC/KYB/AML/CFT processes)
+ \item Development of legal framework (ToS/PP/regulatory oversight)
+ \item Integration with merchants (E-commerce, publishers, public transportation, e-health, ...)
+ \item Usability studies and accessibility improvement
+ \item Organized events with discussions on the future of money
+ \item Technical enhancement (donations, tax deductions, subscriptions, programmable money,
+ hardware development, ...)
+ \end{itemize}
+ \begin{center}
+ $\Rightarrow$ EU-wide activities (+non-EU partners)
+ \end{center}
+\end{frame}
+
+
+\begin{frame}
+\frametitle{Do you have any questions?}
+\vfill
+References:
+{\tiny
+ \begin{enumerate}
+ \item{Martin Summer and Hannes Hermanky.
+ {\em A digital euro and the future of cash}.
+ {\bf Monetary Policy \& The Economy Q1-Q2/22}, 2022.}
+ \item{David Chaum, Christian Grothoff and Thomas Moser.
+ {\em How to issue a central bank digital currency}.
+ {\bf SNB Working Papers, 2021}.}
+ \item{Priscilla Huang, Emmanuel Benoist, and Sebastian Javier Marchano.
+ {\em Practical Offline Payments Using One-Time Passcodes}.
+ {\bf SUREF Policy Note}, Issue No 622, June 2023.}
+ \item{Antoine d'Aligny, Emmanuel Benoist, Florian Dold, Christian Grothoff, \"Ozg\"ur Kesim and Martin Schanzenbach.
+ {\em Who comes after us? The correct mindset for designing a Central Bank Digital Currency}.
+ {\bf SUREF Policy Note}, Issue No 279, May 2022.}
+ \item{Christian Grothoff and Alex Pentland.
+ {\em Digital cash and privacy: What are the alternatives to Libra?}.
+ {\bf MIT Media Lab}, 2019.}
+ \item{Christian Grothoff, Bart Polot and Carlo von Loesch.
+ {\em The Internet is broken: Idealistic Ideas for Building a GNU Network}.
+ {\bf W3C/IAB Workshop on Strengthening the Internet Against Pervasive Monitoring (STRINT)}, 2014.}
+\end{enumerate}
+}
+\end{frame}
+
+
+\end{document}
diff --git a/presentations/bank/intro.tex b/presentations/bank/intro.tex
@@ -218,16 +218,16 @@ GNU Taler must ...
\item Enhanced digital efficiency (usability, convenience, speed)
\item Cash-like features (one-sided privacy, viable microtransactions)
\item Competitive features (age-restrictions, p2p payments, etc.)
- \item Enhanced monetary policy options (friendly for central banks)
+% \item Enhanced monetary policy options (friendly for central banks)
\item Increased resilience (full-stack replacement)
\item Internationally usable (including unbanked or tourists)
\item Low-cost and thus environmentally friendly
\item Free Software provides provider-neutral infrastructure
\item Compliant with regulation (AML, KYC, CFT) as privacy is one-sided and payments remain intermediated
- \item Non-core components to be operated by private entities
+% \item Non-core components to be operated by private entities
\item Protocol is an open standard with freely available reference implementations
- \item Possibility to limit amounts withdrawn by non-residents
- \item Uses modern cryptography, highly regarded peer-reviewed design and implementation
+% \item Possibility to limit amounts withdrawn by non-residents
+ \item Uses modern cryptography, peer-reviewed design and implementation
\end{enumerate}
\end{frame}
@@ -304,89 +304,6 @@ GNU Taler must ...
