DCM Working Paper No. 2025/12

Cross-Border CBDC Interoperability: Architectural Models for Central Bank Reserves

Elena Volkov • Senior Policy Analyst
December 2025
Abstract:
An analysis of hybrid minting models and their synchronization across heterogeneous ledger environments. We evaluate the trade-offs between privacy-preserving zero-knowledge proofs and regulatory compliance.

JEL Classification: E58, F31, L86

1. Introduction

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2. Methodology

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