JUST IN: SNB_BNS is working with the cryptography legend chaumdotcom on a CBDC with privacy features under the auspices of BIS_org, baidakova reports.
According to Morten Bech, Head of the BIS Innovation Hub Swiss Centre, the project allows to avoid trade-offs between cyber resilience, scalability and user privacy. “Project Tourbillon will build and test a prototype that reconciles these trade-offs and pushes central banks' technological frontier," Bech said in the BIS announcement.
Chaum says the technology he created and described in the paper with SNB’s Moser, named eCash 2.0, is a “superior payment system” with both privacy and anti-counterfeiting protection built into it. Chaum believes that the technology he invented can prevent both scenarios, preventing anyone from tracing how people use their money and, at the same time, allowing the law enforcement to track criminal funds.The eCash 2.0 model has two tiers when it comes to issuing central bank digital money: a central bank does it via commercial banks, which onboard users. To get some CBDC on their digital wallets, users need to request it from banks they already have accounts with.
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