2022-03.html.j2 (1586B)
1 {% extends "common/news.j2" %} 2 {% block body_content %} 3 <h1>2022-3: "Central Bank Accounts are Dangerous and Unnecessary" published</h1> 4 <p> 5 In December 2021, the European Central Bank (ECB) published a report on ``<a 6 href="https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op286~9d472374ea.en.pdf">Central 7 Bank Digital Currency: functional scope, pricing and controls</a>'' in its 8 Occasional Paper Series, detailing various challenges for the 9 Digital Euro. While the authors peripherally acknowledge the existence of 10 token-based payment systems, the notion that a Digital Euro will somehow 11 require citizens to have some kind of central bank account is pervasive in the 12 paper. We argue that an account-based design cannot meet the ECB's stated 13 design goals and that the ECB needs to fundamentally change its mindset when 14 thinking about its role in the context of the Digital Euro if it wants the 15 project to succeed. 16 <br> 17 Along the same lines, the French National Council for Digitalization published 18 a report on ``<a 19 href="https://cnnumerique.fr/billets-et-jetons-la-nouvelle-concurrence-des-monnaies-le-conseil-national-du-numerique-publie-son">Notes 20 and Tokens, The New Competition of Currencies</a>''. Here, the authors make 21 related incorrect claims about inevitable properties of Central Bank Digital 22 Currencies (CBDCs), going as far as stating that a CBDC is not possible 23 without an eID system. Our paper sets the record straight. 24 </p> 25 <h4>Download links</h4> 26 <ul> 27 <li><a href="/papers/accounts-dangerous-2022.pdf">PDF (English)</a></li> 28 </ul> 29 30 {% endblock body_content %}