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Cbdc - a matter of time: challengesand implications for technical design,financial stability and for privacy, illicit financial activity
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Resumo(s)
The rapid decrease in the use of cash and the emergence of stablecoins and other private digital
currencies have led Central Banks to consider the issuance of their own digital currency (Central
Bank Digital Currency, so-called CBDCs). This thesis investigated the impact that CBDCs will
have on the economic, privacy and technical pillars. To this end, a literature review was
conducted in every section, combined with expert interviews. The analysis of the economic
implications concluded that CBDCs might reduce the need for unconventional monetary
policies and that the risks to financial stability are highly dependent on the CBDC design. The
analysis of privacy and illicit financial activity concluded that the results ultimately hinge on
its technical design and the policy objectives of each jurisdiction. However, the technical
frameworks should have the backbone of an efficient legal framework. Since these economic
and privacy implications depend highly on the design choices of the r-CBDC, the CBDC needs
to be carefully designed without sacrificing user privacy or causing commercial bank
disintermediation
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Palavras-chave
Blockchain Cbdc Central bank Commercial bank Cryptocurrencies Design ,choices