Google Pitches Offline CBDC Plan To Central Banks
Google and the Bank for International Settlements (BIS) are presenting plans for an offline central bank digital currency (CBDC) to global banking regulators.
The BIS has described the functionality as a complex undertaking requiring extreme diligence from central banks. Launching offline capability for CBDCs will require a tailored approach due to the distinct nature of payments in different jurisdictions.
The BIS onboarded several vendors to pitch offline CBDC strategies to central banks, with Google participating. However, the document did not reveal the technical standards of Google’s plan, leaving room for pundits to theorize over the Big Tech’s blueprint.
One theory suggests that Google could rely on the offline payment capabilities of Google Pay wallets, which require intermittent internet connectivity for seamless operation. In the long-term absence of internet connectivity, analysts are exploring using prepaid cards loaded with CBDCs, leveraging near-field communication (NFC) to process offline payments.
(With inputs from Shikha Singh)
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