?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.title=The+Development+of+Central+Bank+Digital+Currency+in+China%3A+An+Analysis&rft.creator=Goodell%2C+Geoffrey&rft.creator=Al-Nakib%2C+Hazem+Danny&rft.description=The+People's+Bank+of+China+(PBOC)+has+launched+an+ambitious+project+to+develop+a+digital+currency+for+use+in+domestic%2C+retail+transactions%2C+and+is%2C+by+far%2C+the+most+advanced+globally+in+this+regard.+In+addition+to+involving+a+diverse+set+of+stakeholders%2C+the+PBOC+established+a+set+of+fundamental+principles%2C+including+privacy%2C+inclusiveness%2C+and+conservatism%2C+and+has+articulated+its+progress+in+a+public+document+translated+into+English.+We+maintain+that+although+both+its+first+principles+and+its+conclusions+drawn+from+the+research+conducted+by+the+PBOC+from+2014+to+date+are+broadly+reasonable+and+appropriate%2C+the+PBOC+has+also+missed+some+important+considerations+and+entertained+some+questionable+assumptions%2C+which+many+central+banks+around+the+world+have+also+done.+In+this+analysis%2C+we+consider+the+strengths+and+weaknesses+of+the+digital+currency+proposition+articulated+by+the+PBOC+as+it+exists+today%2C+and+we+propose+one+fundamental+and+specific+change+for+the+PBOC+and+other+central+banks+around+the+world%3A+The+architecture+must+accommodate+privacy-preserving%2C+non-custodial+wallets.+With+this+change+and+a+related+set+of+minor+adjustments%2C+China+has+an+opportunity+to+lead+the+world+in+the+implementation+of+a+central+bank+digital+currency+(CBDC)+solution+that+protects+the+authority+of+the+central+bank+to+implement+monetary+policy%2C+preserves+the+role+of+public-sector+and+private-sector+banking+institutions%2C+promotes+the+efficiency+of+retail+transactions+and+businesses%2C+satisfies+regulatory+objectives%2C+and+safeguards+the+human+rights+of+retail+consumers%2C+including+their+privacy+and+their+right+to+participate+in+the+economy.+We+hope+that+the+PBOC%2C+and+other+central+banks+around+the+world%2C+will+have+the+resolve+and+strength+of+purpose+to+implement+our+proposed+change+and+carry+on+with+implementing+a+CBDC+architecture+that+serves+the+interests+of+its+users.&rft.subject=digital+currency%2C+central+banks%2C+China%2C+CBDC%2C+non-custodial+wallets%2C+privacy%2C+ownership%2C+PBOC&rft.publisher=SSRN&rft.date=2021-08-18&rft.type=Working+%2F+discussion+paper&rft.language=eng&rft.source=++++SSRN%3A+Amsterdam%2C+Netherlands.+(2021)+++++&rft.format=text&rft.identifier=https%3A%2F%2Fdiscovery.ucl.ac.uk%2Fid%2Feprint%2F10200378%2F1%2FSSRN-id3906358.pdf&rft.identifier=https%3A%2F%2Fdiscovery.ucl.ac.uk%2Fid%2Feprint%2F10200378%2F&rft.rights=open