cross-posted from: https://exploding-heads.com/post/54397

Aurum consists of a wholesale interbank system and retail e-wallet. The e-wallet is created at a local bank and has a smartphone interface. A validator system prevents bank over-issuance and user double redemption.

The intermediated retail CBDC is used in the e-wallets, and CBDC-backed stablecoins are used in the interbank system. The unusual CBDC-backed stablecoins digitally mirror Hong Kong’s existing currency system, in which bank notes are issued by three financial institutions and backed by the central bank. The CBDC is a direct liability of the central bank, while the stablecoins are liabilities of the issuing bank, with backing assets held by the central bank.