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

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.