On Central Bank Digital Currency: A composable treatment

István Vajda

Paper 2023/575

On Central Bank Digital Currency: A composable treatment

István Vajda, TU of Budapest

Abstract

Central Bank Digital Currency (CBDC) is in the phase of discussion in most of countries. In this paper, we consider the security issues of centralized retail CBDC. Our focus is on the design and analysis of the underlying cryptographic protocol. The main security requirements against the protocol are transaction anonymity and protection against tax evasion. The protocol provides security guarantees in case of the strongest model of an execution environment which is the general concurrent environment. We apply the Universal Composition (UC) methodology of Canetti [3],[4]. At the time of this writing, we are not aware of any published CBDC protocol with an aim to provide secure compositional guarantees.

Metadata

Available format(s): PDF
Category: Cryptographic protocols
Publication info: Preprint.
Keywords: Central Bank Digital Currency cryptographic protocols provable security universal composition
Contact author(s): vajda @ hit bme hu
History: 2023-04-28: approved; 2023-04-23: received; See all versions
Short URL: https://ia.cr/2023/575
License: CC0

BibTeX

@misc{cryptoeprint:2023/575,
      author = {István Vajda},
      title = {On Central Bank Digital Currency: A composable treatment},
      howpublished = {Cryptology ePrint Archive, Paper 2023/575},
      year = {2023},
      note = {\url{https://eprint.iacr.org/2023/575}},
      url = {https://eprint.iacr.org/2023/575}
}