Central banks worldwide are exploring various approaches to design retail central bank digital currencies (CBDCs) which can provide universal access and operate under all conditions.1 According to the Bank for International Settlements (BIS), almost all central banks surveyed in 2023 were considering offline payments to be vital or at least advantageous (BIS 2023a). The challenge of ensuring accessibility in environments with limited or no connectivity is particularly evident in emerging market and developing economies, remote regions, and areas prone to natural disasters where internet infrastructure may be ... (full story)