Interoperable Payment Systems and the Role of Central Bank Digital Currencies

5 Pages Posted: 25 May 2020

See all articles by Darrell Duffie

Darrell Duffie

Stanford University - Graduate School of Business; National Bureau of Economic Research (NBER)

Date Written: May 18, 2020

Abstract

I explain the meaning of an interoperable payment system and why interoperability is crucial for efficiency. I review some alternative approaches to interoperability, including central bank digital currencies (CBDCs), hybrid CBDCs, and two-ledger upgrades of bank-based payment systems.

Keywords: Digital currency, payment system, interoperability

Suggested Citation

Duffie, James Darrell, Interoperable Payment Systems and the Role of Central Bank Digital Currencies (May 18, 2020). Stanford University Graduate School of Business Research Paper No. 3867, Available at SSRN: https://ssrn.com/abstract=3604665 or http://dx.doi.org/10.2139/ssrn.3604665

James Darrell Duffie (Contact Author)

Stanford University - Graduate School of Business ( email )

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