CBDC news

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+{% extends "common/news.j2" %}
+{% block body_content %}
+<h1>2021-2: &quot;How to issue a Central Bank Digital Currency&quot; published</h1>
+<p>
+We are happy to announce the publication of our paper on &quot;How to Issue a Central Bank Digital Currency&quot;
+by the <a href="https://snb.ch/">Swiss National Bank</a>.
+</p>
+<p>
+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.
+</p>
+<h4>Download links</h4>
+<ul>
+<li><a href="">SNB working paper series</a></li>
+<li><a href="/papers/cbdc2021en.pdf">Local mirror of the PDF (English)</a></li>
+<li><a href="https://grothoff.org/christian/cbdc.bib">BibTeX file</a></li>
+</ul>
+
+
+
+{% endblock body_content %}