fisma-leon.tex (20119B)
1 % Leon's DG FISMA deck (fismav7.pdf), translated 1:1 into the NGI TALER 2 % house format. The argument, the slide order and the wording are his; only 3 % the presentation style is ours. 4 \documentclass[aspectratio=169,t]{beamer} 5 \input taler-macros 6 \usepackage{eurosym} 7 \usepackage{array} 8 \usepackage{booktabs} 9 10 \newcommand{\TITLE}{NEXT \\ GENERATION \\ INTERNET} 11 \newcommand{\SUB}{GNU Taler and the Digital Euro} 12 \newcommand{\AUTHOR}{Leon Schumacher, Tanja Lange, Christian Grothoff} 13 \newcommand{\SPEAKER}{Schumacher, Lange, Grothoff} 14 \newcommand{\INST}{NGI TALER} 15 \newcommand{\DATE}{\\ \ \vspace{0.5cm} \\ October 20\textsuperscript{th} 2026} 16 17 % Do not edit this part 18 \title{\TITLE} 19 \subtitle{\SUB} 20 \date{\DATE} 21 \author[\SPEAKER]{\AUTHOR} 22 \institute{\INST} 23 24 % --- house-style helpers ------------------------------------------------- 25 \definecolor{talerdark}{RGB}{16,42,77} 26 \definecolor{talerlight}{RGB}{232,238,247} 27 \definecolor{talergreen}{RGB}{229,241,236} 28 \definecolor{taleraccent}{RGB}{212,160,23} 29 30 % A dark full-width callout with a small label in the margin. 31 \newcommand{\callout}[2]{% 32 \begin{center} 33 {\setlength{\fboxsep}{4pt}\colorbox{talerdark}{% 34 \begin{minipage}{0.93\textwidth} 35 \raggedright\color{white}\footnotesize 36 {\color{taleraccent}\scriptsize\bf #1}\hspace{0.8em}#2 37 \end{minipage}}}% 38 \end{center}} 39 40 % A light full-width callout. 41 \newcommand{\lightnote}[1]{% 42 \begin{center} 43 {\setlength{\fboxsep}{4pt}\colorbox{talerlight}{% 44 \begin{minipage}{0.93\textwidth} 45 \raggedright\scriptsize #1 46 \end{minipage}}}% 47 \end{center}} 48 49 % A boxed column: #1 heading, #2 body, #3 width. 50 \newcommand{\cbox}[3]{% 51 {\setlength{\fboxsep}{4pt}\colorbox{talerlight}{% 52 \begin{minipage}[t]{#3} 53 \raggedright 54 {\footnotesize\bf #1}\\[2pt]{\scriptsize #2} 55 \end{minipage}}}} 56 57 \begin{document} 58 59 \begin{frame}[plain] 60 \maketitle 61 \end{frame} 62 63 64 % ---------------------------------------------------------------- slide 2 65 \begin{frame}{Three payment architectures} 66 \framesubtitle{Architecture choice} 67 \small 68 \begin{center} 69 \begin{tabular}{@{}>{\raggedright\arraybackslash}p{4.4cm}@{\ }>{\raggedright\arraybackslash}p{4.4cm}@{\ }>{\raggedright\arraybackslash}p{4.4cm}@{}} 70 {\bf Account/card $+$ Identity} & {\bf Stablecoin / Blockchain / DLT} 71 & {\bf Bearer-style digital cash} \\[2pt] 72 ID gives access to the money. & Secret private key gives access to the 73 money. & Holding the money gives access to the money. \\[6pt] 74 \midrule 75 {\bf Designed for human-linked payments.} 76 & {\bf Key management and on/off ramps are burdens.} 77 & {\bf Regulated funding and redemption through banking system.} \\ 78 \end{tabular} 79 \end{center} 80 \vfill 81 \callout{A NEW DESIGN}{Use bearer-style, pre-funded digital cash for the 82 digital-cash payment loop, while banks and PSPs remain the rails for 83 funding, redemption and compliance.