I just wrote another Medium article on Central Bank Digital Currencies (CBDCs).

Here's the gist of it:

Using blockchain to create a CBDC is a waste of time and resources, and will lead to the CBDC project failing.

CBDCs, by definition, are centralized in terms of their governance. It makes no sense for a central bank to use a technology designed principally to evade centralized oversight. In short, if it weren't for the problem if evading centralized oversight into transactions, then Bitcoin would have never been invented.

Decentralized architectures cannot scale to mainstream transaction volume. This is underscored by Bitcoin's transactions that can cost 30 dollars and take 30 minutes to complete. Credit card transactions take a few seconds and typically cost less than a dollar. Haypenny currencies take single-digital milliseconds to complete and cost $0.005. Blockchain, in short, is a terrible choice, technically speaking.

And then there's the usage model, which requires users to have a key pair, which hinders the spread of the currency and makes the whole process much more clunky for end-users, which is especially problematic when introducing a brand new way of doing things to millions of users used to doing it the old way.

In short, from a pure technology and user experience standpoint, using blockchain for a CBDC is bonkers. CBDCs should instead be based on a traditional centralized architecture.