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<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="">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>
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