支持连接受限的中央银行数字货币的技术解决方案：现有方法综述（英）

Technology Solutions to SupportCentral Bank Digital Currency withLimited ConnectivityA Review of Existing Approaches Herve Tourpe, John Kiff, Majid Malaika, and Chris Ostrowski NOTE/2025/005 Technology Solutions toSupport Central Bank DigitalCurrency with LimitedConnectivity A Review of Existing Approaches Prepared by Herve Tourpe, John Kiff, Majid Malaika, and Chris Ostrowski August 2025 ©2025 International Monetary Fund Technology Solutions to Support Central Bank Digital Currency with Limited Connectivity: Reviewof Existing ApproachesNote 2025/005Prepared by Herve Tourpe, John Kiff+, Majid Malaika, Chris Ostrowski* Cataloging-in-Publication DataIMF Library Names: Tourpe, Herve, author. | Kiff, John, author. | Malaika, Majid, author. | Ostrowski, ChristopherMichael, author. | International Monetary Fund, publisher.Title: Technology solutions to support central bank digital currency with limited connectivity : review of existing approaches / Herve Tourpe, John Kiff, Majid Malaika, and Chris Ostrowski.Other titles: Technology solutions to support CBDC with limited connectivity. | Fintech note. Description: Washington, DC : International Monetary Fund, 2025. | Aug. 2025. | NOTE/2025/005. | Subjects: LCSH: Digital currency—Case studies. | Digital currency—Technological innovations.Classification: HG1710.T6 2025 DISCLAIMER:Fintech Notes offer practical advice from IMF staff members to policymakers onimportant issues. The views expressed in Fintech Notes are those of the author(s) and do notnecessarily represent the views of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION:Tourpe, Herve, John Kiff, Majid Malaika, and Chris Ostrowski. 2025.“Technology Solutions to Support Central Bank Digital Currency with Limited Connectivity: Review ofExisting Approaches.” IMF Fintech Note 2025/005, International Monetary Fund, Washington, DC. Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, U.S.A.T. +(1) 202.623.7430publications@IMF.orgIMFbookstore.orgelibrary.IMF.org +Both John Kiff and Chris Ostrowski are from SODA Services Ltd, a UK-based consultancy specializing in digital money. *This note benefited from comments and contributions from Jérôme Ajdenbaum, Andrea Alvarez, Elli Androulaki, Shiri Band, DavidBirch, Asaf David-Margalit, Lauren Del Giudice, Ben Dovey, Jérôme Duperrut, Razvan Dragomirescu, Jerome Duperrut, JohnFagan, Bertrand Foing, Judith Garcia, Lars Hupel, Thomas Kudrycki, Hugues Marie, Alain Martin, Cyrus Minwalla, FredericRebours, Jeff Rubon, Gabe Ruhan, Danny Russell, Joachim Samuelsson, Leon Schumacher, Beju Shah, Yoav Soffer, EmersonTan, Cedric Wahl, Nir Yaacobi, and William Zhang. Contents Abbreviations .............................................................................................................................................. 3Introduction ................................................................................................................................................. 4I.Connectivity Scenarios and Case Studies......................................................................................... 5No Connectivity Environments ............................................................................................................... 6Stored-Value Card-Based Offline Payments....................................................................................... 7Device-to-Device Offline Payment Solutions ...................................................................................... 8Cellular Connectivity Environments (No Data) ....................................................................................... 9II.Assessment Criteria #1: Form Factor ........................................................................................... 12Accessibility ....................................................................................................................................... 13Usability ............................................................................................................................................. 14III.Assessment Criteria #2: Operational and Cybersecurity Risks ................................................. 15Risk Exposure....................................................................................................................................... 15Software Security and Software-Based Secure Environment........................................................... 17Hardware Security and Hardware Secure Environment ................................................................... 18Best Practices for Offline Transactions Capability ............................................................................... 20Design Considerations ...................................................................................................................... 20Mitigati