CBDC advisory services
We help central banks decide how to stay relevant in the digital future
Implementable recommendations
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Provides expertise in CBDC policy considerations, design and technology implementation and operationalization
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Based on production experience since 2014
Central banks will be advised by seasoned subject matter experts who have experience in digital currency proof of concepts, pilots and general roll outs in both developed and emerging economies
Senior strategy development advisors
Central bank policy and payment system experts
Legal professional with CBDC speciality
Technology innovators and information security advisors
The journey towards CBDC is faced with challenges, including a lack of real-world data and limited operational experience. Many central banks are having difficulty in defining the specific goals and benefits of CBDC despite extensive research. Additionally, the complexity of CBDC requires comprehensive engagement across various functions within the organization. Generic proof of concepts (PoCs) projects deliver limited new learning and substantial progress.
eCurrency's real life implementation experience can help central banks to overcome these challenges. eCurrency's seasoned subject matter experts examine the opportunities, needs and impacts of the issuance of CBDC in a comprehensive manner. They work closely with the central banks to advise the design options and considerations step by step, instead of starting with assuming the characteristics of certain technology, to develop a holistic CBDC architecture suitable for the specific economy.
CBDC architecture development framework
Unlike other efforts relying solely on theoretical or limited experimental project knowledge, eCurrency’s hands-on experience in real-world environments provides unmatched insights and practical advices. eCurrency has been at the forefront of developing and operationalizing its CBDC since 2011. eCurrency implemented the first pilot in 2014 and the world first CBDC legal tender in 2022. The company’s unique experience in operationalizing the CBDC solution has been seamlessly integrated into its advisory services.
Policy layer
CBDC may serve different policy objectives depending on the development stages and goals for the economy. For example, CBDC can contribute to consumer protection, economic growth and payment system improvements, interoperability, financial inclusion, national security and human rights according to the US Whitehouse.
Depending on its design, issuing CBDC can affect a country’s macroeconomic environment, which in turn affects monetary policy.
Technology layer
The choice, design and implementation of the technology should be driven by the policy, ecosystem and operation layers to satisfy the security, interoperability, settlement finality, scalability, data privacy, compliance, energy efficiency requirements for the intended use cases.
A survey among bank CROs globally finds 73% of them see cybersecurity risk as the biggest threat to their business in the near future. CBDC can either increase the perception (and real risk) or help to be part of a solution. The technology used for CBDC must be selected without compromise to the highest security standards for today and the future.
Ecosystem layer
Financial systems, include non-bank electronic money and mobile money services, must become more cyber-attack resilient, more cost efficient and faster. CBDC is an important milestone on realization of this journey. At the same time, the authority must create the regulatory environment and address the drivers for existing and new players (service providers, aggregators, government bodies, businesses, merchants) to drive innovation, competition, accessibility and adoption, while making ecosystem more robust.
Operation layer
The development and operationalization of CBDC require the joint effort of the innovation, currency management, payment systems, licensing, legal, supervisory, compliance, information technology, security, public communications functions of the authority. Other functions such as international settlement will be involved if the CBDC is used in cross border transfers. The additional activities may be performed by existing or new personnel depending on the skills required and workload. The decisions can be assessed by defining the responsibilities and requirements of the roles for the various phases of implementation, and mapping them to the existing organization units to identify fits and gaps.
eCurrency extensive operational experience has proven to be valuable to central banks to navigate the complexities and nuances of CBDC with greater confidence and precision. It ensures that central banks receive advice that is not only theoretically sound but also practically implementable.
