Perspectives on Objectives and Design Principles in Offline Payments with Central Bank Digital Currency
This work explores essential design principles for a central bank digital currency (CBDC) that functions offline, focusing on three main goals: access control security, preventing user misbehavior like double-spending, and privacy by design. The key finding is that securing the wallet against double-spending requires integrating secure hardware as an anchor of trust. Cryptography alone is insufficient for absolute integrity in this offline setting.