A Survey of Research on Retail Central Bank Digital Currency

Kiff, John; Farias, Aquiles; Khan, Ashraf; Khiaonarong, Tanai; Malaika, Majid; Monroe, Hunter; Sugimoto, Nobu; Tourpe, Hervé; Zhou, Peter L.

doi:10.5089/9781513547787.001

Cited by 59 publications

(32 citation statements)

References 16 publications

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“…One of the most commonly used definitions is that the CBDC is a kind of legal tender in digital form. This general definition is proposed by the International Monetary Fund (IMF) (Kiff et al 2020). CDBC is the next step in the evolution process from metal currency to metal-backed banknotes, and then to fiat money.…”

Section: The Definition: What Are Cbdcs?mentioning

confidence: 99%

A global perspective on central bank digital currency

Lee

Wang

2021

China Economic Journal

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This paper discusses the key considerations of CBDC design to balance benefits and risks and presents best practices in CBDC design from a global perspective. Using China's CBDC as an illustration, this paper discusses two-tier or multi-tier ledger design and proposes ten enablers of mass adoption and successful implementation. This proposed design allows central banks to manage the process flow, focus on the monitoring and control, without bearing all the load or exposing to over-centralized risks. It concludes that CBDC will be the primary tool in the future digital economy, and countries that are conversant with the technology will have a competitive advantage. Learning from the implementation, continuously reviewing the existing regulation, and improvising whenever international dynamics change the landscape are vital attributes of a successful implementation.

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Section: The Definition: What Are Cbdcs?mentioning

confidence: 99%

A global perspective on central bank digital currency

Lee

Wang

2021

China Economic Journal

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“…Although the number of CDBC experiments and pilots may give an idea of homogeneity, this is far from true. Many variations are present in the different approaches, and we can find several independent attempts to create taxonomies [67][68][69] to characterize the approaches followed by the different central banks.…”

Section: Experiments Proofs-of-concept and Pilotsmentioning

confidence: 99%

“…Access is reserved to residents of a particular monetary International Accessible to non-residents, allowing for cross-border retail payments; this is allowed by default if the access is token-based Authority [69], maps partially with Infrastructure [67] and Access Technology [67] Centralized…”

Section: Nationalmentioning

confidence: 99%

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From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution

2021

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We analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), to shed some light on the ultimate dematerialization of money. To that end, we made an extensive search that resulted in a review of more than 100 academic and grey literature references, including official positions from central banks. We present and discuss the characteristics of the different CBDC variants being considered—namely, wholesale, retail, and, for the latter, the account-based, and token-based—as well as ongoing pilots, scenarios of interoperability, and open issues. Our contribution enables decision-makers and society at large to understand the potential advantages and risks of introducing CBDCs, and how these vary according to many technical and economic design choices. The practical implication is that a debate becomes possible about the trade-offs that the stakeholders are willing to accept.

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“…The working group was dedicated to central bank-issued VC schemes, and it aimed to assess any connected technical, functional, and regulatory aspects (Bruce and Canepa 2020). Meanwhile, the International Monetary Fund (IMF) hinted that central bank digital currencies (CBDCs), which are state-backed cryptocurrencies, could soon become a reality, and followed that with a recommendation to the central banks of its 189 member countries, gradually to introduce public VCs (Kiff et al 2020). 2 This initiative is in line with the prototyping of a private blockchain by the IMF and the World Bank.…”

Section: Vcs As An Emerging Global Financial Phenomenonmentioning

confidence: 99%

Regulation of virtual currencies in the United Arab Emirates: accounting for the emerging public/private distinction

Maknouzi

Sadok

2021

Development Studies Research

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This article maps the changing global conversation on virtual currencies (VCs) internationally And brings that to bear on the development of a suitable regulatory framework for VCs in the United Arab Emirates (UAE). Through a review of recent international developments, the article notes a reversal in regulatory attitude towards VCs. This review suggests two emerging horizons of regulatory intervention. The first concerns the public issue of VCs to develop financial traceability and economic transparencyan arrangement that would be particularly relevant for developing countries with large informal economies. In particular, public VC issue raises follow-up questions of technological adequacy and the legal status of a means of payment guaranteed by the State. The second concerns privately issued VCs traded on independent platforms and focuses on the trade off between economic development, through a private market for VCs, and the risks connected to money laundering and the financing of terrorism. Here, a two-pronged system of ex ante licensing to private venture capitalists, coupled with ex post-sanctions, appears to be an emerging international standard for supporting economic development in countries marked by the preponderant weight of an underground economy.

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A Survey of Research on Retail Central Bank Digital Currency

Cited by 59 publications

References 16 publications

A global perspective on central bank digital currency

A global perspective on central bank digital currency

From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution

Regulation of virtual currencies in the United Arab Emirates: accounting for the emerging public/private distinction

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