A CBDC must be, by design, operationally resilient to outages and cyber security risks and comply with all relevant legislation and regulation. A CBDC should act as a catalyst for innovation and competition in a wider money and payment ecosystem that supports, rather than crowds out private innovation. Privacy and autonomy will be a central design feature for any CBDC we develop.
Privacy and autonomy promote trust in money, which is a core role central bank money provider in the wider monetary system. We believe that a CBDC can be designed in such a way that privacy and autonomy can exist alongside design features that make it hard for central bank money to be used for nefarious or illegal purposes to target, influence and coerce.