According to Cointelegraph, the Bank for International Settlements (BIS) advisory group proposed a retail central bank digital currency (CBDC) architecture based on a hybrid approach. The issuance and governance of CBDC are the responsibility of the central bank, while commercial banks provide consumer-facing services.

The BIS said the CBDC framework has a modular design with a focus on a token-based model to promote privacy. However, the architecture also supports an account-based model, where user accounts are tied to specific entities.

Despite their promise of privacy, CBDCs are widely seen as the antithesis of permissionless finance, with the Bank of Canada pausing CBDC development due to public feedback and US lawyer John Deaton vowing to oppose CBDCs.

Missouri Congressman Rick Brattin introduced a bill to ban CBDCs, and European Parliament member Sarah Knafo called on the EU to abandon CBDCs and adopt Bitcoin.