Unbacked Crypto-Assets, Stablecoins and CBDC

Ulrich Bindseil and George Pantelopoulos
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Ulrich Bindseil: European Central Bank
George Pantelopoulos: University of Newcastle

Chapter 9 in Introduction to Payments and Financial Market Infrastructures, 2023, pp 125-152 from Springer

Abstract: Abstract This chapter reviews three innovations in payments: (1) unbacked crypto-assets (i.e. Bitcoin); (2) stablecoins; and (3) central bank digital currencies (CBDC). To begin with, the chapter provides definitions of numerous terms which are often misconstrued. This is followed by a discussion of Bitcoin, DeFi and blockchain/DLT. The chapter then turns its attention to stablecoins, and describes some of the policy and regulatory issues associated with stablecoins. It then introduces CBDC as a to-be-expected modernization of central bank money available to all, and provides a summary of various viewpoints with regard to whether or not CBDC should be issued. The flow of funds mechanics of CBDC creation and transfers are developed, and in addition, the many design challenges of issuing a CBDC are outlined.

Date: 2023
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DOI: 10.1007/978-3-031-39520-8_9

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