Volume 11 - Issue 3
A Survey on Security and Privacy in Blockchain-based Central Bank Digital Currencies
- Yunyoung Lee
Seoul National University, Seoul, Republic of Korea
tommja@snu.ac.kr
- Bumho Son
Seoul National University, Seoul, Republic of Korea
andymogul@snu.ac.kr
- Seongwan Park
Seoul National University, Seoul, Republic of Korea
sucre87@snu.ac.kr
- Jaewook Lee
Seoul National University, Seoul, Republic of Korea
jaewook@snu.ac.kr
- Huisu Jang
Soongsil University, Seoul, Republic of Korea
yej523@ssu.ac.kr
Keywords: central bank digital currencies, middle-ground blockchain, privacy, security
Abstract
The increasing interest in Central Bank Digital Currencies has heightened the need for the suitable
security technologies for preserving the privacy of users of the CBDC. Although the CBDC system
architecture is deeply related to the legacy payment system and the public blockchain system, security
and privacy issues of the CBDC are completely different from those of the existing systems as the
purpose of the CBDC is to achieve auditable privacy. We demonstrate the taxonomy of the security
and privacy issues in CBDC system according to the following areas: identity, transaction, consensus
and auditability. We also emphasize the research gaps in the fields stem from the CBDC’s unique
characteristics including the authorized audit risk problem and the cross-border payments problem.
This study contributes to the current understanding of the security and privacy concerns of CBDCs
and addresses the remaining gaps in this field of research.