The Bank for International Settlements (BIS) produced a chapter in its annual economic report in June asserting that central bank digital currencies (CBDCs) are in the public interest. It concludes that CBDCs will likely have to work in a two-tier, account-based system, instead of being either token-based or held in direct accounts at the central banks.
This probably calls for a hybrid architecture where the private sector onboards all clients, is responsible for enforcing anti-money laundering regulations and conducts all retail payments.
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