A Scalable Architecture for Electronic Payments

Abstract We present a scalable architecture for electronic retail payments via central bank digital currency and offer solution to the perceived conflict between robust regulatory oversight consumer affordances such as privacy control. Our combines existing work in payment systems with new approach asset design managing unforgeable, stateful, oblivious assets without relying on either authority or monolithic consensus system. Regulated financial institutions have role every transaction, are achieved through use of non-custodial wallets that unlink sender from recipient transaction channel. This is fully compatible two-tiered banking system can complement extend roles money services businesses custodians.