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Central Bank Digital Currency (CBDC): Best Practice and Technical Considerations

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CBDC
Andry Alamsyah
20 September 2022
Bank Indonesia
Best Practice & Implementation Considerations

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Introduction
Andry Alamsyah


•Researcher / Data Scientist


•Associate Professor, School of Economic and Business, Telkom...

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A CBDC is a digital form of CB money. A legal tender created and backed by a CB. It represents a claim against
the CB and ...

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Central Bank Digital Currency (CBDC): Best Practice and Technical Considerations

  1. 1. CBDC Andry Alamsyah 20 September 2022 Bank Indonesia Best Practice & Implementation Considerations
  2. 2. Introduction Andry Alamsyah •Researcher / Data Scientist •Associate Professor, School of Economic and Business, Telkom University •Chief and Founder of Lab. Social Computing & Big Data •Chairman & Founder Indonesian Data Scientist Society (AIDI) •Honorary Member of Asosiasi Blockchain Indonesia (ABI) Research Field : Social Computing, Social Network, Complex Network / Network Science, Computational Social Science, Data Analytics, Big Data, Data Mining, Graph Theory, Blockchain Technology, Disruptive Innovation / Disruptive Economy, ICT Entrepreneurial Business, Data / Information Business email andry.alamsyah@gmail.com blog andrya.staff.telkomuniversity.ac.id repository telkomuniversity.academia.edu/andryalamsyah repository researchgate.net/profile/Andry_Alamsyah repository arxiv.org/a/0000-0001-5106-7561 linkedin linkedin.com/andry.alamsyah twitter twitter.com/andrybrew Education : S1 : Mathematics - ITB, Topic: Statistics S2 : Informatics - Universite Picardie, France, Topic: Information System, S3 : Electro and Informatics - ITB, Topic: Social Network, and Big Data Links :
  3. 3. A CBDC is a digital form of CB money. A legal tender created and backed by a CB. It represents a claim against the CB and not against a commercial bank or a Payment Service Provider (PSP). CBDC is managed on a digital ledger (which can be a blockchain or not), expediting and increasing the security of payments between banks, institutions, and individuals. BIS recent studies state >70% of institutions are actively researching and developing CBDC proofs of concept. • Digital assets. CBDCs are digital assets. Accounted for in a digital ledger (distributed or not) acts as the single source of truth. • Central bank backed. CBDC represents claims against the CB, just as banknotes do. • Central bank controlled. The supply of CBDC is fully controlled and determined by the CB. What Is Central Bank Digital Currency? 3 aspects that de fi ne a CBDC:
  4. 4. https://www.r3.com/blog/three-design-choices-for-a-central-bank-digital-currency/ Central Bank Digital Currency CBDC is an instrument and blockchain is an infrastructure. combining the two – a new instrument on a new infrastructure – introduces novel solutions to some long standing problems in fi nancial services. Central Bank-issued Digital Currency is a digital twin of cash. A binary representation of the real world notes/ cash. Since it is digital, it could link to a digital identity and held in a wallet. CBDC is also a novel form of money. An addition to the category of money known as M0 (the monetary base), which includes cash and reserves. Like other forms of money in that category, it is also legal tender and a claim on the CB. In traditional economics, M0 represents central bank-issued money, like cash and CB depository accounts. CBDC is included in M0, or will be once it is issued. CBDC is not • mined/minted by unknown parties. And it is not pegged to any real-world assets • a payment but a means for payment. • infrastructure and does not pose any threat to the incumbents of the fi nancial industry.
