The Bank for International Settlements (BIS) has released a handbook on the offline use of central bank digital currencies (CBDCs) following a joint project with the central banks of Sweden, Norway, and Israel. The guide, titled 'Project Polaris,' aims to assist central banks in implementing CBDCs in their offline operations, depending on various considerations such as location, demographics, and other specific factors.
The handbook recommends that central banks identify how offline payments with CBDCs could support relevant policy objectives, such as inclusion or payment system resilience, and take a risk-based approach from the earliest stages of CBDC design. The cryptocurrency community has criticized the introduction of CBDCs as an effort by governments and central banks to impose strict financial control, while some financial institutions believe CBDCs could revolutionize global financial systems.
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