Key technological approaches of building Central Bank Digital Currencies

The article provides an analysis of existing technological solutions for CBDCs (architecture selection, DLT platform, offline payments, programmability) and links them with key economic aspects of such a solution’s design: the issuance mechanism (single-tier and two-tier models), the remuneration regime for balances (including two-tier schemes), the balance of privacy/AML, and the impact on monetary policy transmission and the stability of the banking sector (9), (26), (39). A comparison of platforms (Corda, Hyperledger Fabric, Quorum, eCurrency) for selecting a technology stack is conducted based on performance, scalability, security, and privacy, while development specifics are also discussed. Based on the analysis, requirements for a pilot platform (based on Corda) with offline payments and smart contracts are outlined, and economic constraints for the launch parameters in the Russian context are specified.