  5. 5. Central Bank Digital Currency 3 Design Choices (Design Considerations) Who issued CBDC Direct model – designed for disintermediation (CB issue directly to end customers). 1. disrupt the current fi nancial system. 2. put additional burden on the CB to manage customer on-boarding, KYC, AML checks, etc Indirect model – banks re-issue CB money and banks execute the function of customer on-boarding including AML compliance.  1. the drawback is the risk to end customers.  Like bank deposits, end customers will not be able to claim 100% of their entire CBDC holdings as it is co-mingled with the bank’s balance sheet. Hybrid model – enhances the current intermediation model by segregating the risk (or balance sheet) of fi nancial institutions from the CBDC holdings of end users.  1. the end customer CBDC holdings are not tied to the bank’s balance sheet, so it is 100% portable (and 100% claimable as a legal tender).  2. the hybrid model introduces an important innovation by allowing the CB to move CBDC holdings of end users if a bank is in distress. How is CBDC Distributed Single tier set up – No hierarchy of distribution of CBDCs. the CB issues DCs to all its users – fi nancial institutions and citizens (upon doing the KYC and AML checks). Two-tier set up – A hierarchy of distribution (the preference of most CB). The CBs issue DCs to commercial banks, which in turn distribute them to consumers and businesses. In What Form CBDC Held Token-based holders - each DC is represented as a token with speci fi c denomination, mostly 1:1 with cash. It has the cash DNA, means a transfer from one party to another does not require settlement or any reconciliation (instant and atomic). Account based – each user of DC holds an account with the CB or alternatively with commercial banks in a two-tier distribution model. An account-based model may ease AML and KYC compliance but can be a large overhead for CBs in a single tier model. https://www.r3.com/blog/three-design-choices-for-a-central-bank-digital-currency/
  6. 6. • Two Types : Retail and Wholesale CBDC. • Retail CBDC consist of : • value-based: CB manages centralized payment system linked to “eWallet” on prepaid cards, smartphones, mobile apps, etc. Loading money to app used for retail payments, exchange and transfer. Easier to implement (eMoney). Greater degree of fi nancial inclusion. • account-based: individuals and business have access to CB accounts. CB become the manager of sophisticated payment system. Easier to implement policies and directly. More complicated than eMoney. Great potential to scale up. • o ffi cial cryptocurrency: permissioned blockchain, degree of anonymity. • Retail CBDC Motivation : Backup Payment System, Financial Inclusion, and Monetary Sovereignty • Wholesale CBDC objective cheap and e ffi cient operations. currently many CB prefer to improve existing RTGS rather than adopt this approach. • Monetary Sovereignty motivation of CBDC launching : declining banknotes usage and increasing private-sector DC (stable coin). • CBDC adds to the CB monetary policy tool kit : The Operation of Monetary Policy (low in fl ation, good economic growth rate, low unemployment). © 2021
  7. 7. Central Bank Digital Currency • Technological e ffi ciency: reducing intermediaries, real time transfers and payments, settlement optimization. • Financial inclusion: allowing any citizen to be provided with a free or low-cost basic bank account. • Preventing illicit activity: keep track of the exact location of every unit of the currency: advantage for tax collection & combatting crime. • and many more … MOTIVATION : • As a move to responds against growing decentralized cryptocurrency adoption (e ffi cient operations) • CB still in control of their monetary policies https://blog.digitalasset.com/developers/what-is-a-central-bank-digital-currency-and-why-should-people-prefer-cbdc-over-bank-accounts
  8. 8. Central Bank Digital Currency Ripple CBDC Whitepaper Despite the many bene fi ts of CBDCs, most CBs are understandably cautious about pursuing real-world initiatives. Everything, from how people pay bills and buy groceries to how businesses transact and governments are run, depends on a stable fi nancial system. CBDC initiatives raise many challenges for CBs, who must balance the desire for transformation with the need to maintain stability on a global scale. The Need for Control Versus Desire for Innovation Most existing digital assets are based on decentralized blockchains where every transaction is validated by a public network of thousands of validators. CBs will not be willing to relinquish control to a completely distributed model, as the need to direct and in fl uence the economies through currency management. While a fully centralized model would provide the required control, CBs would miss out on innovations like programmable money and smart contracts that blockchain technology enables. It would also reduce the ability of private sector players to access and collaborate with CBDCs. In addition, CBs are typically focusing CBDC approaches, solutions and technologies on achieving speci fi c domestic goals. However, many stakeholders interested in using CBDCs have other needs as well as global requirements. If CBs do not enable the broad access, enhanced native functionality and interoperability that allow their currencies to be adaptive and scalable, they risk losing control of the infrastructure for global digitized services. "If [CBDCs] are cheaper, faster, more secure for users, we should explore it. If it's going to contribute to better monetary sovereignty, better autonomy, we should explore it. If it's going to facilitate cross-border payments, we should explore it." Christine Lagarde, President of the European Central Bank
  9. 9. Indonesia Consumers attitude to CBDC: Considerations for policy-maker, Digital Monetary Institute, 2021 What features of a CBDC would be most important to you? Select three. Have you heard about CBDCs or a digital euro/ rupiah/naira/dollar? In which of the following situations would you consider using a CBDC? If there were a CBDC in your country, how likely would you be to use it? What payment methods might you use CBDC instead of? 1 2 3 4 5
  10. 10. CBDC Technology Considerations CBDC Critical Technical Considerations : (before deployment) • Strong cybersecurity, technical stability and resilience. Technical failure, loss of user funds, breach of privacy, breach of con fi dential data, CB reputational risk • Sound technical governance Network & infrastructure management, data hosting, privileges of law enforcement, safe and reliable custody, compatibility with existing legal framework, abilities to audit transaction, upgrade so ft ware to remain complaints to the evolving legal framework, fl exibility to update so ft ware for the future needs.
