David Chaum, who invented eCash, a forerunner of <a href="https://www.cryptoknowmics.com/news/marathon-is-currently-second-largest-publicly-traded-bitcoin-holder-ceo">Bitcoin</a> and, more recently, the <a href="https://www.cryptoknowmics.com/news/cftc-strikes-order-against-fraudulent-cryptocurrency-arbitrage-company">cryptocurrency</a> Elixxir, thinks the civilized world can establish a type of CBDC that safeguards privacy. He is collaborating with the Swiss National Bank (SNB) on Project Tourbillon, <a href="https://www.bis.org/about/bisih/topics/cbdc/tourbillon.htm" target="_blank" rel="nofollow noopener">intended</a> for central bank money that prioritizes confidentiality.
<h2>BIS to Supervise CBDC Technology</h2>
The <a href="https://www.cryptoknowmics.com/news/project-mariana-by-bis-to-investigate-cbdc-connection-with-defi">Bank of International Settlements (BIS)</a> Innovation Center will oversee the project's development, the agency said on Thursday. The initiative will expand the selection of CBDC trials already being developed by the BIS Innovation Hub, such as the projects Mariana and Helvetia, which also involve the SNB.

According to the BIS statement, the technology behind Project Tourbillon would integrate Chaum's quantum-resistant cryptography with confidentiality functions. According to the press statement, the platform will also be extensible since it will use a structure that is interoperable with, but not predicated on, <a href="https://www.cryptoknowmics.com/news/ecb-investigates-distributed-ledger-technology-for-interbank-settlements">distributed ledger technology</a>.
<h2>Project Tourbillon to Balance Trade-Offs</h2>
Chaum and Thomas Moser, an alternative member of the SNB governing council, together published a research paper outlining the idea based on Chaum's blind signature approach. According to Morten Bech, Director of the BIS Innovation Hub Swiss Center, the initiative avoids balancing user privacy, productivity, and cybersecurity. In the BIS release, Bech stated that Project Tourbillon would create and validate a prototype that balances these trade-offs and advances central banks' technical frontier. The prototype is expected to be finished by mid-2023.

David Chaum Launches CBDC Technology That Preserves Privacy

David Chaum, who invented eCash, a forerunner of Bitcoin and, the crypto Elixxir, thinks civilized world can establish type of CBDC that safeguards privacy.

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David Chaum Launches CBDC Technology That Preserves Privacy

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