United

Bank AI

David Vance

eCash

The Bank for International Settlements (BIS) Innovation Hub has unveiled the culmination of its private central bank digital currency (CBDC) endeavor, Project Tourbillon, in its recently released 46-page report on November 29. 
This initiative explores critical elements such as privacy, security, and scalability, all within the context of two prototypes designed by cryptography pioneer David Chaum: eCash 1.0 and eCash 2.0. 
These prototypes introduce a promising prospect of payment anonymity for CBDC transactions. 
Among the prototypes, eCash 1.0 offers “unconditional payer anonymity,” while eCash 2.0 boasts enhanced security features. 
The report suggests that it is indeed plausible to implement a CBDC that ensures payer anonymity while concurrently addressing concerns related to illicit transactions. 
Project Tourbillon accomplishes this by establishing complete consumer anonymity during transactions with merchants. 
In this innovative scheme, a consumer making a CBDC payment to a merchant remains entirely anonymous to all parties involved, including the merchant, banks, and the central bank. 
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The merchant’s identity is only revealed to the payer and is subsequently disclosed to the merchant’s bank as part of the payment process. 
Importantly, the central bank retains no access to personal payment data but maintains the capacity to monitor CBDC circulation at an aggregated level. 
However, during the initial phase, all users are required to undergo a Know Your Customer procedure at a commercial bank to gain access to the CBDC, mirroring the existing financial system’s practices. 
Furthermore, the responsibility for ensuring that transactions adhere to regulatory requirements, such as Anti-Money Laundering, Countering the Financing of Terrorism, and tax evasion laws, falls upon the merchant’s bank. 
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The report concludes that Tourbillon’s payment process seamlessly integrates with today’s payment landscape, leveraging established technologies like QR codes, proof-of-stake protocols, and existing account relationships between customers, merchants, banks, and central banks. 
BIS has been at the forefront of driving global CBDC adoption, actively assisting the Swiss National Bank in the development of wholesale CBDCs and collaborating on joint platforms with central banks in countries like China, Hong Kong, Thailand, and the United Arab Emirates. 
Additionally, BIS is engaged in a transaction tracker proof-of-concept project with the European Central Bank, emphasizing its pivotal role in shaping the future of digital currencies on a global scale. 
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