Blockchain for Banking News

Bank of Canada explores types of offline CBDC

offline cbdc payments p2p

The Bank of Canada published a research note on using central bank digital currency (CBDC) for offline payments. These sorts of payments resemble physical notes and coins more closely than digital currency.

Various scenarios lead to the need for an offline CBDC. For example, it could be a temporary lack of internet access, such as during a flight or because of a telecoms outage. This use case is referred to as intermittent offline CBDC. 

Alternatively, there could be a longer term need to make payments without the internet, which needs an extended offline CBDC. That might apply in a remote area, a weather event or a natural disaster.

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