1/ This paper from @RaphAuer @BIS is a must read for anyone interested in design considerations for retail central bank digital currencies (CBDC) Here were some of the key takeaways...
bis.org/publ/qtrpdf/r_…
bis.org/publ/qtrpdf/r_…
2/ "CBDCs promise to provide cash-like safety and convenience for peer-to-peer payments. To do so, they must be resilient and accessible. They should also safeguard the user’s privacy, while allowing for effective law enforcement"
3/ "Current electronic retail money represents a claim on an intermediary, rather than functioning as the digital equivalent of cash... design of a retail CBDC needs to balance the credibility of direct claims on the central bank with the benefits of using payment intermediaries"
4/ "Consumers are unlikely to adopt a CBDC if it is less convenient to use than today’s electronic payments...
and intermediaries help to smooth the flow of payments by taking on risk, for example during connectivity breaks or offline payments"
and intermediaries help to smooth the flow of payments by taking on risk, for example during connectivity breaks or offline payments"
5/ Here is their "CBDC Pyramid" framework to show "key technological design considerations for a retail CBDC, in the event that a central bank decided to issue one" 
6/ Here is a helpful overview of potential retail CBDC architectures described as "Indirect or Synthetic CBDC," "Direct CBDC," or "Hybrid CBDC"
7/ "Even if one decides against using DLT as the backbone infrastructure of a CBDC...access can still be based on cryptography [token based CBDC that uses public private key infrastructure] rather than identification"
8/ This diagram breaks down the differences between "account based" and "token based" access mechanisms for CBDC
9/ "If a national system is based on digital tokens, it will by default be accessible to foreign residents...this would represent a unique opportunity to facilitate easier cross-border payments"
10/ Overall, this paper does an excellent job of creating a standardized hierarchy of design choices. I'd suggest two additional considerations that could also be included in this framework...
11/ First, how do the design considerations impact the ease at which private sector participants can integrate CBDC into existing products or build new products on top of it? Does it require fintechs to learn a brand new tech stack or can it leverage existing infrastructure?
12/ Second, what is the criteria for a wallet to enable access to it? Can consumers hold it directly in open source "non-custodial" wallets as they can with existing stablecoins today or is it limited to licensed custodial wallets?
13/ I'd argue that easy integrations into existing digital wallet infrastructure and the option for consumers to manage private keys themselves are uniquely enabled by token based models.
14/ Looking forward to more discussion and debate on these design considerations
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