Share these talks and lectures with your colleagues
Invite colleaguesPractice paper
Essential requirements for central bank digital currency
Journal of Digital Banking,
9
(2),
102-109
(2024)
Abstract
Any central bank digital currency (CBDC), regardless of the specific architecture and design, should fulfil the following three essential requirements: (a) the CBDC is protected against counterfeiting, and any counterfeits are irrefutably verifiable; (b) payments with CBDC maintain privacy without facilitating criminal activity; (c) CBDC withdrawals and payments can be made with a smartphone, and the smartphone application conforms to current smartphone and network capabilities as well as user interface paradigms. In this paper, we provide explanations, justifications and details of the three requirements.
Keywords: central bank digital currency (CBDC); cash; eCash 2.0; privacy
The full article is available to subscribers to the journal.
Author's Biography
David Chaum leads the xx network — a private, quantum-secure decentralised messaging and payment platform. He is widely recognised as the inventor of digital cash as well as other fundamental innovations in cryptography, including privacy technologies such as mix nets and secure voting systems. With a PhD in computer science from UC Berkeley, he has taught at NYU Graduate School of Business and the University of California. Chaum is the founder of the International Association for Cryptologic Research, the Cryptography Group at the Center for Mathematics and Computer Science in Amsterdam, and DigiCash.
Thomas Moser is an Alternate Member of the Governing Board of the Swiss National Bank. He was previously Executive Director at the International Monetary Fund (IMF). Moser is also a member of the Managing Committee of the Swiss Institute of Banking and Finance at the University of St. Gallen, a visiting professor at the University of Lucerne and a member of the Board of Directors of the Scion Association, a non-profit organisation driving transformation of the internet infrastructure. He holds a doctoral degree in economics from the University of Zurich, Switzerland.
