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Erschienen in:
Blockchain in a Nutshell Kapitel lesen Erstes Kapitel lesen

2022 | OriginalPaper | Buchkapitel

Central Bank Digital Currencies

verfasst von : Nadia Pocher, Andreas Veneris

Erschienen in: Handbook on Blockchain

Verlag: Springer International Publishing

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Abstract

Today’s societal digitization continues to advance at exponential speeds driven by technology trends. Billions of Internet of Things devices have made their way into our daily lives but also into healthcare, manufacturing, and supply chains. In contrast, the financial sector still largely operates on legacy infrastructures, where merchants receive their payments long after they released the digital/physical good to the consumer. In addition, the emergence of Decentralized Finance through blockchain technology, and the accumulation of data in private silos, has demonstrated a capacity to impact national sovereignty and monetary transmission channels. Against this backdrop, many central banks have recently started to research and test the issuance of digitally native fiat money—or Central Bank Digital Currencies (CBDCs)—in an effort to redesign the essence and use of physical cash. CBDCs present a broad variety of designs, which translate into manifold techno-legal and standardization policy questions. In this context, this chapter surveys the state-of-the art with specific focus on “retail” CBDCs. In doing so, it provides an overview of candidate architectures, heeds legal impacts and regulatory compliance issues, presents a set of case studies and touches upon cross-border CBDC challenges.

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Fußnoten
1
In this respect, [14] analyzes the repercussions of the distinction between account-based and token-based systems on integration scenarios between CBDC architectures and IoT developments in the context of Machine-to-Machine (M2M) transactions.
 
2
In the words of [29], “monetary law is the legislative and regulatory framework that provides the legal foundations for the use of monetary value in society, the economy and the legal system” and “the basic principle of monetary law provides that it is for a sovereign State” (or monetary union) “to determine and establish its own currency system”.
 
3
The Silk Road case, followed by the shutdown of Darknet markets (e.g., Alphabay, Valhalla, Wall Street Market), added to this skepticism and fear. For more information [58, 71, 72].
 
4
The FATF is an intergovernmental, policy-making, monitoring and enforcement organization that sets standards and provides comprehensive guidance, e.g., its Recommendations. Its mandate was extended to combating the financing of terrorism in 2001 and of proliferation of weapons of mass destruction in 2020. In the remainder of the Chapter, AML refers to AML/CFT/CPF.
 
5
For instance, CDD must be “enhanced” in specific cases identified as posing noteworthy risks.
 
6
This is an example of the application of the risk-based approach to the threat posed by cash-intensive businesses. Meanwhile, EU Member States would still be able, if not encouraged, to maintain lower thresholds and/or adopt stricter provisions.
 
7
The final report of the ECB public consultation on a candidate Digital Euro [64] is an example of the debate on the interplay between privacy, security and AML rules.
 
8
As argued by [90], transaction privacy is severely hampered by user-level payment history datasets. The latter are increasingly generated by commercial payments platforms, while other dangers arise from subsequent monetization and/or clustering. Progress in AI/ML techniques amplifies the risks.
 
9
On some of the privacy and data protection concerns raised by CBDCs, see also [35].
 
10
de Koker [92] addresses the difference between anonymous, identified and pseudonymous clients and the AML impacts. “Crypto” digital payments enhance these complexities [58].
 
11
Additionally, history shows that a regulated access of financial authorities to information on monetary/data flows resonates positively with citizens and businesses.
 
12
Pocher and Zichichi [14], Pocher and Veneris [58] show how law and technology experts address this notion [47, 68, 95‐97].
 
16
For example, see [103].
 
17
Diem’s announcement was posted shortly after the release of the said Citibank report.
 
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Metadaten
Titel
Central Bank Digital Currencies
verfasst von
Nadia Pocher
Andreas Veneris
Copyright-Jahr
2022
Buch
Handbook on Blockchain

Print ISBN: 978-3-031-07534-6

Electronic ISBN: 978-3-031-07535-3

Copyright-Jahr: 2022

DOI
https://doi.org/10.1007/978-3-031-07535-3_15