} 84 \end{frame} 85 86 87 % ---------------------------------------------------------------- slide 3 88 {\setbeamerfont{frametitle}{size=\Large} 89 \begin{frame}{Open-source digital cash for sovereign currencies} 90 \framesubtitle{What Taler is} 91 \begin{center} 92 \begin{tikzpicture}[font=\tiny, 93 box/.style={draw=talerdark!40, fill=talerlight, rounded corners=2pt, 94 text width=2.3cm, align=left, inner sep=3pt, minimum height=1.35cm, 95 anchor=north west, 96 execute at begin node={\hyphenpenalty=10000\exhyphenpenalty=10000}}, 97 arr/.style={-latex, talerdark, thick}] 98 \node[box] (a) at (0,0) 99 {{\bf Regulated funding}\\[2pt] Bank or PSP transfer into the 100 exchange. KYC and AML are applied here.}; 101 \node[box] (b) at (2.75,0) 102 {{\bf Taler wallet}\\[2pt] Software on the user's device. No bank 103 login or card is stored.}; 104 \node[box] (c) at (5.5,0) 105 {{\bf Private payment}\\[2pt] The merchant does not learn who pays. 106 Withdrawal and payment cannot be linked.}; 107 \node[box] (d) at (8.25,0) 108 {{\bf Accountable merchant}\\[2pt] Identified recipient. Income stays 109 visible and auditable.}; 110 \node[box] (e) at (11,0) 111 {{\bf Settlement}\\[2pt] Euro paid out to the merchant's bank 112 account.}; 113 \foreach \x in {2.3,5.05,7.8,10.55} 114 \draw[arr] (\x,-0.75) -- (\x+0.4,-0.75); 115 \end{tikzpicture} 116 \end{center} 117 \vspace{2pt} 118 \begin{center} 119 {\scriptsize Euro / sovereign fiat \ $\cdot$\ No new currency or token 120 \ $\cdot$\ Not a cryptocurrency \ $\cdot$\ Free / open-source 121 software (GNU) \ $\cdot$\ Regulated operators} 122 \end{center} 123 \vspace{2pt} 124 \callout{DESIGN PRINCIPLE}{Privacy for the payer, transparency for the 125 recipient and authorities, regulation where money enters and leaves.} 126 \callout{NON-EXCLUSIVE SOVEREIGNTY}{A FLOSS system can provide maximum 127 sovereignty to any and/or all countries.} 128 \end{frame}} 129 130 131 % ---------------------------------------------------------------- slide 4 132 \begin{frame}{One payment, five steps} 133 \framesubtitle{How Taler works} 134 \begin{center} 135 \begin{tikzpicture}[font=\scriptsize, 136 lane/.style={draw=talerdark!40, fill=talerlight, rounded corners=2pt, 137 text width=2.5cm, align=center, inner sep=3pt}, 138 msg/.style={-latex, talerdark, thick}] 139 \node[lane] (banks) at (0,0) {{\bf Banks}\\[1pt] customer \& merchant}; 140 \node[lane, fill=talerdark, text=white] (ex) at (3.7,0) 141 {{\bf Exchange}\\[1pt] regulated operator}; 142 \node[lane, fill=talergreen] (wa) at (7.4,0) 143 {{\bf Wallet}\\[1pt] user's device}; 144 \node[lane] (me) at (11.1,0) {{\bf Merchant}\\[1pt] identified}; 145 \foreach \n in {banks,ex,wa,me} 146 \draw[talerdark!30, dashed] (\n.south) -- ++(0,-3.25); 147 \tikzset{lbl/.style={above, font=\tiny, inner sep=1.5pt}} 148 \draw[msg] (0,-0.88) -- node[lbl]{1 $\cdot$ Euro paid in; KYC/AML here} (3.7,-0.88); 149 \draw[msg] (3.7,-1.43) -- node[lbl]{2 $\cdot$ Exchange blind-signs coins} (7.4,-1.43); 150 \draw[msg] (7.4,-1.98) -- node[lbl]{3 $\cdot$ Wallet pays with coins} (11.1,-1.98); 151 \draw[msg] (11.1,-2.53) -- node[lbl]{4 $\cdot$ Deposit; double-spend check} (3.7,-2.53); 152 \draw[msg] (3.7,-3.08) -- node[lbl]{5 $\cdot$ Aggregated payout in euro} (0,-3.08); 153 \end{tikzpicture} 154 \end{center} 155 \vfill 156 \callout{PRIVACY}{Blind signatures let the exchange see every withdrawal and 157 every deposit, but never link the two.\\ 158 {\color{taleraccent}\scriptsize\bf MONEY}\hspace{0.8em}Customer funds 159 sit in the exchange operator's segregated bank account.