Summary of the CBDC Technology Forum Meeting in June 2022

The meeting took place on 9 June 2022, with Tom Mutton (Chair) welcoming the Members to the fifth CBDC Technology Forum meeting. During the meeting, the Bank provided a brief overview of the May 2022 CBDC Engagement Forum meeting. One of the Forum Members presented a perspective on the importance of offline functionality as a key feature of CBDC. The presentation highlighted the significance of offline settlement finality in a world where the use of physical cash is decreasing. The presenter emphasized that offline settlement finality offers advantages in terms of availability, throughput, and operational infrastructure costs, particularly when compared to existing real-time (online) settlement systems that face significant challenges. The presentation also acknowledged that without offline finality, any CBDC system would struggle to differentiate itself from other real-time payment systems. Additionally, the presenter mentioned potential drawbacks of offline systems, such as increased risks of counterfeiting and double spending due to the added technical complexity.

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