commit 4ef70fb18b20642f752306a013a0d9d328af7486
parent 42d2979c4b1950507e38f7e6a8648ecbc9dcc5cd
Author: Christian Grothoff <grothoff@gnunet.org>
Date: Wed, 11 Oct 2023 20:53:13 +0200
update
Diffstat:
1 file changed, 121 insertions(+), 46 deletions(-)
diff --git a/presentations/2021-cb/boh.tex b/presentations/2021-cb/boh.tex
@@ -155,6 +155,29 @@ transparency, accountability, and security (part of the GNU project).
\end{frame}
+\begin{frame}{Why?}
+\begin{itemize}
+\item National soverenity: remove control of payment sector from foreign entities
+\item Limit impact of bank failures on societal financial transaction processing needs, especially in cashless society
+\item Access for the marginalized: children, unbanked need access to payments as cash disappears
+\item Financial self-determination: preserve ability to pay without 3rd party approval
+\item Natural monopoly: high payment fees to oligopoly or high integration costs to many payment service providers?
+\item Informational self-determination: retail banks fail to offer privacy-preserving solutions due to perceived risk
+\end{itemize}
+\end{frame}
+
+
+\begin{frame}{Why NOT?}
+\begin{itemize}
+\item Threat of ``absolute control'' over society by central bank
+\item Limit innovation in payment services due to central planning
+\item Risk to central bank reputation in case of product failure
+\item Destabilization of retail banks due to capital flight into safer CBDC
+\item Central bank lacks operational capability (especially for KYC)
+\end{itemize}
+\end{frame}
+
+
\begin{frame}{Payment Systems: Accounts vs. Tokens}
Two types of payment systems:
\begin{enumerate}
@@ -186,8 +209,9 @@ Novelty is that the ledger is distributed (decentralized).
\item Token-based rCBDC:
\begin{itemize}
\item requires a system to ensure that electronic tokens are not easily copied
-(hardware-based or software-based) \\ $\rightarrow$ double-spending problem
-\item KYC and AML/CFT compliance?
+(hardware-based or software-based)
+\item[$\rightarrow$] double-spending problem
+%\item KYC and AML/CFT compliance?
\end{itemize}
\end{itemize}
\end{frame}
@@ -244,25 +268,6 @@ Taler is an electronic instant payment system based on tokens.
\end{frame}
-\begin{frame}{Design Principles}
- \framesubtitle{https://taler.net/en/principles.html}
-GNU Taler must ...
-\begin{enumerate}
- \item {... be implemented as {\bf free software}.}
- \item {... protect the {\bf privacy of buyers}.}
- \item {... must enable the state to {\bf tax income} and crack down on
- illegal business activities.}
- \item {... prevent payment fraud.}
- \item {... only {\bf disclose the minimal amount of information
- necessary}.}
- \item {... be usable.}
- \item {... be efficient.}
- \item {... avoid single points of failure.}
- \item {... foster {\bf competition}.}
-\end{enumerate}
-\end{frame}
-
-
\begin{frame}{The Big Picture (SNB)}
\begin{center}
\includegraphics[width=0.8\textwidth]{bp.png}
@@ -270,13 +275,6 @@ GNU Taler must ...
\end{frame}
-\begin{frame}{The Big Picture (Taler Pilot)}
-\begin{center}
-\includegraphics[width=0.8\textwidth]{operations.png}
-\end{center}
-\end{frame}
-
-
\begin{frame}{Taler: Unique Regulatory Features for CBs}
\framesubtitle{\url{https://www.snb.ch/en/mmr/papers/id/working_paper_2021_03}}
\begin{itemize}
@@ -297,6 +295,101 @@ GNU Taler must ...
\end{frame}
+\begin{frame}[fragile]{Option 1: Central Bank Liability via Supervision}
+\begin{adjustbox}{max totalsize={.9\textwidth}{.7\textheight},center}
+\begin{tikzpicture}
+ \tikzstyle{def} = [node distance= 6em and 6.5em, inner sep=1em, outer sep=.3em];
+ \node (origin) at (0,0) {};
+ \node (central) [def,above=of origin,draw]{Central Bank};
+ \node (banka) [def, draw, below right=of central] {Retail Bank B};
+ \node (bankb) [def, draw, below left=of central] {Retail Bank A};
+ \node (consumera) [def, draw, below=of banka] {Consumers};
+ \node (consumerb) [def, draw, below=of bankb] {Consumers};
+ \tikzstyle{C} = [color=black, line width=1pt]
+
+ \draw [->, C] (central) -- (banka) node [midway, above, sloped] (TextNode) {supervision};
+ \draw [->, C] (central) -- (bankb) node [midway, above, sloped] (TextNode) {supervision};
+ \draw [<->, C] (banka) -- (bankb) node [midway, above, sloped] (TextNode) {settlement};
+ \draw [<->, C] (consumera) -- (banka) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumera) -- (banka) node [midway, below, sloped] (TextNode) {transact};
+ \draw [<->, C] (consumerb) -- (bankb) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumerb) -- (bankb) node [midway, below, sloped] (TextNode) {transact};
+\end{tikzpicture}
+\end{adjustbox}
+The central bank could leave the operation of the core system to commercial
+banks (see Auer, BIS 2021) and focus on (real-time) supervision of the system.
