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<h1>2022-5: "Who comes after us? The correct mindset for designing a Central Bank Digital Currency" published by SUREF</h1>
<h2>Background</h2>
<p>
The title of the paper refers to the former DIRNSA, who claimed that
"nobody comes after us" just before the NSA lost control of its data
on Afghanistan collaborators to the Taliban. The paper urges for this
cautionary tale to be considered when central banks are creating
digital currencies.
</p>
<h2>Abstract</h2>
<p>
In December 2021 the European Central Bank (ECB) published a report on
"Central Bank Digital Currency: functional scope, pricing and controls" in its
Occasional Paper Series [BPT21], detailing various challenges for the Digital
Euro. While the authors peripherally acknowledge the existence of token-based
payment systems, the notion that a Digital Euro will somehow require citizens
to have some kind of central bank account is pervasive in the paper. We argue
that an account-based design cannot meet the ECB’s stated design goals and
that the ECB needs to fundamentally change its mindset when thinking about its
role in the context of the Digital Euro if it wants the project to
succeed. Along the same lines, the French National Council for Digitalization
published a report on "Notes and Tokens, The New Competition of Currencies"
[DGTV21]. Here, the authors make related incorrect claims about inevitable
properties of Central Bank Digital Currencies (CBDCs), going as far as stating
that a CBDC is not possible without an eID system. Our paper sets the record
straight.
</p>
<h4>Download links</h4>
<ul>
<li><a href="https://www.suerf.org/policynotes/46097/who-comes-after-us-the-correct-mindset-for-designing-a-central-bank-digital-currency">HTML
(English)</a></li>
<li><a
href="https://www.suerf.org/docx/f_cd24c3cabd88307c9c9299817143ba5d_46097_suerf.pdf">PDF (English)</a></li>
</ul>
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