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diff --git a/news/2021-01.html.j2 b/news/2021-01.html.j2 new file mode 100644 index 00000000..3ef1ba51 --- /dev/null +++ b/news/2021-01.html.j2 @@ -0,0 +1,29 @@ +{% extends "common/news.j2" %} +{% block body_content %} +<h1>2021-2: "How to issue a Central Bank Digital Currency" published</h1> +<p> +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>. +</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="https://www.snb.ch/en/mmr/papers/id/working_paper_2021_03">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 %} diff --git a/papers/cbdc2021en.pdf b/papers/cbdc2021en.pdf Binary files differnew file mode 100644 index 00000000..324a1289 --- /dev/null +++ b/papers/cbdc2021en.pdf @@ -29,6 +29,11 @@ staticfiles: - robots.txt meetingnotes: newsposts: + - page: 2021-02.html + date: 2021-02-23 + title: How to issue a Central Bank Digital Currency + abstract: 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. + content: - page: 2020-11.html date: 2020-10-25 title: RFC 8905 - "The 'payto' URI Scheme for Payments" published |