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"We argue that operating a bearer-based payment system to complement an account-based CBDC in order to gain offline and privacy features is not a good trade-off. Adding permanent, regular offline capabilities via the bearer-based payment instrument constantly exposes the CBDC to the severe issues inherent in offline-capable payment systems. Instead, the offline mode of operation should be restricted to scenarios where it is actually required, which mitigates the risks."

GNU Taler is a privacy-preserving payment system. Customers can stay anonymous, but merchants can not hide their income through payments with GNU Taler. This helps to avoid tax evasion and money laundering. Payments are always backed by an existing currency. Payments are made after exchanging existing money into electronic money with the help of an Exchange service, that is, a payment service provider for Taler. When making a payment, customers only need a charged wallet. A merchant can accept payments without making their customers register on the merchant's Website. Taler is based on blind signatures.