Blockchain Implementation Method for Interoperability between CBDCs

Hyunjun Jung and Dongwon Jeong
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Hyunjun Jung: Department of Software Convergence Engineering, Kunsan National University, Gunsan 54150, Korea
Dongwon Jeong: Department of Software Convergence Engineering, Kunsan National University, Gunsan 54150, Korea

Future Internet, 2021, vol. 13, issue 5, 1-14

Abstract: Central Bank Digital Currency (CBDC) is a digital currency issued by a central bank. Motivated by the financial crisis and prospect of a cashless society, countries are researching CBDC. Recently, global consideration has been given to paying basic income to avoid consumer sentiment shrinkage and recession due to epidemics. CBDC is coming into the spotlight as the way to manage the public finance policy of nations comprehensively. CBDC is studied by many countries. The bank of the Bahamas released Sand Dollar. Each country’s central bank should consider the situation in which CBDCs are exchanged. The transaction of the CDDB is open data. Transaction registers CBDC exchange information of the central bank in the blockchain. Open data on currency exchange between countries will provide information on the flow of money between countries. This paper proposes a blockchain system and management method based on the ISO/IEC 11179 metadata registry for exchange between CBDCs that records transactions between registered CBDCs. Each country’s CBDC will have a different implementation and time of publication. We implement the blockchain system and experiment with the operation method, measuring the block generation time of blockchains using the proposed method.

Keywords: CBDC; CBDC exchange; ISO/IEC 11179; CBDC interoperability blockchain system (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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