Abstract

The exploration of Central Bank digital currencies (CBDCs) is fostering opportunities for a revolutionary change in financial systems around the world. Nonetheless, the design and implementation of CBDCs pose serious concerns regarding data privacy. A crucial takeaway from this study is the compromise between enhancing operational efficiency and maintaining the privacy of user data. This paper highlights data protection laws and privacy levels in CBDC transactions across countries. Also, comparison of prominent CBDCs with Oasis Network emphasizes the need for CBDC privacy model development through innovation. This paper proposes integration of the CBDC Payment System using the Oasis Network and provides the foundation for building innovations to improve privacy along with transaction efficiency.