Central Bank Digital Currency

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  1. This is one scenario worrying economists working on CBDC s (of whom there are many: a survey at the start of the year found that more than 80% of central banks were studying the subject).[1]
  2. It is not just in a crisis that CBDC s might compete with banks.[1]
  3. The budding architects of CBDC s are looking for ways round the problem.[1]
  4. One option, which has been suggested by researchers at the Bank of England and the European Central Bank, is to limit the amount that can be held in a CBDC .[1]
  5. A central bank digital currency (CBDC) uses a blockchain-based token to represent the digital form of a fiat currency of a particular nation (or region).[2]
  6. Each CBDC unit will act as a secure digital instrument equivalent to a paper bill and can be used as a mode of payment, a store of value, and an official unit of account.[2]
  7. Like a paper-based currency note that carries a unique serial number, each CBDC unit will also be distinguishable to prevent imitation.[2]
  8. The Bank of England (BOE) was the pioneer to initiate the CBDC proposal.[2]
  9. On 2 October 2020 the ECB nonetheless published a report on the proposed digital euro and kickstarted a phase of experiments to consider the merits of minting such a central bank digital currency.[3]
  10. Broadly, the literature that studies CBDC considers it to be a means of payment that can pay interest and that does not necessarily need to be held in an account at a commercial bank.[4]
  11. The first strand of the literature asks how CBDC will affect commercial banks.[4]
  12. Fundamentally, CBDC can serve as an interest-bearing substitute to commercial bank deposits.[4]
  13. As a result, both the quantity of bank deposits and the volume of bank-intermediated lending may change with the introduction of a CBDC.[4]
  14. It finds that all Central bank digital currency projects aim to complement cash rather than replace it.[5]
  15. Central banks around the world are researching a new form of money: central bank digital currency (CBDC).[5]
  16. (Auer et al. 2020c), we analyse the economic and institutional drivers of CBDC projects, thus shedding light on their motivations.[5]
  17. We search the universe of over 16,000 speeches for terms such as “CBDC” or “digital money”.[5]
  18. These principles emphasise that, in order for any jurisdiction to consider proceeding with a CBDC, certain criteria would have to be satisfied.[6]
  19. A CBDC robustly meeting these criteria and delivering the features set out by this group could be an important instrument for central banks to deliver their public policy objectives.[6]
  20. A Central Bank Digital Currency is backed by a government’s central bank, which means they hold the liability, not your private bank.[7]
  21. This was the view of 51% of respondents to a poll held at OMFIF’s recent panel discussion about the prospects for CBDC.[8]
  22. While it excluded experiments of the kind that a number of central banks throughout the world have already undertaken, it did not specify whether it referred to wholesale or retail CBDC.[8]
  23. In emerging countries with extensive unbanked populations, financial inclusion is regarded as the main benefit of introducing CBDC.[8]
  24. This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law.[9]
  25. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks.[9]
  26. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made.[9]
  27. First, most central bank laws do not currently authorize the issuance of CBDC to the general public.[9]
  28. A central bank digital currency could ensure that citizens remain able to use central bank money even if cash is eventually no longer used.[10]
  29. The ECB is therefore currently studying the potential for developing a European central bank digital currency.[10]
  30. They are working together to explore potential cases for a central bank digital currency (CBDC) in their home jurisdictions.[10]
  31. DNB's assessment At DNB, we are also looking into the potential of issuing a European central bank digital currency.[10]
  32. Any large economy that builds and deploys a CBDC is likely to encounter new financial crime risks.[11]
  33. Anti-money laundering professionals can fine-tune transaction monitoring to account for CBDC capabilities.[11]
  34. Six central banks have created a working group to share central bank digital currency (CBDC) experiences and assess use cases.[12]
  35. Apart from the Bank of Japan, three Asian central banks are not part of the group despite having significant CBDC research experience.[12]
  36. Last June’s announcement of Facebook’s Libra accelerated interest in CBDC.[12]
  37. The implications of CBDC for the role and profitability of commercial banks could be profound.[13]
  38. A CBDC is simply the digital form of a country’s fiat currency — electronic tokens, whose value is backed by the central bank.[13]
  39. A CBDC makes the transfer of money across banks and national boundaries more straightforward, removing the need for bank systems to interact with each other.[13]
  40. While a wholesale CBDC might not present a direct challenge, a retail version could pose a bigger threat.[13]
  41. The Caribbean nation’s central bank piloted its CBDC late last year.[14]
  42. The authors raised many interesting questions, such as whether central banks should be granted a monopoly for CBDC issuance or whether token-based CBDCs can carry interest.[15]
  43. Ultimately, the legal status of a CBDC depends on its operational and technological design features.[15]
  44. There is currently minimal explicit legal basis for any type of CBDC, whether it is token-based, account-based, centralized, or decentralized.[15]
  45. However, it says it’s very important to consider whether a token-based CBDC can be lent to a bank, or in other words, deposited.[15]
  46. The purpose of this series is to give readers an understanding of how the contemporary payment system works, and how a stablecoin and CBDC payment system could vary.[16]
  47. This section establishes context for an analysis of stablecoins and CBDC.[16]
  48. Part four introduces the concept of CBDC and outlines prospective use cases for CBDC.[16]
  49. Part five introduces general criterion for evaluating the efficacy of stablecoins and CBDC within the context of payments and settlements.[16]
  50. The ongoing research and development of digital fiat currency (DFC) have triggered attention of policy makers, regulators and the industrial and academic communities.[17]
  51. There is a possibility of a surge in public demand for central bank digital currency (CBDC) going forward, considering the rapid development of technological innovation.[18]
  52. Even if the Bank were to issue general purpose CBDC, it would still be appropriate to maintain a two-tiered payment and settlement system of a central bank and the private sector.[18]
  53. To allow CBDC to be used anywhere anytime, the CBDC system should always be available 24/7/365 to the end user.[18]
  54. The Bank will explore general purpose CBDC in a more concrete and practical way by conducting experiments, rather than confining itself to conceptual research as before.[18]
  55. The challenge facing central banks considering CBDC is how to use the insights gained from a decade of cryptocurrencies and what features are beneficial or harmful.[19]
  56. “This report is a real step forward for this group of central banks in agreeing the common principles and identifying the key features we believe would be needed for a workable CBDC system.[20]
  57. Today I'm going to talk about some of the issues in this area, summarising a recent article on CBDC in the Reserve Bank's September Bulletin .[21]
  58. To foreshadow the conclusions, the Reserve Bank's view is that the public policy case for issuing a general purpose or retail CBDC in Australia is still to be made.[21]
  59. When we talk about CBDC we are referring to a new form of digital money issued by the central bank that would be more widely accessible than ESA balances.[21]
  60. The focus of my talk today is on retail CBDC, a form of CBDC that could be considered a digital alternative to cash that could be a widely accepted medium of exchange and a store of value.[21]
  61. The possibility and logistics of developing a central bank digital currency for the general public has attracted significant attention.[22]
  62. With sufficient competition, a central bank digital currency can be beneficial and achieve the optimal allocation of funds.[22]
  63. In our paper (Fernández-Villaverde et al. 2020), we examine the account-based version of a CBDC, i.e. a world where citizens hold direct deposit accounts at the central bank.[22]
  64. What effects will the introduction of a CBDC and the opening of central bank facilities have on financial intermediation?[22]
  65. The paper then sets out a benchmark central bank digital currency (CBDC) with features that are similar to cash.[23]
  66. However, as suggested by the name of the system, the reliance on “central banks” in the CBDC system is far greater than it is in the contemporary fiat system.[24]
  67. The following focuses on the concept of CBDC in comparison to the contemporary fiat currency system and explores some of the designs through which CBDC may be implemented.[24]
  68. Conceptually, CBDC would perform the same function as traditional fiat currency; each unit would act as a mode of payment, a store of value, and unit of account.[24]
  69. Moreover, the central banks increased control over issuance of CBDC could replace the function of commercial bank deposits by enabling the central bank to issue CBDC direct to end-users.[24]
  70. I investigate the theoretical impact of central bank digital currency (CBDC) on a monopolistic banking sector.[25]
  71. First, the introduction of interest-bearing CBDC increases financial inclusion, diminishing the demand for physical cash.[25]
  72. Second, while interest-bearing CBDC reduces monopoly profit, it need not disintermediate banks in any way.[25]