} 160 \end{frame} 161 162 163 % ---------------------------------------------------------------- slide 5 164 {\setbeamerfont{frametitle}{size=\Large} 165 \begin{frame}{Three architectures for digital payments} 166 \framesubtitle{How Taler differs} 167 \scriptsize 168 \renewcommand{\arraystretch}{1.0} 169 \vspace{6pt} 170 {\centering 171 \begin{tabular}{@{}>{\raggedright\arraybackslash}p{2.9cm} 172 >{\raggedright\arraybackslash}p{3.2cm} 173 >{\raggedright\arraybackslash}p{3.5cm} 174 >{\raggedright\arraybackslash}p{3.6cm}@{}} 175 & {\bf Card / account $+$ identity} & {\bf Stablecoin / blockchain} 176 & {\bf Taler digital cash} \\ 177 \midrule 178 {\bf What intermediaries see} & Payer identity and full purchase history 179 & Every transfer on a ledger; addresses can often be traced to people 180 & Withdrawals and deposits, never who bought what \\ 181 {\bf What the money is} & Commercial bank money 182 & An issuer's token backed by reserves (MiCA) 183 & Existing fiat held by a regulated operator; no new token \\ 184 {\bf Per-payment cost} & Scheme, acquirer and issuer fees 185 & Network fees plus on- and off-ramp costs 186 & Low processing overhead; payouts can be aggregated \\ 187 {\bf Best fit} & Identified commerce, disputes, credit 188 & Programmable and cross-border transfers 189 & Private online, low-value and machine-to-machine payments \\ 190 \end{tabular}\par} 191 \vfill 192 \lightnote{Banks and PSPs stay the rails for funding, redemption and 193 compliance. Only the payment step changes.} 194 \end{frame}} 195 196 197 % ---------------------------------------------------------------- slide 6 198 \begin{frame}{Live today, from shop counters to AI agents} 199 \framesubtitle{Taler in operation} 200 \begin{center} 201 \begin{minipage}[b]{1.45cm}\centering 202 \includegraphics[height=1.85cm]{images/op-mobile-qr.png}\\ 203 {\tiny Mobile QR}\end{minipage}\hfill 204 \begin{minipage}[b]{1.45cm}\centering 205 \includegraphics[height=1.85cm]{images/op-link-message.png}\\ 206 {\tiny Link by message}\end{minipage}\hfill 207 \begin{minipage}[b]{1.8cm}\centering 208 \includegraphics[height=1.85cm]{images/op-vending.png}\\ 209 {\tiny Vending machine}\end{minipage}\hfill 210 \begin{minipage}[b]{2.6cm}\centering 211 \includegraphics[height=1.85cm]{images/op-pos.png}\\ 212 {\tiny Physical point of sale}\end{minipage}\hfill 213 \begin{minipage}[b]{5.3cm}\centering 214 \includegraphics[height=1.85cm]{images/op-agent.png}\\ 215 {\tiny AI agent pays per access, no account needed 216 (HTTP 402; paivana.ai/demos)}\end{minipage} 217 \end{center} 218 \vfill 219 \begin{center} 220 \cbox{Switzerland {\scriptsize\em Live}}{AML supervision through VQF, a 221 FINMA-recognised SRO.}{0.215\textwidth}\hfill 222 \cbox{Hungary {\scriptsize\em Q1 2027}}{Planned go-live through Magnet 223 Bank.}{0.215\textwidth}\hfill 224 \cbox{Euro area {\scriptsize\em Next}}{Licensing under NGI Taler 225 (Horizon Europe).}{0.215\textwidth}\hfill 226 \cbox{EU open stack}{Payment component of SuperStack (DG 227 CONNECT).}{0.215\textwidth} 228 \end{center} 229 \end{frame} 230 231 232 % ---------------------------------------------------------------- slide 7 233 \begin{frame}{Six recurring design tensions} 234 \framesubtitle{The trilogue} 235 {\scriptsize The debate is not whether Europe needs public digital money, 236 but how private, accessible, useful, open and sustainable it should be.