The original 50 page report linked in the post mentions the possibility of offline transactions. It is thought to be in conflict with another possible feature,

The original 50 page report linked in the post mentions the possibility of offline transactions. It is thought to be in conflict with another possible feature, remuneration (i.e. getting interest on your money), and they even consider a more complicated hybrid system to get both features. The whole report is just an exploration of the desirable features and design options, nothing is final. Blockchain seems to be out though. (edit: fixed spelling of remuneration)