5.2 Legal and regulatory Consistency with national laws: Payment interoperability should be included as a policy goal or mandate. CBDC legal and regulatory frameworks should conform with the existing laws and regulations of the issuing country. Interoperability frameworks: Standards and protocols should be developed to enable interoperability between different CBDC systems facilitating efficient and secure transactions. Common technical standards and protocols can help streamline integration and interoperability. International standards and best practices: CBDC frameworks should be developed in accordance with internationally recognized standards and best practices, such as those set by international organizations like the Financial Stability Board (FSB), International Monetary Fund (IMF), and Basel Committee on Banking Supervision (BCBS). Adhering to these standards helps ensure interoperability and facilitates cooperation among jurisdictions. Regulatory cooperation and information sharing: Collaboration and information exchange between central banks, financial regulators and other relevant authorities should be encouraged to facilitate effective supervision and oversight of CBDCs that have international dimensions. This cooperation helps in addressing potential risks, ensuring compliance and promoting consistency across jurisdictions. Consumer protection: Legal and regulatory frameworks should include provisions to safeguard the interests of CBDC users, ensuring transparency, fairness and protection against fraud or abuse. Clear guidelines on dispute resolution, liability and consumer rights should be established. Privacy and data protection: Interoperability principles should prioritize the protection of user privacy and personal data. CBDC systems should adhere to relevant data protection laws and regulations, ensuring that user information is managed safely and securely, shared only with authorized parties and not used for purposes other than those explicitly consented to by the users. It is important to establish means for enabling the capacity of the right to be forgotten with accepted policies and regulations. 5.3 Identification and authentication Universal means for identification: CBDC systems should support a universal and standardized identification framework that allows individuals and entities to establish their identities across different CBDC systems. This can involve the use of unique identifiers or digital identities that can be recognized and accepted by multiple CBDC platforms. Strong authentication: CBDC systems should employ robust authentication mechanisms to ensure the secure access and use of digital currencies. This may include multi-factor authentication, biometric verification or other advanced authentication methods to prevent unauthorized access and fraud. Standards and protocols should be developed to enable interoperability between different CBDC systems facilitating efficient and secure transactions. 5.1 Governance Transparency and accountability: CBDC governance should be transparent, with clear policies, rules and procedures that are publicly accessible. The decision-making process should involve accountability mechanisms to ensure responsible and efficient management of the CBDC across stakeholders. For each jurisdiction, it should be clear who has access to CBDC and how CBDC can be used (retail, wholesale, digital settlement instrument), as well as whether there is a centralized or decentralized ledger. Oversight authorities: Each jurisdiction may choose a different authority for oversight of the CBDC system. It should be clear which authority will serve this role in a sovereign capacity, and there should be an aim to agree upon a governance body to have oversight over the cross-border elements that can ensure interoperability. User accessibility and inclusion: CBDCs should be designed to be inclusive and accessible to all members of society, regardless of their socioeconomic background or technological literacy. Efforts should be made to ensure that marginalized populations and underserved areas have equal access to CBDC services. The system design should clearly define the entry processes for banked, underbanked and unbanked users. Inter-jurisdictional cooperation: International cooperation and coordination are essential for the successful implementation of CBDCs across borders. For cross-border payments, central banks should work together to establish common standards, protocols and frameworks to facilitate cross-border interoperability. Central Bank Digital Currency Global Interoperability Principles 29
RkJQdWJsaXNoZXIy NzQwMjQ=