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Interoperable Payment Systems and the Role of Central Bank Digital Currencies

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  • Duffie, Darrell

    (Stanford U)

Abstract

I explain the meaning of an interoperable payment system and why interoperability is crucial for efficiency. I review some alternative approaches to interoperability, including central bank digital currencies (CBDCs), hybrid CBDCs, and two-ledger upgrades of bank-based payment systems.

Suggested Citation

  • Duffie, Darrell, 2020. "Interoperable Payment Systems and the Role of Central Bank Digital Currencies," Research Papers 3867, Stanford University, Graduate School of Business.
    • Handle: RePEc:ecl:stabus:3867
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    File URL: https://www.gsb.stanford.edu/gsb-cmis/gsb-cmis-download-auth/497396
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    Cited by:

    1. Sebastian Infante & Kyungmin Kim & Anna Orlik & André F. Silva & Robert J. Tetlow, 2022. "The Macroeconomic Implications of CBDC: A Review of the Literature," Finance and Economics Discussion Series 2022-076, Board of Governors of the Federal Reserve System (U.S.).

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