{"id":66780,"date":"2023-12-12T16:31:56","date_gmt":"2023-12-12T20:31:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=66780"},"modified":"2023-12-12T16:33:02","modified_gmt":"2023-12-12T20:33:02","slug":"bis-unveils-technical-priorities-for-cbdcs-in-americas","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bis-unveils-technical-priorities-for-cbdcs-in-americas\/","title":{"rendered":"BIS Unveils Technical Priorities for CBDCs in Americas"},"content":{"rendered":"\n

The major technical priorities for a possible CBDC architecture have been identified by the central banks in the Americas<\/a>, with assistance from the BIS.<\/p>\n\n\n\n

\"BIS
BIS Unveils Technical Priorities for CBDCs in Americas<\/figcaption><\/figure>\n\n\n\n

For nations investigating or putting Central Bank Digital Currency<\/a> (CBDC) ideas into practice, the Consultative Group on Innovation and the Digital Economy (CGIDE) study is a useful resource.<\/p>\n\n\n\n

Central banks are working to lay out the essential technical components of a future CGIDE proposal for a proof of concept for a central bank digital currency (CBDC). Technical concerns, including data protection, security, scalability, and user-centric design, are taken into account in the proposal.<\/p>\n\n\n\n

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Central banks in the Americas define technical priorities for a potential #CBDC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> architecture, to serve as a reference for countries conducting research or planning to implement a CBDC solution https:\/\/t.co\/8M7kjGH4Xi<\/use><\/svg><\/span><\/a> pic.twitter.com\/mrUvI5GVOy<\/use><\/svg><\/span><\/a><\/p>— Bank for International Settlements (@BIS_org) December 12, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

CGIDE members and observers state that the suggested CBDC architecture addresses technological priorities and is a generic reference for central banks interested in CBDC research or development without indicating a policy stance on CBDC design, issuance, adoption, or technical standards.<\/p>\n\n\n\n

During its first phase, the CGIDE technical task force<\/use><\/svg><\/span><\/a> (TTF) will focus on clearing and settlement-related programmability features. Through a survey of TTF members, the selected technical needs for each category\u2014specifically linked to these features\u2014were established. <\/p>\n\n\n\n

Based on policy goals, each central bank member chose the technical specifications. The release follows up on a Nov. 29 update regarding Project Tourbillon, which was spearheaded by the Bank for International Settlements<\/a> innovation hub. <\/p>\n\n\n\n

At that time, significant advancements were revealed regarding harmonizing privacy and transparency in CBDCs. Project Tourbillon's final report, which was just made public, offers a sophisticated approach to managing privacy in CBDC transactions. <\/p>\n\n\n\n

According to the concept, the system would enable users to pay without giving merchants or other relevant parties access to their personal information.<\/p>\n","protected":false},"excerpt":{"rendered":"

The major technical priorities for a possible CBDC architecture have been identified by the central banks in the Americas, with assistance from the BIS. For nations investigating or putting Central Bank Digital Currency (CBDC) ideas into practice, the Consultative Group on Innovation and the Digital Economy (CGIDE) study is a useful resource. Central banks are […]<\/p>\n","protected":false},"author":43,"featured_media":66782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161],"tags":[772,773,17556],"class_list":["post-66780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","tag-bis","tag-cbdc","tag-cgide"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/croc_1702412379454.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=66780"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66780\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/66782"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=66780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=66780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=66780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}