  11. 11. Objective Notes Technical Considerations 1 Continued Access to CB Money In jurisdictions where households and businesses no longer have access to risk-free CB money. A CBDC could act like a “digital banknote”. - “Cash-like” features, such as wide acceptance and convenience, instant settlement, continuous 24/7/365 availability and o ffl ine capabilities. - Compatibility with prevalent PoS hardware to stimulate adoption and merchant acceptance. Policy- makers may consider subsidizing merchant acquisition of necessary technology upgrades. - Privacy Oriented. 2 Financial Inclusion Policy-makers should “meet users where they are”, by providing CBDC in a way that works with the tools and technology already widely available and accessible to citizens. - Low cost - CB Roles: provide CBDC devices/apps for free; subsidized speci fi c costs(data); partnership to provide additional bene fi t/a ff ordable to users. - Accessibility and Convenience: (meets users where they are) - CB Roles: service availability on multiple device; apps of popular apps store;UI/UX aspect; able to perform on critical conditions (low connection). 3 E ffi cient Payment System (Domestic or Cross Border) The presence of privacy-enhancing techniques to mask end-user transaction details can interrupt e ffi ciency, as they may involve high computational requirements that slow down transactions (Technical Tradeo ff for this policy goals). - Cross Border Payment E ffi ciency - Open access to foreign entities to hold account/transact in CBDC; allow domestic citizen to hold accounts/transact in another country CBDC; allow transaction between domestic and foreign CBDC - Additional Considerations - Continuous 24/7/365 functionality with proven operational resilience. - Instant/near instant fi nal transaction settlement - High transaction throughput and scalability - High interoperability 4 Payment System Safety and Resilience A technically robust CBDC system support payment system resilience by serving as a primary, back-up or additional payment method, if access to cash is very low. - Very strong cybersecurity standards and features. - Data and hardware redundancy; continuous data syncing. - Very strong anti-counterfeiting measures. - Continuous service and availability. - Interoperability with relevant payment systems. - Resilience of any interdependency or integration with other system.
  12. 12. Objective Notes Technical Considerations 5 Risk Mitigation of Currency Substitution (Monetary Sovereignty) To improve CBDCs likelihood adoption and provide strong value proposition, the CB consider should understand user’s perspective, by taking a user centric design approach to develop CBDC - Very low or no cost. - Wide CBDC accessibility, including to citizens who can use various technology. - For convenience, CBDC should be employable in various payment scenarios. - Functionality to pay interest to CBDC account, for the purpose of stimulating adoption. - High transaction capacity and scalability. - Perceived to be trustworthy 6 Improvement of Payments and Banking Competitiveness Key considerations for CBDC issued in pursuit of this policy goal are those that make the CBDC competitive for payments and deposits. - Low cost to users - High usability and accessibility - High convenience, including interoperability with relevant payment system and widespread acceptance by merchants - Strong reliability, stability, and security to increase trust. - Value added capabilities and features to compete with existing payment and deposit services. - Ability to pay a positive interest rate. 7 Monetary Policy Implementation CBDC might be able to support monetary policy implementation. Most economists have not expressed much conviction in this opportunity, owing to limitations or policy complexities. - Interest-bearing CBDC to enable a direct mechanism for policy rate changes. - Breaking through e ff ective lower bound in nominal interest rates. Replace physical cash if its unavailable: - Capable of having positive and negative interest rate. - Easily accessible and widely held among households and fi rms - To increase wider adoption, policy maker can consider enacting government identity programs and/ or fi nancial and digital education and literacy campaign. 8 Household Fiscal Transfers CBDC employ for fi scal transfers to households or fi rms, such as relief or stimulus payments. It is easier when there is widespread adoption of CBDC. The transfer payments could also be “programmable” on certain conditions. – Requirement for a very high or complete rate of adoption of CBDC accounts. – Blurring of lines between fi scal and monetary policy, if the programme were overseen by the monetary authority. – Lack of clarity over the bene fi ts of using CBDC rather than providing stimulus payments through commercial bank accounts.
