Privacy and Emergency Payments in a Pandemic: How to Think about Privacy and a Central Bank Digital Currency

Rennie, Ellie; Steele, Stacey

doi:10.5204/lthj.1745

Cited by 24 publications

(13 citation statements)

References 5 publications

(4 reference statements)

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“…Grym et al (2017) argue that central bank digital currencies can make banknotes become a technically outdated payment instrument. Rennie and Steele (2021) outline the policy choices involved in designing a CBDC and the consequences of these choices for privacy. They argue that central banks have a number of priorities which could eventually undermine privacy such as preventing the criminal abuse of the financial system, geopolitical concerns and private sector innovation.…”

Section: Cbdc and Bank Competitionmentioning

confidence: 99%

Central bank digital currency research around the world: a review of literature

Ozili¹

2022

JMLC

109

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Purpose The purpose of this paper is to gain some insight into central bank digital currency research by reviewing the recent advances in central bank digital currency (CBDC) research in a way that would help researchers, policy makers and practitioners to take a closer look at CBDC. Design/methodology/approach The paper uses a systematic literature review methodology. Findings The review shows a general consensus that a CBDC is a liability of the central bank and it has cash-like attributes. The review also presents the motivation and benefits of issuing a CBDC such as the need to increase financial inclusion, the need to improve the conduct of monetary policy and to foster efficient digital payments. The review also shows that many central banks are researching the potential to issue CBDCs due to its many benefits. However, a number of studies have called for caution against over-optimism about the potential benefits of CBDC due to the limiting nature of CBDC design and its inability to meet multiple competing goals. Suggested areas for future research are identified such as the need to find the optimal CBDC design that meets all competing objectives, the need for empirical evidence on the effect of CBDC on the cost of credit and financial stability, and the need to find a balance between limiting the CBDC holdings of users and allowing users to hold as much CBDC as they want, and there is a need to undertake country-specific and regional case studies of CBDC design. Originality/value This review paper offers new areas for further research in central bank digital currencies.

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Section: Cbdc and Bank Competitionmentioning

confidence: 99%

Central bank digital currency research around the world: a review of literature

Ozili¹

2022

JMLC

109

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“…Many fintech firms focus on service and customer experience, without a corresponding understanding of the complexities of security (Haupert et al, 2017), so that the risks from disruption are high, and regulators are usually watchful (Alvarez, 2018;Omarova, 2020;Shanaev et al, 2020) -especially in China, where there has been a push against potentially destabilising cryptocurrencies, with a ban on exchanging them for fiat money (Chen and Liu, 2021;Xie, 2019;Zhang and Gregoriou, 2020). Privacy would also seem to be an obvious loser wherever cash is displaced by online payments, with the corresponding loss of anonymity (Rennie and Steele, 2021).…”

Section: Disintermediation and Disruptionmentioning

confidence: 99%

Digital Modernity

O’Hara

2022

FNT in Web Science

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Modernity" is a social, cultural or historical descriptor for a certain type of society or set of social arrangements. This monograph reviews narratives of digital modernity, without endorsing them; as narratives, they selectively discuss aspects of our sociotechnical context, descriptively, teleologically or normatively. Digital modernity narratives focus on the possibilities of the data gathered by an ambient data infrastructure, enabled by ubiquitous devices such as the smartphone, and activities such as social networking and e-commerce. Some emphasise continuities with 20th century modernity narratives, while others emphasise discontinuity, such as theories of the singularity. Digital modernity is characterised by: a subjunctive outlook where people's choices can be anticipated and improved upon; the valorisation of disruptive innovation on demand; and control provided by data analysis within a virtual realm (cyberspace or the metaverse) which can be extended and applied to the physical world (in such applications as the quantified self and the smart city). The synergies and tensions between these three aspects are explored, as are the opportunities for and dilemmas posed by misinformation. Five principles emerge from the study of relevant texts and business models: (1) the quantity of data being produced in the world has enabled, and been enabled by, technological, social, economic and

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“…Further, the growing interest in CBDCs mirrors an effort to leverage the programmability of "digital cash" technologies into a new functional form of M0 money. Evidently, this new form of money needs to have the proper technology characteristics to serve an ever-growing digital global economy that shapes a new perception, and relation, between the public and the central bank's monetary instruments [35,36]. Finally, central banks are reportedly attracted to CBDCs to foster payment efficiency, create new monetary policy transmission channels, advance financial inclusion, safeguard safety/privacy and regulatory compliance [6,23,24].…”

Section: The Growing Interest In Issuing a Cbdcmentioning

confidence: 99%

“…Hybrid: the central bank holds the CBDC ledger, but the payment service is provided by private actors such as FIs or Telcos. Some authors label these systems as platform CBDCs [36]; and, 3. Synthetic: the private sector updates the CBDC ledger -i.e., the ledger is held indirectly by the central bank by settling the reserve accounts through PPP schemes -, and also handles the transactions [7].…”

Section: Core-architecture Considerationsmentioning

confidence: 99%

Handbook on Blockchain

2022

Springer Optimization and Its Applications

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Book and chapter authors who have published via the paid open access option are encouraged to deposit the final published PDF in their institutional repository or any suitable subject repository on publication. Authors should include a link to the published book or chapter on SpringerLink when they deposit the content in a repository; in all cases, the requirement to link to the publisher's website is designed to protect the integrity and authenticity of the scientific record, with the online published version on the publisher's website clearly identified as the definitive version of record. For more information: https://www.springernature.com/gp/openresearch/policies/book-policies

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Privacy and Emergency Payments in a Pandemic: How to Think about Privacy and a Central Bank Digital Currency

Cited by 24 publications

References 5 publications

Central bank digital currency research around the world: a review of literature

Central bank digital currency research around the world: a review of literature

Digital Modernity

Handbook on Blockchain

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