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

Author

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  • Grym, Aleksi

    (Bank of Finland, Finland)

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.

Suggested Citation

  • Grym, Aleksi, 2022. "What could a central bank digital currency look like in the euro area? The outcome of a hackathon exercise," Journal of Digital Banking, Henry Stewart Publications, vol. 6(4), pages 298-307, March.
    • Handle: RePEc:aza:jdb000:y:2022:v:6:i:4:p:298-307
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    More about this item

    Keywords

    central bank digital currency; FinTech; payments;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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