소스

  1. ↑ 1.0 1.1 1.2 1.3 Free exchange - Will central-bank digital currencies break the banking system?
  2. ↑ 2.0 2.1 2.2 2.3 Central Bank Digital Currency (CBDC)
  3. ↑ Central bank digital currency
  4. ↑ 4.0 4.1 4.2 4.3 Central Bank Digital Currency: A Literature Review
  5. ↑ 5.0 5.1 5.2 5.3 Central bank digital currencies: Drivers, approaches, and technologies
  6. ↑ 6.0 6.1 Central bank digital currencies: foundational principles and core features
  7. ↑ The rise of Central Bank digital currencies
  8. ↑ 8.0 8.1 8.2 Central Bank Digital Currencies and Blockchain
  9. ↑ 9.0 9.1 9.2 9.3 Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations
  10. ↑ 10.0 10.1 10.2 10.3 Cryptos and central bank digital currency
  11. ↑ 11.0 11.1 Central Bank Digital Currencies: The Threat From Money Launderers and How to Stop Them
  12. ↑ 12.0 12.1 12.2 Six central banks collaborate on central bank digital currencies
  13. ↑ 13.0 13.1 13.2 13.3 The future of money: Central bank digital currency
  14. ↑ Fintech Opens Central Bank Digital Currency Compliance Kit
  15. ↑ 15.0 15.1 15.2 15.3 IMF outlines legal issues for central bank digital currencies
  16. ↑ 16.0 16.1 16.2 16.3 A future for money? Exploring Central Bank Digital Currency and Stablecoin Cryptocurrency systems
  17. ↑ A systematic framework to understand central bank digital currency
  18. ↑ 18.0 18.1 18.2 18.3 The Bank of Japan's Approach to Central Bank Digital Currency : 日本銀行 Bank of Japan
  19. ↑ Overview ‹ Central Bank Digital Currency (CBDC) — MIT Media Lab
  20. ↑ Central banks and BIS publish first central bank digital currency (CBDC) report laying out key requirements
  21. ↑ 21.0 21.1 21.2 21.3 Retail Central Bank Digital Currency: Design Considerations and Rationales | Speeches
  22. ↑ 22.0 22.1 22.2 22.3 Central Bank Digital Currency: Central Banking For All
  23. ↑ Central Bank Digital Currency: Motivations and Implications
  24. ↑ 24.0 24.1 24.2 24.3 Part 4 – Central bank digital currency
  25. ↑ 25.0 25.1 25.2 Assessing the Impact of Central Bank Digital Currency on Private Banks- Working Papers

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  • [{'LOWER': 'central'}, {'LOWER': 'bank'}, {'LOWER': 'digital'}, {'LEMMA': 'Currency'}]
  • [{'LOWER': 'digital'}, {'LOWER': 'fiat'}, {'LEMMA': 'Currency'}]
  • [{'LOWER': 'digital'}, {'LOWER': 'base'}, {'LEMMA': 'money'}]
  • [{'LEMMA': 'CBDC'}]
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