NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Kari Kostiainen

Swiss Federal Institute of Technology in Zürich (E
CNB F 103.2
Universitätstrasse 6
8092 Zürich
Switzerland

E-Mail: kari.kostiainen@inf.ethz.ch
Institutional Affiliation: Department of Computer Science

NBER Working Papers and Publications

August 2020Design Choices for Central Bank Digital Currency: Policy and Technical Considerations
with Sarah Allen, Srđjan Čapkun, Ittay Eyal, Giulia Fanti, Bryan A. Ford, James Grimmelmann, Ari Juels, Sarah Meiklejohn, Andrew Miller, Eswar Prasad, Karl Wüst, Fan Zhang: w27634
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...
 
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