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DLT Options for CBDC

Author

Listed:
  • Sky Guo

    (Cypherium, New York, United States)

  • Joseph Kreitem

    (Cypherium, New York, United States)

  • Thomas Moser

    (Swiss National Bank, Zürich, Switzerland)

Abstract

This paper provides an overview of the distributed ledger technology (DLT) options available to central banks for issuing central bank digital currency (CBDC). We discuss the main requirements that a DLT solution must fulfill and analyze the various structures for imple­mentation offered by DLT — public, permissioned and private — and the implications that each has for the central bank and the ex­isting fi­nancial system. While a CBDC built on an open, permissionless system would provide the full functionality offered by DLT, it is also far more disruptive to the existing financial system and consequently re­quires more new in­frastructure on the part of the central bank.

Suggested Citation

  • Sky Guo & Joseph Kreitem & Thomas Moser, 2024. "DLT Options for CBDC," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 13(1), pages 57-88.
    • Handle: RePEc:cbk:journl:v:13:y:2024:i:1:p:57-88
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    File URL: http://www.cbcg.me/repec/cbk/journl/vol13no1-4.pdf
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    More about this item

    Keywords

    Central Bank Digital Currency (CBDC); Blockchain; Distributed Ledger Technology (DLT).;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G2 - Financial Economics - - Financial Institutions and Services

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