Two Ledger Paths: Public and Private¶

The two paths serve different regulatory requirements and uses:

• Public Path: Sovereign smart contracts on an established public Layer 1 network, for payments and programs that should be visible to the public or reach global markets, such as regulated stablecoins and grants whose totals are published.

• Private Path: Sign CBDC, a permissioned central bank digital currency platform on Hyperledger Fabric-X that the central bank supervises, for payments that must stay private, such as everyday retail payments and benefits whose recipients must not be published.

Both paths keep the government in control, and each uses the security properties of its own ledger. Governments can deploy either path on its own or both together, with bridging and interoperability routes connecting the systems.