Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/229473
Authors: 
Auer, Raphael A.
Cornelli, Giulio
Frost, Jon
Year of Publication: 
2020
Series/Report no.: 
CESifo Working Paper No. 8655
Abstract: 
Central bank digital currencies (CBDCs) are receiving more attention than ever before. Yet the motivations for issuance vary across countries, as do the policy approaches and technical designs. We investigate the economic and institutional drivers of CBDC development and take stock of design efforts. We set out a comprehensive database of technical approaches and policy stances on issuance, relying on central bank speeches and technical reports. Most projects are found in digitised economies with a high capacity for innovation. Work on retail CBDCs is more advanced where the informal economy is larger. We next take stock of the technical design options. More and more central banks are considering retail CBDC architectures in which the CBDC is a direct cash-like claim on the central bank, but where the private sector handles all customer-facing activity. We conclude with an in-depth description of three distinct CBDC approaches by the central banks of China, Sweden and Canada.
Subjects: 
central bank digital currency
CBDC
payments
central banking
digital currency
digital money
distributed ledger technology
blockchain
JEL: 
E42
E44
E51
E58
G21
G28
F31
Document Type: 
Working Paper

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