+\end{frame}
+
+
+\begin{frame}[fragile]{Option 2: Central Bank as Core System Operator}
+\begin{adjustbox}{max totalsize={.9\textwidth}{.7\textheight},center}
+\begin{tikzpicture}
+ \tikzstyle{def} = [node distance= 6em and 6.5em, inner sep=1em, outer sep=.3em];
+ \node (origin) at (0,0) {};
+ \node (central) [def,above=of origin,draw]{Central Bank};
+ \node (banka) [def, draw, below right=of central] {Retail Bank B};
+ \node (bankb) [def, draw, below left=of central] {Retail Bank A};
+ \node (consumera) [def, draw, below=of banka] {Consumers};
+ \node (consumerb) [def, draw, below=of bankb] {Consumers};
+ \tikzstyle{C} = [color=black, line width=1pt]
+
+ \draw [<->, C] (central) -- (banka) node [midway, above, sloped] (TextNode) {transact};
+ \draw [<->, C] (central) -- (bankb) node [midway, above, sloped] (TextNode) {transact};
+ \draw [<->, C] (consumera) -- (banka) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumera) -- (banka) node [midway, below, sloped] (TextNode) {transact};
+ \draw [<->, C] (consumerb) -- (bankb) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumerb) -- (bankb) node [midway, below, sloped] (TextNode) {transact};
+\end{tikzpicture}
+\end{adjustbox}
+If the central bank operates the core system, interbank settlements
+are no longer required.
+\end{frame}
+
+
+\begin{frame}[fragile]{Option 3: Regulation-only (no CBDC)}
+\begin{adjustbox}{max totalsize={.9\textwidth}{.7\textheight},center}
+\begin{tikzpicture}
+ \tikzstyle{def} = [node distance= 6em and 6.5em, inner sep=1em, outer sep=.3em];
+ \node (origin) at (0,0) {};
+ \node (central) [def,above=of origin,draw]{Regulator / Auditor};
+ \node (banka) [def, draw, below right=of central] {Retail Bank C};
+ \node (bankb) [def, draw, below left=of central] {Retail Bank A};
+ \node (bankc) [def, draw, below =of central] {Retail Bank B};
+ \node (consumera) [def, draw, below=of banka] {Consumers};
+ \node (consumerb) [def, draw, below=of bankb] {Consumers};
+ \node (consumerc) [def, draw, below=of bankc] {Consumers};
+ \tikzstyle{C} = [color=black, line width=1pt]
+ \draw [->, C] (central) -- (banka) node [midway, above, sloped] (TextNode) {regulation};
+ \draw [->, C] (central) -- (bankb) node [midway, above, sloped] (TextNode) {regulation};
+ \draw [->, C] (central) -- (bankc) node [midway, above, sloped] (TextNode) {regulation};
+ \draw [<->, C] (banka) -- (bankc) node [midway, above, sloped] (TextNode) {settlement};
+ \draw [<->, C] (consumerb) -- (bankb) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumera) -- (banka) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumera) -- (banka) node [midway, below, sloped] (TextNode) {transact};
+ \draw [<->, C] (consumerc) -- (bankc) node [midway, above, sloped] (TextNode) {KYC};
+ \draw [<->, C] (consumerc) -- (bankc) node [midway, below, sloped] (TextNode) {transact};
+\end{tikzpicture}
+\end{adjustbox}
+If participation is voluntary, bank $A$ may not offer GNU Taler, or not
+settle with other banks. Its customers may of course choose to be onboarded via
+other banks to avoid being excluded.
+\end{frame}
+
+
+\begin{frame}{Taler: Project Status}
+\framesubtitle{\url{https://docs.taler.net/}}
+\begin{itemize}
+ \item Cryptographic protocols and core exchange component are stable
+ \item Current focus: KYC process polishing, programmability
+ \item Preparations for launch in Basel (as regional currency)
+ \item Pilot project at Bern University of Applied Sciences cafeteria
+ \end{itemize}
+\begin{center}
+\includegraphics[width=0.7\textwidth]{taler-in-use.png}
+ \end{center}
+\end{frame}
+
+
\section{Competitor comparison}
\begin{frame}{Competitor comparison}
\begin{center} \small
@@ -317,24 +410,6 @@ GNU Taler must ...
\end{frame}
-\begin{frame}{The Future: Taler PILOT}
- First deployments with retail banks 2024--2026:
- \begin{itemize}
- \item Integration with respective core banking systems
- \item Integration with compliance (KYC/KYB/AML/CFT processes)
- \item Development of legal framework (ToS/PP/regulatory oversight)
- \item Integration with merchants (E-commerce, publishers, public transportation, e-health, ...)
- \item Usability studies and accessibility improvement
- \item Organized events with discussions on the future of money
- \item Technical enhancement (donations, tax deductions, subscriptions, programmable money,
- hardware development, ...)
- \end{itemize}
- \begin{center}
- $\Rightarrow$ EU-wide activities (+non-EU partners)
- \end{center}
-\end{frame}
-
-
\begin{frame}
\frametitle{Do you have any questions?}
\vfill
