Central Bank Perspectives

Dear Mom, Forget the Cash

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.
Preconditions for a general-purpose central bank digital currency

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.
Central bank digital currencies: foundational principles and core features

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.
Security and convenience of a central bank digital currency

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.
Report on a digital euro

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.
Central Bank Digital Currencies: An Analytical Framework for Arab Central Banks

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.
Central bank digital currency project status report

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.
Rise of the central bank digital currencies: drivers, approaches and technologies

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.
Comparing Means of Payment: What Role for a Central Bank Digital Currency?

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.
Designing a CBDC for Universal Access

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.
Security of CBDC

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.
Privacy in CBDC Technology

Bank of Canada

Privacy in CBDC Technology

June 15, 2020

Staff Analytical Paper 2020-9

This note outlines what is technologically feasible for privacy in a central bank digital currency (CBDC) system. Privacy in a CBDC goes beyond binary choices of anonymity or full disclosure. System designers have a range of choices around the type of information to keep private and who to keep it private from.