2020
DOI: 10.5089/9781513547787.001
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A Survey of Research on Retail Central Bank Digital Currency

Abstract: This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a… Show more

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Cited by 72 publications
(38 citation statements)
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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%
“…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%
“…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%
See 1 more Smart Citation
“…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%