The Bank For International Settlements Project Polaris: Offline CBDC Payments
The BIS Innovation Hub's Nordic Centre launched Project Polaris to explore the development of secure and resilient central bank digital currency (CBDC) systems, both offline and online. The project will focus on practical aspects of security and resilience, as well as on- and offline payments functionality for CBDCs.
Background
The Bank for International Settlements (BIS) recognizes the increasing impact that technology-driven innovation will have on global financial systems and on the way central banks conduct their core public missions. In light of this, the BIS has established an Innovation Hub to serve as a dedicated platform for acquiring expertise and developing technology and digital innovation projects for the benefit of the central banking community. The Nordic Centre of the BIS Innovation Hub (BIS IH) is currently running a project investigating secure and resilient CBDC systems. One critical workstream of this project centers around the provision of offline functionality by CBDC systems.
Objective
Many central banks considering potential implementation of CBDC deem offline functionality as an important requirement, citing reasons such as resilience, crisis, financial inclusion, cash resemblance, privacy, accessibility as well as others.
The requirement for and degree to which offline functionality will be provided or utilized will likely vary significantly by country, region, demographics, scenarios as will the solutions that best meet diverse needs.
The Nordic Centre is now inviting solution providers to participate in a technical deep dive. The findings of the deep dive may help guide central banks in understanding the applicability, suitability and readiness of the variety of solutions available, the risks and trade-offs and the maturity of the solutions.
https://www.bis.org/about/bisih/topics/cbdc/polaris/invitation.htm
Original post by @Mrmanxrp