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diff --git a/news/2021-03.html.j2 b/news/2021-03.html.j2 new file mode 100644 index 00000000..26f256f5 --- /dev/null +++ b/news/2021-03.html.j2 @@ -0,0 +1,38 @@ +{% extends "common/news.j2" %} +{% block body_content %} +<h1>2021-3: "Why a Digital Euro should be Online-first and Bearer-based +" published</h1> +<p> +We are happy to announce the publication of our paper on "Why a Digital Euro should be Online-first and Bearer-based". +</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/offline2021.pdf">PDF (English)</a></li> +</ul> + +{% endblock body_content %} |