The Bank for International Settlements (BIS) is exploring the potential for offline payments using a central bank digital currency (CBDC). The BIS Innovation Hub Nordic Centre has published a guide called "Project Polaris" which outlines the risks and opportunities of CBDCs for offline payments.
The guide highlights the need for privacy protection, interoperability, and risk management systems for offline payments. Several countries, including Australia, India, and Russia, are currently developing CBDCs with offline functionality.
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