  13. 13. Blockchain Security 1 2
  14. 14. Blockchain for CDBC (+/-)
  15. 15. CDBC Considerations Auer & Bohme, “ The technology of retail central bank digital currency”, 2020 Retail CBDC architectures and fully backed alternatives Cash vs electronic money in today’s two-tier monetary system 1 2
  16. 16. CDBC Considerations Auer & Bohme, “ The technology of retail central bank digital currency”, 2020 Conventional or DLT based Infrastructure? Conventional and DLT-based infrastructures store data multiple times and in physically separate locations. The main di ff erence between them lies in how data are updated. In conventional databases, resilience is achieved by storing data over multiple physical nodes, which are controlled by one authoritative entity – the top node of a hierarchy. In DLT-based systems, the ledger is jointly managed by di ff erent entities in a decentralised manner. Consequently, each update of the ledger has to be synchronized between all nodes (“consensus mechanisms”). It involves broadcasting and awaiting replies on multiple messages before a transaction can be added to fi nality status. The consensus mechanism become the overhead and reason why DLTs have lower transaction throughput than conventional architectures. Speci fi cally, these limits imply that current DLT could not be used for the direct CBDC except in very small jurisdictions, given the probable volume of data throughput. However, DLT could be used for the indirect CBDC architecture, as the number of transactions in many wholesale payment systems is comparable with that handled by existing blockchain platforms, as also demonstrated in several wholesale. In resilience aspect, neither one has a clear-cut advantage. The vulnerabilities are simply di ff erent. The key vulnerability of a conventional architecture is the failure of the top node, for example via a targeted hacking attack. While, in the DLT is the consensus mechanism, which may be put under pressure, for example, by a denial-of-service type of attack.
  17. 17. CDBC Considerations Privacy Considerations 1. A token-based system would ensure universal access – anybody can obtain a digital signature – it would o ff er good privacy by default. It would also allow the CBDC to interface with communication protocols (the basis for micropayments in the IoT). 2.The downsides are severe (need the safeguard) 1. The high risk of losing funds if end users fail to keep their private key secret. 2. The challenges to design an e ff ective AML/CFT framework for such a system. Law enforcement authorities would run into di ffi culties when seeking to identify claim owners or follow money fl ows, just as with cash or bearer securities. 3.The focus of privacy dimension goes far beyond whether the system is based on accounts or digital tokens. Transaction-level fi nancial data reveal sensitive personal data. Hence, two aspects of privacy by default are crucial for the design of a CBDC: 1. The amount of personal information transaction partners learn about each other when the system is operating normally. 2.The risk of large-scale breaches of data held by the system operator or intermediaries. 4. A CBDC lets merchants collect and link payment data to customer pro fi les transforms the very nature of payments. Hence, a CBDC should preserve its users’ privacy. 5.Depending on the involvement of intermediaries and the information they receive, technical safeguards for data protection need to be complemented by a legal framework restricting data collection by front-end applications. Once the CBDC’s architecture and infrastructure have been chosen, the question arises of how and to whom one should give access (the third layer of the CBDC pyramid) The fi rst option : tie ownership to an identity. Claims are represented in a database that records the value along with a reference to the identity, just as in a bank account. The drawbacks in the case of CBDCs is it depends on “strong” identities for all account holders – schemes that map each individual to one and only one identi fi er across the entire payment system. Such schemes can present a challenge in some jurisdictions, thus impairing universal access. The second option : the CB honours claims solely when the CBDC user demonstrates knowledge of an encrypted value – an option sometimes referred to as digital tokens. One example is when the secret part of a public-private key pair is used to sign a message.
