For the CBDC to be constant spendable, it must also be possible to use it when the payer and/or payee is out of reach from their network service provider, – when they have no internet connection or telecommunications. This applies to both the account-based and value-based solution. An offline functionality, which works without risk and when either the payer or the payee does not have access to the Internet/telecommunications that also is entirely safe, is not easily achievable using current technology. To prevent the same CBDC being used more than once (known as – double spending), either the payee or payer needs a connection to be able to verify the payment against the payment service in today’s solutions. Offline payments, where both the payee and payer do not have a connection, are possible, but since the payments cannot be checked in real time, the transaction involves some risk-taking by the parties. These risks can, however, be controlled and limited with the aid of regulations, which is currently the case with card payments. The parties agree on who bears the risk and on how many payments, and for what amounts, should be possible to make offline. In the event that the CBDC platform should have an offline technical secure function that is not built on trust, an encryption protocol to facilitate this function has to be developed.
It is ultimately up to the legislator
To summarise, find out if the Central Bank Act already has the mandate to issue a Central Bank Digital Currency (CBDC). It is nevertheless reasonable
