In this episode of FRT, Morten Bech, Head of the Bank for International Settlements (BIS) Innovation Hub’s Swiss Centre, discusses Project Tourbillon, a recently completed project that developed two prototypes studying the trade-offs between privacy, security, and scalability for retail CBDCs, and how one might succeed at all three. Achieving this trifecta has been the focus of many engineers in the digital assets space. The lessons from Project Tourbillon are applicable to projects beyond retail CBDCs.