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Interoperability aspects of central bank digital currency across ecosystems and borders

Author

Listed:
  • Hupel, Lars

    (Giesecke+Devrient advance52 GmbH, Germany)

Abstract

There is a growing consensus that there is no ‘one size fits all’ central bank digital currency (CBDC). Both retail CBDC and wholesale CBDC have their own unique value propositions and may even be deployed using different technologies. Additionally, some countries are developing multilateral cross-border CBDC solutions, as well as integrations into other digital asset ecosystems, including but not limited to stablecoins, tokenised government bonds and real estate. Although interoperability between different ecosystems is highly desirable, the precise design of such bridges is highly context-dependent and requires careful analysis of use cases, stakeholders and operational concerns. This paper describes the state of the art that has been established in the digital asset community, puts forward some suggestions about the design options relating to CBDC — matching those to potential use cases — and discusses some case studies.

Suggested Citation

  • Hupel, Lars, 2023. "Interoperability aspects of central bank digital currency across ecosystems and borders," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 17(4), pages 422-432, December.
    • Handle: RePEc:aza:jpss00:y:2023:v:17:i:4:p:422-432
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    More about this item

    Keywords

    central bank digital currency (CBDC); deposit money; stablecoins; real-time gross settlement (RTGS); interoperability; instant payment systems (IPS); cross-border 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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