2021-01.html.j2 (1772B)
1 {% extends "common/news.j2" %} 2 {% block body_content %} 3 <h1>2021-2: "How to issue a Central Bank Digital Currency" published</h1> 4 <p> 5 We are happy to announce the publication of our paper on "How to Issue a Central Bank Digital Currency" by the <a href="https://snb.ch/">Swiss National Bank</a>. 6 </p> 7 <p> 8 With the emergence of Bitcoin and recently proposed stablecoins from BigTechs, such as Diem (formerly Libra), central banks face a choice of either leaving the field to private actors or offering their own digital alternative to physical cash. We do not address whether a central bank should issue a central bank digital currency (CBDC). Instead, we demonstrate how a central bank could do so, if desired or needed. We propose a token-based system without distributed ledger technology and show how earlier-deployed, software-only electronic cash can be improved upon to preserve transaction privacy, meet regulatory requirements in a compelling way, and offer a level of quantum-resistant protection against systemic privacy risk. Neither monetary policy nor financial stability would be materially affected because our CBDC would replicate physical cash rather than bank deposits. 9 </p> 10 <h4>Download links</h4> 11 <ul> 12 <li><a href="https://www.snb.ch/en/mmr/papers/id/working_paper_2021_03">SNB working paper series</a></li> 13 <li><a href="/papers/cbdc2021en.pdf">Local mirror of the PDF (English)</a></li> 14 <li><a href="/papers/cbdc2021fr.pdf">Miroir local du PDF (français)</a></li> 15 <li><a href="/papers/cbdc2021es.pdf">Espejo local del PDF (español)</a></li> 16 <li><a href="/papers/cbdc2021it.pdf">Mirror locale del PDF (italian)</a></li> 17 <li><a href="https://grothoff.org/christian/cbdc.bib">BibTeX file</a></li> 18 </ul> 19 20 {% endblock body_content %}