-\begin{frame}[fragile]{Option 1: Central Bank as Pure Regulator}
-\begin{adjustbox}{max totalsize={.9\textwidth}{.7\textheight},center}
-\begin{tikzpicture}
- \tikzstyle{def} = [node distance= 6em and 6.5em, inner sep=1em, outer sep=.3em];
- \node (origin) at (0,0) {};
- \node (central) [def,above=of origin,draw]{Central Bank};
- \node (banka) [def, draw, below right=of exchange] {Commercial Bank B};
- \node (bankb) [def, draw, below left=of exchange] {Commercial Bank A};
- \node (consumera) [def, draw, below=of banka] {Consumers};
- \node (consumerb) [def, draw, below=of bankb] {Consumers};
- \tikzstyle{C} = [color=black, line width=1pt]
-
- \draw [->, C] (central) -- (banka) node [midway, above, sloped] (TextNode) {supervision};
- \draw [->, C] (central) -- (bankb) node [midway, above, sloped] (TextNode) {supervision};
- \draw [<->, C] (banka) -- (bankb) node [midway, above, sloped] (TextNode) {settlement};
- \draw [<->, C] (consumera) -- (banka) node [midway, above, sloped] (TextNode) {KYC};
- \draw [<->, C] (consumera) -- (banka) node [midway, below, sloped] (TextNode) {transact};
- \draw [<->, C] (consumerb) -- (bankb) node [midway, above, sloped] (TextNode) {KYC};
- \draw [<->, C] (consumerb) -- (bankb) node [midway, below, sloped] (TextNode) {transact};
-\end{tikzpicture}
-\end{adjustbox}
-The central bank could leave the operation of the core system to commercial
-banks (see Auer, BIS 2021) and focus on (real-time) supervision of the system.
-\end{frame}
-
-
-\begin{frame}[fragile]{Option 2: Central Bank as Core System Operator}
-\begin{adjustbox}{max totalsize={.9\textwidth}{.7\textheight},center}
-\begin{tikzpicture}
- \tikzstyle{def} = [node distance= 6em and 6.5em, inner sep=1em, outer sep=.3em];
- \node (origin) at (0,0) {};
- \node (central) [def,above=of origin,draw]{Central Bank};
- \node (banka) [def, draw, below right=of exchange] {Commercial Bank B};
- \node (bankb) [def, draw, below left=of exchange] {Commercial Bank A};
- \node (consumera) [def, draw, below=of banka] {Consumers};
- \node (consumerb) [def, draw, below=of bankb] {Consumers};
- \tikzstyle{C} = [color=black, line width=1pt]
-
- \draw [<->, C] (central) -- (banka) node [midway, above, sloped] (TextNode) {transact};
- \draw [<->, C] (central) -- (bankb) node [midway, above, sloped] (TextNode) {transact};
- \draw [<-, C] (consumera) -- (banka) node [midway, above, sloped] (TextNode) {KYC};
- \draw [<-, C] (consumera) -- (banka) node [midway, below, sloped] (TextNode) {transact};
- \draw [<-, C] (consumerb) -- (bankb) node [midway, above, sloped] (TextNode) {KYC};
- \draw [<-, C] (consumerb) -- (bankb) node [midway, below, sloped] (TextNode) {transact};
-\end{tikzpicture}
-\end{adjustbox}
-If the central bank operates the core system, interbank settlements
-are no longer required.
-\end{frame}
-
-
-\begin{frame}[fragile]{Option 3: Central Bank M.I.A.}
-\begin{adjustbox}{max totalsize={.9\textwidth}{.7\textheight},center}
-\begin{tikzpicture}
- \tikzstyle{def} = [node distance= 6em and 6.5em, inner sep=1em, outer sep=.3em];
- \node (origin) at (0,0) {};
- \node (central) [def,above=of origin,draw]{Regulator / Auditor};
- \node (banka) [def, draw, below right=of exchange] {Commercial Bank C};
- \node (bankb) [def, draw, below left=of exchange] {Commercial Bank A};
- \node (bankc) [def, draw, below =of exchange] {Commercial Bank B};
- \node (consumera) [def, draw, below=of banka] {Consumers};
- \node (consumerb) [def, draw, below=of bankb] {Consumers};
- \node (consumerc) [def, draw, below=of bankc] {Consumers};
- \tikzstyle{C} = [color=black, line width=1pt]
-
- \draw [->, C] (central) -- (banka) node [midway, above, sloped] (TextNode) {supervision};
- \draw [->, C] (central) -- (bankb) node [midway, above, sloped] (TextNode) {supervision};
- \draw [->, C] (central) -- (bankc) node [midway, above, sloped] (TextNode) {supervision};
- \draw [<->, C] (banka) -- (bankc) node [midway, above, sloped] (TextNode) {settlement};
- \draw [<->, C] (consumerb) -- (bankb) node [midway, above, sloped] (TextNode) {KYC};
- \draw [<->, C] (consumera) -- (banka) node [midway, above, sloped] (TextNode) {KYC};
- \draw [<->, C] (consumera) -- (banka) node [midway, below, sloped] (TextNode) {transact};
- \draw [<->, C] (consumerc) -- (bankc) node [midway, above, sloped] (TextNode) {KYC};
- \draw [<->, C] (consumerc) -- (bankc) node [midway, below, sloped] (TextNode) {transact};
-\end{tikzpicture}
-\end{adjustbox}
-If participation is voluntary, bank $A$ may not offer GNU Taler, or not
-settle with other banks. Its customers may of course choose to be onboarded via
-other banks to avoid being excluded.
