So far, an effective system for handling this type of transaction does not appear to be in place. Sweden has done some testing.6 A token-based product doesn't change the need for all individuals' receivables to be recorded centrally.7 A number of security issues will have to be addressed, for instance what happens if you lose your mobile phone or your computer crashes?
It is not obvious why a product of this nature should be operated by a central bank rather than private banks, but it would probably stimulate innovation in this area. One might argue that, legally, a retail CBDC is a parallel to cash because the central bank is the direct counterparty, but in practice customers are unlikely to perceive it as a cash substitute.