【BIS Proposes Retail CBDC Hybrid Architecture】Golden Finance reports that the Bank for International Settlements (BIS) Innovation and Digital Economy Consultative Group has suggested adopting a hybrid architecture for the construction of retail central bank digital currency (CBDC), with central banks responsible for issuance and governance, and commercial banks providing consumer services. The report proposes a modular approach to design, focusing on a token-based model to achieve privacy protection, while also supporting an account-based model where user identity information is retained by private intermediaries for privacy protection. Despite the proposed privacy protection measures, CBDC is still widely regarded as contrary to the principles of decentralized finance, raising concerns about systemic risks, privacy, and feasibility.