-\end{frame}
-
-
-
\begin{frame}[fragile]{Bank Operator Perspective}
\begin{adjustbox}{max totalsize={.9\textwidth}{.7\textheight},center}
\begin{tikzpicture}
@@ -413,7 +330,7 @@ other banks to avoid being excluded.
\begin{frame}
-\frametitle{Regulator Perspective}
+\frametitle{Auditor Perspective}
\begin{center}
\begin{tikzpicture}
\tikzstyle{def} = [node distance=2em and 2.5em, inner sep=1em, outer sep=.3em];
@@ -567,7 +484,8 @@ Once everyone is happy with Beta, move to production.
\begin{frame}{Discussion topics}
\begin{itemize}
\item Technology: GNU Taler components, APIs and cryptography
- \item Bank Integration: Taler wire gateway vs. your core banking API
+ \item Bank Integration: Taler wire gateway \& {\bf bank integration API}
+ vs. your core banking API
\item App Integration: Taler Apps vs. your customer-facing Apps
\item Compliance: Taler compliance APIs vs. your compliance processes
\item Business development: Taler USPs vs. your customers
@@ -588,9 +506,6 @@ References:
\item{David Chaum, Christian Grothoff and Thomas Moser.
{\em How to issue a central bank digital currency}.
{\bf SNB Working Papers}, 3/2021.}
- \item{Antoine d'Aligny, Emmanuel Benoist and Christian Grothoff.
- {\em Project Depolymerization: Tokenization of Blockchains}.
- {\bf BRAINS'22}, 2022.}
\item{Antoine d'Aligny, Emmanuel Benoist, Florian Dold, Christian Grothoff, \"Ozg\"ur Kesim and Martin Schanzenbach.
{\em Who comes after us? The correct mindset for designing a Central Bank Digital Currency}.
{\bf SUREF Policy Note}, Issue No 279, May 2022.}
@@ -609,14 +524,93 @@ References:
\item{Jeffrey Burdges, Florian Dold, Christian Grothoff and Marcello Stanisci.
{\em Enabling Secure Web Payments with GNU Taler}.
{\bf SPACE 2016}.}
- \item{Florian Dold, Sree Harsha Totakura, Benedikt M\"uller, Jeffrey Burdges and Christian Grothoff.
- {\em Taler: Taxable Anonymous Libre Electronic Reserves}.
- Available upon request. 2016.}
- \item{David Chaum, Amos Fiat and Moni Naor.
- {\em Untraceable electronic cash}.
- {\bf Proceedings on Advances in Cryptology, 1990}.}
\end{enumerate}
}
\end{frame}
\end{document}
+
+
+\begin{frame}[fragile]{Option 1: Central Bank as Pure Regulator}
+\begin{adjustbox}{max totalsize={.9\textwidth}{.7\textheight},center}
+\begin{tikzpicture}
+ \tikzstyle{def} = [node distance= 6em and 6.5em, inner sep=1em, outer sep=.3em];
+ \node (origin) at (0,0) {};
+ \node (central) [def,above=of origin,draw]{Central Bank};
+ \node (banka) [def, draw, below right=of exchange] {Commercial Bank B};
+ \node (bankb) [def, draw, below left=of exchange] {Commercial Bank A};
+ \node (consumera) [def, draw, below=of banka] {Consumers};
+ \node (consumerb) [def, draw, below=of bankb] {Consumers};
+ \tikzstyle{C} = [color=black, line width=1pt]
+
+ \draw [->, C] (central) -- (banka) node [midway, above, sloped] (TextNode) {supervision};
+ \draw [->, C] (central) -- (bankb) node [midway, above, sloped] (TextNode) {supervision};
+ \draw [<->, C] (banka) -- (bankb) node [midway, above, sloped] (TextNode) {settlement};
+ \draw [<->, C] (consumera) -- (banka) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumera) -- (banka) node [midway, below, sloped] (TextNode) {transact};
+ \draw [<->, C] (consumerb) -- (bankb) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumerb) -- (bankb) node [midway, below, sloped] (TextNode) {transact};
+\end{tikzpicture}
+\end{adjustbox}
+The central bank could leave the operation of the core system to commercial
+banks (see Auer, BIS 2021) and focus on (real-time) supervision of the system.
