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Retail Central Bank Digital Currency: Motivations, Opportunities, and Mistakes

Goodell, Geoffrey; Al-Nakib, Hazem Danny; Aste, Tomaso; (2024) Retail Central Bank Digital Currency: Motivations, Opportunities, and Mistakes. SSRN Green open access

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Abstract

Nations around the world are conducting research into the design of central bank digital currency (CBDC), a new, digital form of money that would be issued by central banks alongside cash and central bank reserves. Retail CBDC would be used by individuals and businesses as form of money suitable for routine commerce. An important motivating factor in the development of retail CBDC is the decline of the popularity of central bank money for retail purchases and the increasing use of digital money created by the private sector for such purposes. The debate about how retail CBDC would be designed and implemented has led to many proposals, which have sparked considerable debate about business models, regulatory frameworks, and the socio-technical role of money in general. Here, we present a critical analysis of the existing proposals. We examine their motivations and themes, as well as their underlying assumptions. We also offer a reflection of the opportunity that retail CBDC represents and suggest a way forward in furtherance of the public interest.

Type: Working / discussion paper
Title: Retail Central Bank Digital Currency: Motivations, Opportunities, and Mistakes
Open access status: An open access version is available from UCL Discovery
DOI: 10.2139/ssrn.4769226
Publisher version: http://dx.doi.org/10.2139/ssrn.4769226
Language: English
Additional information: This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: CBDC, digital currency, digital payments, privacy, custody, non-custodial wallets, socio-technical systems, human-computer interaction
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science
URI: https://discovery.ucl.ac.uk/id/eprint/10200365
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