Working Paper of the International Working Group on Data Protection in Technology

Table of Contents
Executive summary ..................................................................................................................................2
1. Introduction ...................................................................................................................................3
2. Main objective of this paper ..........................................................................................................5
3. Scope, terminology, and target......................................................................................................5
4. CBDC main components and design choices .................................................................................6
5. General privacy risks and relevant advice......................................................................................8
5.1. Profiling and surveillance ..................................................................................................... ...9
5.2. Cybersecurity risks................................................................................................................. 11
5.3. Unclear data protection roles and responsibilities ............................................................... 13
5.4. Financial exclusion for specific individuals and vulnerable groups ....................................... 14
5.5 Overall adoption and use of a CBDC: necessity and proportionality ......................................... 15
6. privacy risks on some specific choices or components............................................................... 17
6.1. The use of Distributed Ledger Technology (DLT) .................................................................. 17
6.2. CBDC programmability .......................................................................................................... 20
7. The case for peer-to-peer online and offline payments ............................................................. 23
8. Further reading ........................................................................................................................... 25