Golden Finance reported that the Bank for International Settlements (BIS) Innovation and Digital Economy Advisory Group recommended using a hybrid architecture to build a retail central bank digital currency (CBDC), with the central bank responsible for issuance and governance, and commercial banks providing consumer services. The report proposes a modular approach to design, focusing on a token-based model to achieve privacy protection, while supporting an account-based model where user identity information is retained at a private intermediary to achieve privacy protection. Despite the proposed privacy protection measures, CBDC is still widely considered to be contrary to the concept of decentralized finance, causing concerns about systemic risks, privacy and feasibility.