} 237 \vspace{2pt} 238 \scriptsize 239 \renewcommand{\arraystretch}{1.0} 240 \vspace{4pt} 241 {\centering 242 \begin{tabular}{@{}c 243 >{\raggedright\arraybackslash}p{4.6cm} 244 >{\raggedright\arraybackslash}p{3.2cm} 245 >{\raggedright\arraybackslash}p{5.6cm}@{}} 246 {\bf \#} & {\bf Tension} & {\bf Policy goal} & {\bf Competing constraints} \\ 247 \midrule 248 1 & Privacy vs AML & Cash-like payer privacy 249 & Traceability, AML, sanctions, fraud controls \\ 250 2 & Inclusion vs KYC & Universal wallet access 251 & Account-style onboarding and de-risking \\ 252 3 & Holding limits vs bank stability & A useful balance 253 & No deposit flight from banks \\ 254 4 & Merchant fees vs PSP compensation & Low acceptance costs 255 & Recovering PSP distribution and compliance costs \\ 256 5 & Distribution vs gatekeepers & Open access 257 & Banks and PSPs as mandatory intermediaries \\ 258 6 & Sovereignty vs centralisation & European technical autonomy 259 & Concentration in one payment infrastructure \\ 260 \end{tabular}\par} 261 \vfill 262 \lightnote{{\bf Taler's approach:} reduce these conflicts in the 263 architecture, before regulation has to reconcile them.} 264 \end{frame} 265 266 267 % ---------------------------------------------------------------- slide 8 268 {\setbeamerfont{frametitle}{size=\Large} 269 \begin{frame}{Private online payments, without weakening AML} 270 \framesubtitle{Tensions 1 $+$ 2} 271 \small\raggedright 272 \begin{minipage}[t]{0.47\textwidth} 273 \colorbox{talerlight}{\begin{minipage}[t]{\dimexpr\linewidth-2\fboxsep} 274 \raggedright 275 \vspace{2pt}{\bf Digital euro as designed today}\\[3pt] 276 {\footnotesize {\bf Offline:} only payer and payee know the transaction 277 details. Compliance faces the physical cash challenges.\\[2pt] 278 {\bf Online:} the user's PSP sees and stores all transaction details 279 for compliance; privacy rests on access rules.}\vspace{3pt} 280 \end{minipage}} 281 \end{minipage} 282 \hfill 283 \begin{minipage}[t]{0.47\textwidth} 284 \colorbox{talergreen}{\begin{minipage}[t]{\dimexpr\linewidth-2\fboxsep} 285 \raggedright 286 \vspace{2pt}{\bf With Taler}\\[3pt] 287 {\footnotesize {\bf Online:} the merchant does not learn the payer, and 288 no intermediary can rebuild a purchase history.\\[2pt] 289 Privacy by construction, not by access rules. This closes the online 290 gap.}\vspace{3pt} 291 \end{minipage}} 292 \end{minipage} 293 294 \vfill 295 \scriptsize 296 \begin{minipage}[t]{0.31\textwidth} 297 \raggedright 298 {\bf Inclusion}\\ Installing and holding a wallet needs no KYC and no 299 account. 300 \end{minipage}\hfill 301 \begin{minipage}[t]{0.31\textwidth} 302 \raggedright 303 {\bf AML at the perimeter}\\ KYC and thresholds apply where euro enters or 304 leaves; merchant income is identified. 305 \end{minipage}\hfill 306 \begin{minipage}[t]{0.31\textwidth} 307 \raggedright 308 {\bf Peer-to-peer}\\ The exchange can require KYC from a receiving wallet 309 above set limits. 310 \end{minipage} 311 \end{frame}} 312 313 314 % ---------------------------------------------------------------- slide 9 315 \begin{frame}{Holding limits and merchant fees} 316 \framesubtitle{Tensions 3 $+$ 4} 317 \small\raggedright 318 \begin{minipage}[t]{0.47\textwidth} 319 \raggedright 320 {\bf 3 $\cdot$ Holding limits}\\[3pt] 321 {\footnotesize {\em Today:} wallet balances are ECB liabilities, so one 322 universal cap is negotiated to protect bank deposits.