What could a central bank digital currency look like in the euro area? The outcome of a hackathon exercise

Aleksi Grym
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Aleksi Grym: Bank of Finland, Finland

Journal of Digital Banking, 2022, vol. 6, issue 4, 298-307

Abstract: Central bank digital currency (CBDC) has become a widely discussed subject in central banking. Most of the literature, however, has been theoretical, and there exists no precise description of what a CBDC could look like in a major economy. The Bank of Finland conducted an internal hackathon exercise to shed more light on the practical questions of a CBDC. This paper presents the findings of that exercise. It is a model of a CBDC for the eurozone, and it attempts to approach the question from an operational point of view. The model is not a suggestion, and it probably omits many important considerations. However, by presenting one possible description of a CBDC, it contributes to the policy discussion and provides a practical reference that exemplifies the degree of complexity that central banks will be facing when considering the issuance of a CBDC.

Keywords: central bank digital currency; FinTech; payments (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2022:v:6:i:4:p:298-307

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