+\end{frame}
+
+
+\begin{frame}[fragile]{Option 2: Central Bank as Core System Operator}
+\begin{adjustbox}{max totalsize={.9\textwidth}{.7\textheight},center}
+\begin{tikzpicture}
+ \tikzstyle{def} = [node distance= 6em and 6.5em, inner sep=1em, outer sep=.3em];
+ \node (origin) at (0,0) {};
+ \node (central) [def,above=of origin,draw]{Central Bank};
+ \node (banka) [def, draw, below right=of exchange] {Commercial Bank B};
+ \node (bankb) [def, draw, below left=of exchange] {Commercial Bank A};
+ \node (consumera) [def, draw, below=of banka] {Consumers};
+ \node (consumerb) [def, draw, below=of bankb] {Consumers};
+ \tikzstyle{C} = [color=black, line width=1pt]
+
+ \draw [<->, C] (central) -- (banka) node [midway, above, sloped] (TextNode) {transact};
+ \draw [<->, C] (central) -- (bankb) node [midway, above, sloped] (TextNode) {transact};
+ \draw [<-, C] (consumera) -- (banka) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<-, C] (consumera) -- (banka) node [midway, below, sloped] (TextNode) {transact};
+ \draw [<-, C] (consumerb) -- (bankb) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<-, C] (consumerb) -- (bankb) node [midway, below, sloped] (TextNode) {transact};
+\end{tikzpicture}
+\end{adjustbox}
+If the central bank operates the core system, interbank settlements
+are no longer required.
+\end{frame}
+
+
+\begin{frame}[fragile]{Option 3: Central Bank M.I.A.}
+\begin{adjustbox}{max totalsize={.9\textwidth}{.7\textheight},center}
+\begin{tikzpicture}
+ \tikzstyle{def} = [node distance= 6em and 6.5em, inner sep=1em, outer sep=.3em];
+ \node (origin) at (0,0) {};
+ \node (central) [def,above=of origin,draw]{Regulator / Auditor};
+ \node (banka) [def, draw, below right=of exchange] {Commercial Bank C};
+ \node (bankb) [def, draw, below left=of exchange] {Commercial Bank A};
+ \node (bankc) [def, draw, below =of exchange] {Commercial Bank B};
+ \node (consumera) [def, draw, below=of banka] {Consumers};
+ \node (consumerb) [def, draw, below=of bankb] {Consumers};
+ \node (consumerc) [def, draw, below=of bankc] {Consumers};
+ \tikzstyle{C} = [color=black, line width=1pt]
+
+ \draw [->, C] (central) -- (banka) node [midway, above, sloped] (TextNode) {supervision};
+ \draw [->, C] (central) -- (bankb) node [midway, above, sloped] (TextNode) {supervision};
+ \draw [->, C] (central) -- (bankc) node [midway, above, sloped] (TextNode) {supervision};
+ \draw [<->, C] (banka) -- (bankc) node [midway, above, sloped] (TextNode) {settlement};
+ \draw [<->, C] (consumerb) -- (bankb) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumera) -- (banka) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumera) -- (banka) node [midway, below, sloped] (TextNode) {transact};
+ \draw [<->, C] (consumerc) -- (bankc) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumerc) -- (bankc) node [midway, below, sloped] (TextNode) {transact};
+\end{tikzpicture}
+\end{adjustbox}
+If participation is voluntary, bank $A$ may not offer GNU Taler, or not
+settle with other banks. Its customers may of course choose to be onboarded via
+other banks to avoid being excluded.
+\end{frame}
+
+
+
