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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 %}