TLDR: “In particular, we propose a token-based, software-only CBDC without DLT. DLT is an interesting design if no central party is available or if the interacting entities are not willing to agree on a trusted central party. However, this is hardly the case for a retail CBDC issued by a central bank. Distributing the central bank’s ledger with a blockchain merely increases transaction costs; it does not provide tangible benefits in a central bank deployment. Utilizing DLT to issue digital cash may be useful if there is no central bank to start with (e.g., the Marshall Islands’ Sovereign project) or if the explicit intention is to do without a central bank (e.g., Bitcoin).”