The technology of retail central bank digital currency

Raphael Auer and Rainer Boehme

BIS Quarterly Review, 2020

Abstract: 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-codes: E42 E44 E51 E58 G21 G28 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (98)

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