Carnegie Mellon University (CMU)
4720 Forbes Ave
Pittsburgh, PA 15213
Institutional Affiliation: Department of Electrical and Computer Engineering
NBER Working Papers and Publications
|August 2020||Design Choices for Central Bank Digital Currency: Policy and Technical Considerations|
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Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities, including direct government disbursements to citizens, frictionless consumer payment and money-transfer systems, and a range of new financial instruments and monetary policy levers.
CBDCs also give rise, however, to a host of challenging technical goals and design questions that are qualitatively and quantitatively different from those in existing government and consumer payment systems. A well-functioning CBDC will require an extremely resilient, secure, and performant new infrastructure, with the ability to onboard, authenticate, and support users on massive scale. It will necessitate an architecture simple eno...