[en] Many central banks are researching and piloting digital versions of fiat money, specifically retail central bank digital currencies (CBDCs). Core to many discussions revolving around these systems’ design is the ability to perform transactions even without network connectivity. While this approach is generally believed to provide additional degrees of freedom for user privacy, the lack of direct involvement of third parties in these offline transfers also interferes with key regulatory requirements that need to be accommodated in the financial space. This paper presents a compliance-by-design approach to evaluate technologies that can balance privacy with antimoney laundering and counter-terrorism financing (AML/CFT) measures. It classifies privacy design options and corresponding technical building blocks for offline CBDCs, along with their impact on AML/CFT measures, and outlines commonalities and differences between offline and online solutions. As such, it provides a conceptual framework for further techno-legal assessments and implementations.
Research center :
NCER-FT - FinTech National Centre of Excellence in Research Interdisciplinary Centre for Security, Reliability and Trust (SnT) > FINATRAX - Digital Financial Services and Cross-organizational Digital Transformations
Disciplines :
Management information systems Computer science Law, criminology & political science: Multidisciplinary, general & others
Author, co-author :
Michalopoulos, Panagiotis ; University of Toronto, Department of Electrical and Computer Engineering, Canada
Olowookere, Odunayo ; York University, Osgoode Hall Law School, United States
POCHER, Nadia ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
Sedlmeir, Johannes ; University of Luxembourg, Interdisciplinary Centre for Security, Reliability and Trust (SnT), Luxembourg
Veneris, Andreas; University of Toronto, Department of Electrical and Computer Engineering, Canada ; University of Toronto, Department of Computer Science, United States
Puri, Poonam; York University, Osgoode Hall Law School, United States
External co-authors :
yes
Language :
English
Title :
Privacy and Compliance Design Options in Offline Central Bank Digital Currencies
Publication date :
2025
Journal title :
IEEE Transactions on Network and Service Management
ISSN :
1932-4537
Publisher :
Institute of Electrical and Electronics Engineers Inc.
FNR16570468 - NCER-FT - 2021 (01/03/2023-28/02/2025) - Gilbert Fridgen FNR13342933 - DFS - Paypal-fnr Pearl Chair In Digital Financial Services, 2019 (01/01/2020-31/12/2024) - Gilbert Fridgen FNR16326754 - PABLO - Privacy-preserving Tokenisation Of Artworks, 2021 (01/06/2022-31/05/2025) - Gilbert Fridgen
Funders :
Luxembourg National Research Fund PayPal-FNR, PEARL Banque et Caisse d’Épargne de l’État, Luxembourg
Funding text :
The contributions of Nadia Pocher and Johannes Sedlmeir were funded by Luxembourg National Research Fund (FNR), grant reference NCER22/IS/16570468/NCER-FT (CryptoReg) and grant reference 16326754 (PABLO), as well as by PayPal-FNR, PEARL grant reference 13342933/Gilbert Fridgen. We are also grateful for the support by Banque et Caisse d\u2019\u00C9pargne de l\u2019\u00C9tat, Luxembourg (Spuerkeess).
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