High-level technical requirements for a functional central bank digital currency (CBDC) architecture

Report by the Consultative Group on Innovation and the Digital Economy (CGIDE) established at the BIS Representative Office for the Americas

BIS Other  | 
12 December 2023

This report by the CCA Consultative Group on Innovation and the Digital Economy (CGIDE) outlines high-level technical requirements for a retail central bank digital currency (CBDC) architecture. It is the culmination of a series of discussions among CGIDE members and observers on CBDC objectives, policy considerations and technological features. This collaborative effort outlines key technological features that will shape a future CGIDE proposal for a CBDC proof of concept. The technical requirements that the CGIDE will consider in this proposal include interoperability, scalability, user-centric design, security and data privacy. The document emphasises collaboration among central banks to address the challenges of CBDC design and to work towards a CBDC proof of concept that effectively addresses the technological priorities of CCA central banks. The proposed CBDC architecture based on these technical requirements aims to serve as a general reference for central banks conducting research on CBDC or developing their own initiatives. It does not represent a policy position of CGIDE members and observers on the design, issuance or adoption of CBDC, or on technical standards for CBDCs more generally.