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-{% extends "common/news.j2" %}
-{% block body_content %}
-<h1>2021-3: &quot;Why a Digital Euro should be Online-first and Bearer-based
-&quot; published</h1>
-<p>
-We are happy to announce the publication of our paper on &quot;Why a Digital Euro should be Online-first and Bearer-based&quot;.
-</p>
-<p>
-The European Central Bank’s “Report on a Digital Euro” considers
-two distinct types of designs for a digital euro. It argues that all functional
-requirements laid out in the report can be fulfilled by operating the two systems
-in parallel:
-<ul>
-<li>A bearer-based digital euro based on trusted hardware that can be used
-offline, anonymously, and without third-party intervention.
-<li>An account-based digital euro that can be used online, is fully software-
-based and excludes the possibility of anonymity.
-</ul>
-The report does not discuss other choices of hybrid systems. However, the
-choice is more arbitrary than it might seem at first sight: bearer-based systems
-are not necessarily offline payment systems, and online payment systems do not
-need to exclude anonymity.
-</p>
-<p>
-We argue that operating a bearer-based payment system to complement an
-account-based CBDC in order to gain offline and privacy features is not a good
-trade-off. Adding permanent, regular offline capabilities via the bearer-based
-payment instrument constantly exposes the CBDC to the severe issues inherent
-in offline-capable payment systems. Instead, the offline mode of operation
-should be restricted to scenarios where it is actually required, which mitigates
-the risks.
-</p>
-<h4>Download links</h4>
-<ul>
-<li><a href="/papers/euro-bearer-online-2021.pdf">PDF (English)</a></li>
-</ul>
-
-{% endblock body_content %}