Central Bank Perspectives
International Monetary Fund
Dear Mom, Forget the Cash
March 1, 2021
Editorial
This article is written in letter form to a previous generation accustomed to transacting only in the physical world. It explains the inevitable evolution of money into the digital world. It describes the benefits and some of the challenges that we will encounter as central bank digital currency is introduced.
The Federal Reserve System of the United States
Preconditions for a general-purpose central bank digital currency
February 24, 2021
FEDS Notes 2021
Money is a social and legal construct underpinned by trust. Conceptions of money have evolved and money has taken many forms over the years. The Federal Reserve note, which was first issued in 1914, is a relatively recent development by historical standards. Today, there are ongoing discussions on a new form of central bank money distinct from physical cash and limited-access central bank deposits. This report focuses on the potential for a general-purpose CBDC that can be used by the public for day-to-day payments.
Bank for International Settlements
Central bank digital currencies: foundational principles and core features
October 9, 2020
Report no 1
The Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of the Federal Reserve and Bank for International Settlements have collaborated on a report setting out common foundational principles and core features of a CBDC.
Bank of Canada
Security and convenience of a central bank digital currency
October 5, 2020
Staff Analytical Note 2020-21
The central bank could mitigate potential security risks in the design of the CBDC by limiting balances or transfers, modifying liability rules or imposing security protocols on storage providers.
European Central Bank
Report on a digital euro
October 1, 2020
This report examines the issuance of a central bank digital currency (CBDC) – the digital euro – from the perspective of the Eurosystem. Such a digital euro would be a central bank liability offered in digital form for use by citizens and businesses for their retail payments. It would complement the current offering of cash and wholesale central bank deposits.
Arab Monetary Fund
Central Bank Digital Currencies: An Analytical Framework for Arab Central Banks
September 15, 2020
No. 152 2020
This policy paper aims at exploring the opportunities and challenges related to the issuance of digital currencies by central banks in the Arab Region, providing an analytical framework for a comprehensive set of perspectives to look at when a central bank explores the opportunity to initiate its digital currency project.
Norges Bank
Central bank digital currency project status report
August 31, 2020
Paper 2/200
The CBDC project is now in its third phase. The purpose of the third phase is to provide a more solid foundation for assessing whether Norges Bank should work to issue a CBDC and if so, in what form.
Bank for International Settlements
Rise of the central bank digital currencies: drivers, approaches and technologies
August 15, 2020
BIS Working Papers No 880
BIS sets out a comprehensive database of technical approaches and policy stances on issuance. It takes stock of the technical design options. It concludes with an in-depth description of three distinct CBDC approaches by the central banks of China, Sweden and Canada.
The Federal Reserve
Comparing Means of Payment: What Role for a Central Bank Digital Currency?
August 13, 2020
Feds Notes
This paper looks at the potential benefit that a central bank digital currency (CBDC) could provide in the context of existing payment mechanisms. Central banks today provide the primary payment mechanisms for trade and commerce: cash, used by the public, and electronic payment services, used by eligible financial institutions.
Bank of Canada
Designing a CBDC for Universal Access
June 15, 2020
Staff Analytical 2020-10
The Bank designs every note to be easily used by everyone, including people who are blind or partially sighted. Our current research explores how a central bank digital currency (CBDC) could also be designed for universal access, should the Bank decide to issue one.
Bank of Canada
Security of CBDC
June 15, 2020
Staff Analytical Note 2020-11
In addition to securing the underlying storage and transfer of value, security involves aspects of privacy and resilience. Threats must be mitigated to protect the integrity of funds and the confidentiality of users. A secure CBDC system will retain public trust in the central bank.
Bank of Canada
Privacy in CBDC Technology
June 15, 2020
Staff Analytical Paper 2020-9