International Association
for Cryptologic Research

Central Bank Digital Currency (CBDC) is in the phase of discussion in most of countries. In this paper, we consider the security issues of centralized retail CBDC. Our focus is on the design and analysis of the underlying cryptographic protocol. The main security requirements against the protocol are transaction anonymity and protection against tax evasion. The protocol provides security guarantees in case of the strongest model of an execution environment which is the general concurrent environment. We apply the Universal Composition (UC) methodology of Canetti [3],[4]. At the time of this writing, we are not aware of any published CBDC protocol with an aim to provide secure compositional guarantees.