Blockchain CBDC Security Threats Using STRIDE

In strategic response to the increasing threats from crypto payment systems, cryptocurrencies, and stablecoins, central banks globally are contemplating the introduction of their digital currencies, termed Central Bank Digital Currencies (CBDCs). This trend, especially the emergence of CBDCs built on blockchain technology, instigates significant discourse on security and privacy concerns. This research paper delves into the potential security risks of blockchain-based CBDCs, distinguishing between permissionless and permissioned network architectures and token-based and account-based access mechanisms. We employed STRIDE, a threat modeling methodology, to elucidate these risks, on architectural constructs derived from CBDC proposals and use cases, identifying 39 distinct threats. Our study intends to enrich the ongoing dialogue on the evolution of blockchain-based CBDCs. The findings provide a robust foundation to guide and inform prudent design decisions by offering a detailed understanding of potential security and privacy risks, thereby contributing to developing more secure CBDCs.