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 <p class="is-style-lead">A recent report from Project Tourbillon, led by the Bank for International Settlements’ Innovation Hub, reveals significant advancements in balancing privacy and transparency in CBDCs.</p>
 <p>Project Tourbillon, an initiative spearheaded by the Bank for International Settlements’ (BIS) Innovation Hub in Switzerland, has made significant strides in the realm of central bank digital currencies (CBDCs). The project’s primary focus is on maintaining user <a rel="noopener noreferrer nofollow" title="privacy" href="https://thebittimes.com/tag/privacy.html">privacy</a> in digital currency transactions, a critical and complex issue in the landscape of digital finance.</p>
 <p>The recently published final report from Project Tourbillon reveals a nuanced approach to <a rel="noopener noreferrer nofollow" title="privacy" href="https://thebittimes.com/tag/privacy.html">privacy</a> in CBDC transactions. It proposes a system where users can execute <a rel="noopener noreferrer nofollow" title="payments" href="https://thebittimes.com/tag/payments.html">payments</a> without disclosing personal information to merchants or other parties.</p>
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    <p lang="en" dir="ltr">Latest BIS Americas Office report explores #OperationalRisk and #CyberRisk facing #CentralBanks issuing a #CBDC and suggests tools and processes to identify and mitigate them https://t.co/JiD4ubIkZl pic.twitter.com/iER5JeDAyP</p>— Bank for International Settlements (@BIS_org) November 29, 2023
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> CBDCs could eventually replace cash, IMF indicates
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 <p>The design aims to protect individual privacy, a fundamental concern in the digital age, but does not compromise on the transparency necessary for merchants, who must disclose their identity to banks. This approach addresses key challenges, such as tax evasion and the prevention of illicit financial activities.</p>
 <p>Thomas Moser from the Swiss National Bank emphasizes the difficulty of this <a rel="noopener noreferrer nofollow" title="balance" href="https://thebittimes.com/tag/balance.html">balance</a>, noting the technological challenges in assuring <a rel="noopener noreferrer nofollow" title="privacy" href="https://thebittimes.com/tag/privacy.html">privacy</a> protection, and the need to prevent the misuse of high-level <a rel="noopener noreferrer nofollow" title="privacy" href="https://thebittimes.com/tag/privacy.html">privacy</a> <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a>.</p>
 <p>Project Tourbillon has successfully developed two scalable prototypes, demonstrating potential in handling a growing volume of transactions. However, the project is still in its nascent stages. There are several avenues that require further exploration, including sustainable business models, the feasibility of offline payments, and other critical features that would make CBDCs viable for adoption.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Global watchdog: Stablecoin cons outweigh pros for cross-border transactions
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bis-illustrates-how-cbdc-payments-can-balance-privacy-and-transparency-tbt72108.html">https://thebittimes.com/bis-illustrates-how-cbdc-payments-can-balance-privacy-and-transparency-tbt72108.html</a></p>

BIS illustrates how CBDC payments can balance privacy and transparency

TheBitTimes

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