\\[3pt] 323 {\em Taler option:} balances are regulated private money, so limits 324 follow KYC and risk tiers instead of one cap.} 325 \end{minipage} 326 \hfill 327 \begin{minipage}[t]{0.47\textwidth} 328 \raggedright 329 {\bf 4 $\cdot$ Merchant fees}\\[3pt] 330 {\footnotesize {\em Today:} acquirer, scheme, issuer and settlement layers 331 mean the law must decide who pays, how much and for how long.\\[3pt] 332 {\em Taler option:} lowest per-payment overhead, settlement aggregatable 333 into periodic bank transfers, and commercial services competing above an 334 open protocol.\\[3pt] 335 {\bf Result:} sub-cent payments become viable.} 336 \end{minipage} 337 338 \vfill 339 \lightnote{The question moves from ``how much ECB money may each person 340 hold?'' to ``which controls fit this instrument and risk tier?''} 341 \end{frame} 342 343 344 % --------------------------------------------------------------- slide 10 345 {\setbeamerfont{frametitle}{size=\large} 346 \begin{frame}{Open distribution and sovereignty, without a new monopoly} 347 \framesubtitle{Tensions 5 $+$ 6} 348 \begin{center} 349 \begin{tikzpicture}[font=\tiny, 350 sat/.style={draw=talerdark!40, fill=talerlight, rounded corners=2pt, 351 text width=2.9cm, align=left, inner sep=3pt, 352 execute at begin node={\hyphenpenalty=10000\exhyphenpenalty=10000}}, 353 spoke/.style={talerdark!50}] 354 \node[circle, fill=talerdark, text=white, align=center, 355 minimum size=1.7cm, font=\scriptsize] (hub) at (0,0) 356 {{\bf Open Taler}\\{\bf protocol}}; 357 \node[sat] (cb) at (-4.6,1.25) {{\bf Commercial banks}\\ Funding, 358 wallets, exchange services}; 359 \node[sat] (fp) at ( 4.6,1.25) {{\bf Fintechs and PSPs}\\ Services on the 360 same protocol}; 361 \node[sat, fill=talergreen] (pi) at (-4.6,-1.0) {{\bf Public 362 institutions}\\ Access without being sole operator}; 363 \node[sat] (mp) at ( 4.6,-1.0) {{\bf Merchant providers}\\ Compete on 364 acceptance and UX}; 365 \node[sat, fill=talergreen, text width=3.2cm, align=center] (iw) 366 at (0,-2.05) {{\bf Independent wallets}\\ Not tied to one bank or 367 scheme}; 368 \foreach \n in {cb,fp,pi,mp,iw} \draw[spoke] (hub) -- (\n); 369 \end{tikzpicture} 370 \end{center} 371 \vfill 372 \begin{center} 373 {\footnotesize {\bf Standardise the protocol; let regulated operators 374 compete above it.}\\ 375 {\bf One open solution that can provide sovereignty without exclusivity 376 to any country.}} 377 \end{center} 378 \end{frame}} 379 380 381 % --------------------------------------------------------------- slide 11 382 {\setbeamerfont{frametitle}{size=\Large} 383 \begin{frame}{Six tensions, six architectural options} 384 \framesubtitle{Summary} 385 \footnotesize 386 \renewcommand{\arraystretch}{1.5} 387 \begin{center} 388 \begin{tabular}{@{}c 389 >{\raggedright\arraybackslash}p{4.3cm} 390 >{\raggedright\arraybackslash}p{7.6cm}@{}} 391 {\bf \#} & {\bf Tension} & {\bf Taler option} \\ 392 \midrule 393 1 & Privacy vs AML & Unlinkable payer online; identified merchant; 394 controls at entry and exit \\ 395 2 & Inclusion vs KYC & Wallet without account or KYC; KYC applies at 396 funding and withdrawal \\ 397 3 & Holding limits vs bank stability & Private regulated balances; 398 limits set by KYC and risk tier \\ 399 4 & Merchant fees vs PSP compensation & Low per-payment overhead; 400 aggregated settlement \\ 401 5 & Distribution vs gatekeepers & Banks, PSPs, public bodies and 402 independent wallets on one protocol \\ 403 6 & Sovereignty vs centralisation & Open source, multiple regulated 404 operators, no single scheme owner \\ 405 \end{tabular} 406 \end{center} 407 \end{frame}} 408 409 410 % --------------------------------------------------------------- slide 12 411 {\setbeamerfont{frametitle}{size=\Large} 412 \begin{frame}{What we ask of DG FISMA before the trilogue closes} 413 \framesubtitle{Our ask} 414 \small\raggedright 415 \begin{minipage}[t]{0.47\textwidth} 416 \colorbox{talerdark}{\begin{minipage}[t]{\dimexpr\linewidth-2\fboxsep} 417 \raggedright 418 \color{white}\vspace{2pt} 419 {\color{taleraccent}\bf 1}\ {\bf A technical workshop}\\[3pt] 420 {\footnotesize With DG FISMA [and ECB] experts in [November 2026], on 421 unlinkable online payments and AML at the perimeter.}\vspace{3pt} 422 \end{minipage}} 423 \end{minipage} 424 \hfill 425 \begin{minipage}[t]{0.47\textwidth} 426 \colorbox{talerdark}{\begin{minipage}[t]{\dimexpr\linewidth-2\fboxsep} 427 \raggedright 428 \color{white}\vspace{2pt} 429 {\color{taleraccent}\bf 2}\ {\bf Technology-neutral privacy wording}\\[3pt] 430 {\footnotesize Allow online privacy by cryptographic design, not only 431 through rules on who may access data.}\vspace{3pt} 432 \end{minipage}} 433 \end{minipage} 434 435 \vspace{6pt} 436 \begin{minipage}[t]{0.47\textwidth} 437 \colorbox{talerdark}{\begin{minipage}[t]{\dimexpr\linewidth-2\fboxsep} 438 \raggedright 439 \color{white}\vspace{2pt} 440 {\color{taleraccent}\bf 3}\ {\bf Room for open protocols}\\[3pt] 441 {\footnotesize Keep distribution open to open-standard, multi-operator 442 architectures and non-bank PSPs.}\vspace{3pt} 443 \end{minipage}} 444 \end{minipage} 445 \hfill 446 \begin{minipage}[t]{0.47\textwidth} 447 \colorbox{talerdark}{\begin{minipage}[t]{\dimexpr\linewidth-2\fboxsep} 448 \raggedright 449 \color{white}\vspace{2pt} 450 {\color{taleraccent}\bf 4}\ {\bf An evaluation in the pilot}\\[3pt] 451 {\footnotesize Benchmark Taler for online privacy and sub-cent payments 452 during the 2027 pilot.}\vspace{3pt} 453 \end{minipage}} 454 \end{minipage} 455 456 \vfill 457 \begin{center} 458 Taler is an open, existing European architecture that can help the digital 459 euro meet its own objectives. 460 \end{center} 461 \end{frame}} 462 463 464 % --------------------------------------------------------------- slide 13 465 \begin{frame}{Acknowledgements} 466 467 \begin{minipage}{0.45\textwidth} \ \\ 468 {\tiny Funded by the European Union (Project 101135475).} 469 470 \begin{center} 471 \includegraphics[width=0.5\textwidth]{images/bandera.jpg} 472 \end{center} 473 \end{minipage} 474 \hfill 475 \begin{minipage}{0.45\textwidth} 476 {\tiny Funded by SERI (HEU-Projekt 101135475-TALER).} 477 478 \begin{center} 479 \includegraphics[width=0.65\textwidth]{images/sbfi.jpg} 480 \end{center} 481 \end{minipage} 482 483 \vfill 484 485 {\tiny 486 487 Views and opinions expressed are however those of the author(s) only 488 and do not necessarily reflect those of the European Union. Neither the 489 European Union nor the granting authority can be held responsible for 490 them. 491 492 } 493 \end{frame} 494 495 \end{document}