  18. 18. CBDC Status cbdctracker.org
  19. 19. CBDC Status ★CBDC Status: current (or historic): Cancelled: Countries that cancelled or decommissioned a CBDC. Research: Countries that published multiple research reports about CBDC and started experimenting. Proof of Concept: Countries that are in an advanced research stage and have published a CBDC proof of concept. Pilot: Countries piloting CBDC, e.g., for domestic interbank or international use cases, in a real environment with a limited number of parties. Development: Countries that already launched a small-scale pilot but currently prepare their CBDC for a full-scale launch. Launched: Countries that o ffi cially launched a CBDC. ★Retail/Wholesale: a CBDC can be either wholesale (e.g. for interbank transactions only) or retail (intended to be used by the end user). ★Structure: a CBDC can be either stored as a token or as an account. ★Technology: name of a technological platform behind a CBDC. ★Programmability: does a CBDC support programmable logic (e.g. smart contracts). ★Interoperability: does a CBDC support integration with other digital currencies. ★Governance structure: who has rights to control a CBDC (can be a central bank, a consortium, etc.) ★Centralization: is a CBDC based on centralized or decentralized principles. ★DLT / non-DLT: is a CBDC built on top of distributed ledger technology (DLT). ★Main motivation/goals of the CBDC: reason why a certain central bank or government has started a CBDC project. ★Remuneration: is a CBDC interest-bearing or non interest-bearing. ★International access: does a CBDC allow to be accessed from outside a country it has been issued by.
  20. 20. CBDC Technology Provider G+D Filia Consensys Bitt Stellar Ripple Feitian
  21. 21. CDBC Technology Technology Description Promotor DSC Digital Symmetric Core Currency Cryptography (DSC3) technology to enable central banks to issue, control, and supervise digital fi at currency that is then distributed through commercial banks and payment service providers. eCurrency Mint ethereum Ethereum is the community-run technology powering the cryptocurrency ether (ETH) and thousands of decentralized applications. ethereum Fillia G+D Filia takes the advantages of cash and replicates them in the digital world. Basically, the central bank issues a data fi le representing a monetary value – just like notes and coins in the physical world. The fi le is distributed via commercial banks as per the current money cycle. Individuals can then use the data fi le with their smartphone, smartcard, smartwatch, or other electronic wallet. G+D GSMT Global Solution for Money Technology GSMT Hyperledger Fabric Hyperledger Fabric is a modular blockchain framework that acts as a foundation for developing blockchain-based products, solutions, and applications using plug-and-play components that are aimed for use within private enterprises. IBM, Bitt NZIA Cortex DLT NZIA builds distributed national payments infrastructure enabling Central Bank-issued Digital Currencies (CBDC). Our unique, hybrid technology uses blockchain, edge computing hardware and wireless communication systems. NZIA R3 Corda With legacy banks and big corporations eyeing the crypto space with increasing interest, R3 look to allow large enterprise systems to easily adopt blockchain technology, with R3’s Corda blockchain. Many of us in decentralized fi nance (DeFi) dream of a "bankless" world full of transparency and decentralization. R3 Stellar CBDC Stellar was built with CBDCs in mind: to allow trusted issuers to create digital representations of their assets (Blockchain) Stellar XRP Ledger The XRP Ledger (XRPL) is a decentralized, public blockchain led by a global developer community. Ripple
  22. 22. https://www.federalreserve.gov/econres/notes/feds-notes/comparing-means-of-payment-what-role-for-a-central-bank-digital-currency-20200813.htm CBDC Roles • Accessibility in payments refers to consumer access to a payment mechanism. • Anonymity : To support practical anonymous private transactions. Cash allows consumers to transact anonymously in the physical world. Most electronic payment systems, including RTGS, do not allow for anonymity (KYC, AML, etc) • Bearer Instrument is an instrument that is "payable" to anyone in possession of it. Bearer instruments are "unique" in that whoever is holding the instrument has a direct claim with the issuer. • Independence refers to the degree of intermediation needed to use a payment mechanism from the perspective of an end user.  • Operational e ffi ciency is an important component of payment mechanisms. Two aspects of e ffi ciency are considered are central bank costs and other societal costs. • Programmability is a potential feature of digital money. A CBDC designed to allow for programmability, such as smart contracts, as part of the core platform could enable automated execution of certain operations, such as payment of interest. • Service availability. From an end-user perspective, a 24/7/365 payment mechanism function. RTGS+ is an RTGS with potential enhancement such as 24/7/365 RTGS, allow non bank participation, etc Comparing Means of Payment: What Role for a CBDC?
