2022-05.html.j2 (1966B)
1 {% extends "common/news.j2" %} {% block body_content %} 2 3 <h1>2022-5: "Who comes after us? The correct mindset for designing a Central Bank Digital Currency" published by SUREF</h1> 4 5 <h2>Background</h2> 6 <p> 7 The title of the paper refers to the former DIRNSA, who claimed that 8 "nobody comes after us" just before the NSA lost control of its data 9 on Afghanistan collaborators to the Taliban. The paper urges for this 10 cautionary tale to be considered when central banks are creating 11 digital currencies. 12 </p> 13 14 <h2>Abstract</h2> 15 <p> 16 In December 2021 the European Central Bank (ECB) published a report on 17 "Central Bank Digital Currency: functional scope, pricing and controls" in its 18 Occasional Paper Series [BPT21], detailing various challenges for the Digital 19 Euro. While the authors peripherally acknowledge the existence of token-based 20 payment systems, the notion that a Digital Euro will somehow require citizens 21 to have some kind of central bank account is pervasive in the paper. We argue 22 that an account-based design cannot meet the ECB’s stated design goals and 23 that the ECB needs to fundamentally change its mindset when thinking about its 24 role in the context of the Digital Euro if it wants the project to 25 succeed. Along the same lines, the French National Council for Digitalization 26 published a report on "Notes and Tokens, The New Competition of Currencies" 27 [DGTV21]. Here, the authors make related incorrect claims about inevitable 28 properties of Central Bank Digital Currencies (CBDCs), going as far as stating 29 that a CBDC is not possible without an eID system. Our paper sets the record 30 straight. 31 </p> 32 <h4>Download links</h4> 33 <ul> 34 <li><a href="https://www.suerf.org/policynotes/46097/who-comes-after-us-the-correct-mindset-for-designing-a-central-bank-digital-currency">HTML 35 (English)</a></li> 36 <li><a 37 href="https://www.suerf.org/docx/f_cd24c3cabd88307c9c9299817143ba5d_46097_suerf.pdf">PDF (English)</a></li> 38 </ul> 39 40 {% endblock body_content %}