Design Handbook for Central Bank Digital Currencies

14 Pages Posted: 18 Feb 2021

See all articles by Jeremy Clark

Jeremy Clark

Concordia University, Quebec - Gina Cody School of Engineering and Computer Science

Date Written: June 11, 2020

Abstract

Central banks around the world are evaluating the option of issuing a centrally banked digital currency (CBDC). There are a number of policy objectives attributed to offering a CBDC. Curiously, some of the stated objectives are contradictory. This confusion is a consequence of a very broad design landscape, which runs contrary to the conventional wisdom that suggests CBDCs can be broken into 2 or 4 main categories. In this paper, we systematically iterate through 8 key design decisions, most of which have 3 or more possible designs. Our design landscape is based on dozens of whitepapers and technical reports issued by central banks, international financial institutions, and technology firms. By laying out a comprehensive set of options, we offer central banks a finer grained approach to tailoring a design that meets their specific objectives—objectives that will change from country to country.

Keywords: cbdc, blockchain

JEL Classification: E50,E58,O33,O38

Suggested Citation

Clark, Jeremy, Design Handbook for Central Bank Digital Currencies (June 11, 2020). Available at SSRN: https://ssrn.com/abstract=3775045 or http://dx.doi.org/10.2139/ssrn.3775045

Jeremy Clark (Contact Author)

Concordia University, Quebec - Gina Cody School of Engineering and Computer Science ( email )

1515 Ste. Catherine St. West
EV 002.139
Montreal, Quebec H3G 1M8
Canada

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