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Cbdc - a matter of time: challenges and implications for technical design, financial stability and for privacy, illicit financial activity
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The rapid decrease in the use of cash and the emergence of stable coins 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 structured 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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Blockchain Cbdc Central bank Commerical bank Design choices