  23. 23. Cash equivalent CBDC • CBDC serve as a cash equivalent. The only categories where such a CBDC cannot fully match the features of cash are anonymity and independence. • KYC requirements are likely to apply to a CBDC arrangement. There are concerns that some may want a cash equivalent CBDC to circumvent these requirements, because when a CBDC involves a transfer of digital information, it will retain an electronic record somewhere. • It would likely be more expensive to operate than an RTGS system given the operational complexities involved with decentralized systems with o ffl ine functionality. • It would likely be cheaper than cash operations. • A CBDC cash equivalent could potentially have the same level of programmability as an RTGS system that allows for external APIs. Account-based CBDC • In many cases, an account-based CBDC would be the e ff ective equivalent of a CB providing accounts directly to the public. • This approach would also extend the digital perimeter of what RTGS systems could do. • Relative to an RTGS system, a CBDC could support greater anonymity of e-transactions (given fewer intermediaries in the settlement process that may be subject to KYC requirements). • If built on a new platform, a CBDC could expand programmability through smart contracts and, depending on the design, be more cost e ff ective for a CB to operate than cash or an RTGS system. • An account-based CBDC would likely not be a good cash equivalent in terms of anonymity, bearer instrument, or degree of independence. Hybrid CBDC • A CBDC can also be designed to have a tiered structure in which CBDC is issued by the CB and intermediaries handle payments. • The key advantage of a hybrid CBDC over an RTGS system is the potential programmability of a CBDC instrument. • A CBDC could allow for smart contracts, whereas an RTGS system would be limited to API programmability, which is not built into the platform itself. • In other ways, a hybrid CBDC would be comparable to an RTGS+ system, which would be useful to a CB if some of the work and costs of maintaining the ledger are shifted to participants, given that the model would make intermediaries responsible for enabling transactions. https://www.federalreserve.gov/econres/notes/feds-notes/comparing-means-of-payment-what-role-for-a-central-bank-digital-currency-20200813.htm CBDC Roles
  24. 24. CBDC Roles Comparison of CB Payment Mechanism Cash Equivalent CBDC Account Based CBDC Hybrid CBDC
  25. 25. CDBC and Decentralization (Validator)
  26. 26. Launched
  27. 27. Pilot
  28. 28. CBDC in Low Connectivity Area adopt Narrow-Band Internet of Things (NB-IoT) technology, simplify application for high latency connection, bu ff er capabilities and reduce only sending the essential data
  29. 29. Blockchain Speed •Visa states it can handle 24,000 tps, based on IBM testing conducted in 2010. This figure is widely cited but has never actually been reached in real time. The company says that it can handle up to 56,000. •PayPal can handle around 193 transactions per second. This figure is based off the total transactions processed per year and averaged out per second. The company has stated that it handled 450 tps on cyber Monday in 2015. •Ripple can handle 1,500 tps and takes around 4 seconds to confirm. The team claims 50,000 tps. •Stellar (a fork of ripple) can handle 1000 tps takes 2–5 seconds to confirm. •Bitcoin Cash can handle 61 tps and takes 60 minutes to confirm. •Litecoin can handle 56 tps with Segwit and takes 30 minutes to confirm. •Bitcoin can handle 7 tps and takes 60 minutes to confirm. It currently averages 3 tps. •Ethereum can handle 25 tps and takes 6 minutes to confirm. It currently averages around 15 tps. •IOTA can handle 1500 tps and takes 2 minutes to confirm. However, real time stress tests show it is currently handling 3 tps. •Monero takes about 30 minutes to confirm as per Kraken. Transaction speeds are unknown, though estimated to be around 4 tps. •DASH can handle 28 tps and takes 15 minutes to confirm. Average tps is about 10(a much lower figure is claimed by the DASH team in terms of confirmation times). Solana 65,000 TPS 7 seconds Cardano 1,000 TPS 10 min Algorand 3,000 TPS 45 seconds Avalanche 5,000 TPS 2 seconds
  30. 30. THANK YOU & any question?
  31. 31. CBDC https://www.atlanticcouncil.org/in-depth-research-reports/report/missing-key/#lookingahead retail CBDC Wholesale CBDC

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