slides.tex (5947B)
1 \documentclass[c]{beamer} 2 3 %\usepackage{helvet} 4 \usepackage{calc} 5 \usepackage[utf8]{inputenc} % set your input encoding differently, if you want 6 \usepackage[english]{babel} 7 8 %\usepackage{enumitem} 9 \usepackage{eurosym} 10 \usepackage{tikz,ulem} 11 \usepackage{pgfgantt} 12 \usepackage{amsmath,amssymb} 13 \usetikzlibrary{shapes,arrows} 14 \usetikzlibrary{positioning} 15 \usetikzlibrary{calc} 16 \usepackage[absolute,overlay]{textpos} 17 18 %\setbeameroption{show notes} 19 20 %\setlist[itemize]{label=$\bullet$} 21 22 23 \def\checkmark{\tikz\fill[scale=0.4](0,.35) -- (.25,0) -- (1,.7) -- (.25,.15) -- cycle;} 24 25 \setbeamertemplate{navigation symbols}{} 26 %\setbeamercovered{transparent=10} 27 \setbeamertemplate{navigation symbols}{\url{taler.net}} 28 %\setbeamertemplate{section in toc}[sections numbered] 29 30 % Adapt title information 31 % ======================= 32 \title{Who comes after us? The correct mindset for designing a Central Bank Digital Currency} 33 %\institute{} 34 \author{Antoine~d'Aligny, Emmanuel~Benoist, Florian~Dold, Christian~Grothoff, \"Ozg\"ur~Kesim, Martin~Schanzenbach} 35 \date{\today} 36 37 % Some common packages 38 % ==================== 39 \usepackage{units} 40 \usepackage{amsbsy} 41 \usepackage{amsmath} 42 \usepackage{amssymb} 43 \usepackage{graphics} 44 \usepackage{epsf} 45 \usepackage{epsfig} 46 \usepackage{fixmath} 47 \usepackage{wrapfig} 48 49 50 \usetikzlibrary{snakes} 51 52 53 \begin{document} 54 55 \begin{frame} 56 \vfill 57 \begin{center} 58 {\bf Who comes after us? \\ 59 The correct mindset for designing a CBDC} 60 61 \vspace{2cm} 62 A.~d'Aligny, E.~Benoist, F.~Dold, \\ 63 C.~Grothoff, \"O.~Kesim \& M.~Schanzenbach 64 \end{center} 65 \vfill 66 \end{frame} 67 68 \section{The Problem} 69 70 \begin{frame}{The Problem} 71 \begin{center} 72 \includegraphics[width=0.7\textwidth]{wir-sind-die-guten.png} 73 \end{center} 74 \end{frame} 75 76 77 \begin{frame}{``Nobody comes after us''} 78 \begin{center} 79 \includegraphics[width=0.5\textwidth]{general_alexander.jpg} 80 \end{center} 81 \end{frame} 82 83 84 \begin{frame}{How much trust and protection are needed?} 85 \includegraphics[width=0.45\textwidth]{twitter.jpg} 86 \includegraphics[width=0.45\textwidth]{twitter2.jpg} 87 \end{frame} 88 89 90 \begin{frame}{GDPR principles} 91 \begin{itemize} 92 \item Lawfulness, fairness and transparency 93 \item Purpose limitation 94 \item Data minimisation 95 \item Accuracy 96 \item Storage limitation 97 \item Integrity and confidentiality (security) 98 \item Accountability 99 \end{itemize} 100 \begin{center} 101 ``Data is a toxic asset.'' --Bruce Schneier 102 \end{center} 103 \vfill 104 \end{frame} 105 106 107 \begin{frame}{Designs with accounts} 108 \begin{itemize} 109 \item Lawfulness?, fairness and transparency 110 \item \sout{Purpose limitation} 111 \item \sout{Data minimisation} 112 \item Accuracy? 113 \item Storage limitation? 114 \item Integrity and \sout{confidentiality (security)} 115 \item Accountability 116 \end{itemize} 117 \begin{center} 118 ``Data is a toxic asset.'' --Bruce Schneier 119 \end{center} 120 \vfill 121 \end{frame} 122 123 124 \begin{frame}{Limiting Hoarding without Accounts} 125 Using accounts to limit hoarding is a not the only choice. 126 We believe there are several alternatives: 127 \begin{itemize} 128 \item Token-hoarding is not risk-free 129 \item Withdraw limits 130 \item Negative interest rates on holding digital cash (i.e. via fees) 131 \item CBDC-to-CBDC conversion limits on key rotation 132 \end{itemize} 133 \begin{center} 134 {\bf The ECB report fails to appreciate expressiveness of tokens and 135 under-estimates the dangers from accounts.} 136 \end{center} 137 \vfill 138 \end{frame} 139 140 141 \begin{frame}{Design Principles} 142 \framesubtitle{https://taler.net/en/principles.html} 143 Any rCBDC must ... 144 \begin{enumerate} 145 \item {... be implemented as {\bf free software}.} 146 \item {... protect the {\bf privacy of buyers}.} 147 \item {... must enable the state to {\bf tax income} and crack down on 148 illegal business activities.} 149 \item {... prevent payment fraud.} 150 \item {... only {\bf disclose the minimal amount of information 151 necessary}.} 152 \item {... be usable.} 153 \item {... be efficient.} 154 \item {... avoid single points of failure.} 155 \item {... foster {\bf competition}.} 156 \end{enumerate} 157 \end{frame} 158 159 \end{document} 160 161 \section{Solution} 162 \begin{frame}{The Right Mindset\footnote{Image: That Mitchell and Webb Look: Series 1 Episode 1}} 163 \vfill 164 \begin{center} 165 \includegraphics[width=0.7\textwidth]{are-we-the-baddies.jpg} 166 \end{center} 167 \vfill 168 \end{frame} 169 170 171 \begin{frame}{Meta Problems} 172 \begin{itemize} 173 \item Meta proposed that for Libra/Diem they would ``firewall'' the Facebook profile data 174 identifying users (KYC) from the transaction data 175 \item Only ``authorities'' would be able to link purchases and real-world identities \pause 176 \item Few believed this would be adequate, as such ``firewalls'' can be torn down, and 177 which ``authorities'' would be trusted to assess the link data is a problem with no easy solution. 178 \end{itemize} 179 \pause 180 \begin{center} 181 {\bf Why should citizens trust central banks implement a design that was not acceptable for Meta?} 182 \end{center} 183 \end{frame} 184 185 186 187 \begin{frame}{Principles for Secure System Design} 188 \begin{itemize} 189 \item Kerkhoff's principle: {\bf Security should not depend upon the secrecy of design (or mechanism).} 190 \item Economy of mechanism: {\bf Prefer mechanisms that are simpler and smaller.} 191 \item Least privilege: {\bf A principal should have the minimum privileges it needs to accomplish its desired operations.} 192 \item Limit trust: {\bf Trust should not be granted forever.} 193 \item Minimized sharing: {\bf No resource should be shared between components or subjects unless it is necessary to 194 do so.} 195 \item Inverse modification threshold: {\bf The degree of protection provided to a component must be commensurate with its trustworthiness.} 196 \item Acceptable security: {\bf The level of privacy the system provides should be consistent with the users’ expectations.} 197 \end{itemize} 198 \begin{center} 199 ``Important principles may, and must, be inflexible.'' --Abraham Lincoln 200 \end{center} 201 \end{frame}