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Raphael Auer
raphael.******@
Rainer Böhme
rainer.******@
The technology of retail central bank digital currency1
Central bank digital currencies (CBDCs) promise to provide cash-like safety and convenience for peer-to-peer payments. To do so, they must be resilient and accessible. They should also safeguard the user’s privacy, while allowing for effective law enforcement. Different technical designs satisfy these attributes to varying degrees, depending on whether they feature intermediaries, a conventional or distributed infrastructure, account- or token-based access, and retail interlinkages across borders. We set out the underlying trade-offs and the related hierarchy of design choices.
JEL classification: E42, E44, E51, E58, G21, G28.
The question of whether central banks should issue digital currency to the general public has attracted increasing attention. This special feature sketches out some key technological design considerations for a retail CBDC, in the event that a central bank decided to issue one. We do not investigate the case for or against issuance, the systemic implications, or how these might be
We structure our approach around consumer needs and the associated technical design choices. Current electronic retail money represents a claim on an intermediary, rather than functioning as the digital equivalent of cash. CBDCs could potentially provide a cash-like certainty for peer-to-peer payments. At the same time, they should offer convenience, resilience, accessibility, privacy and ease of use in cross-border payments. Different technical designs meet these criteria to varying degrees, with attendant technical trade-offs. We explore these issues. The aim is not to promote or highlight any particular approach, but to lay some groundwork for more systematic discussions.
1 We thank Morten Bech, Codru
raphael.******@
Rainer Böhme
rainer.******@
The technology of retail central bank digital currency1
Central bank digital currencies (CBDCs) promise to provide cash-like safety and convenience for peer-to-peer payments. To do so, they must be resilient and accessible. They should also safeguard the user’s privacy, while allowing for effective law enforcement. Different technical designs satisfy these attributes to varying degrees, depending on whether they feature intermediaries, a conventional or distributed infrastructure, account- or token-based access, and retail interlinkages across borders. We set out the underlying trade-offs and the related hierarchy of design choices.
JEL classification: E42, E44, E51, E58, G21, G28.
The question of whether central banks should issue digital currency to the general public has attracted increasing attention. This special feature sketches out some key technological design considerations for a retail CBDC, in the event that a central bank decided to issue one. We do not investigate the case for or against issuance, the systemic implications, or how these might be
We structure our approach around consumer needs and the associated technical design choices. Current electronic retail money represents a claim on an intermediary, rather than functioning as the digital equivalent of cash. CBDCs could potentially provide a cash-like certainty for peer-to-peer payments. At the same time, they should offer convenience, resilience, accessibility, privacy and ease of use in cross-border payments. Different technical designs meet these criteria to varying degrees, with attendant technical trade-offs. We explore these issues. The aim is not to promote or highlight any particular approach, but to lay some groundwork for more systematic discussions.
1 We thank Morten Bech, Codru
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