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Instant Settlement - a blog about Central Bank Digital Currency R&D

CBDC in legal terms

CBDC in legal terms. The central bank digital currency can be issued value-based, like electronic money, or account-based, a currency comparable with deposits in a

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Anonymity and integrity

Complete anonymity and integrity cannot technically be fully offered. It is technically possible to build a value based CBDC that can be used anonymously, that

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we aren't afraid of trying new things

We are here to do R&D

A central bank digital currency platform can fulfill important societal functions. If the marginalization of cash continues, a CBDC could ensure that the general public will still have access to a state-guaranteed means of payment. State presence on the payment market, in the form of a CBDC, retains the option we have today of being able to convert money in a private bank into state-issued money, which is seen as safeguarding our trust in private money. Alternatively, not to act in the face of current developments and completely abandon the payment market to private agents, will mean that the general public will be entirely dependent on private payment solutions, which may make it more difficult for the Central bank to promote a safe and efficient payment system.

A CBDC will probably not have any major consequences for banks and the financial system in normal circumstances. Banks may possibly receive slightly fewer deposits from companies and the general public and may therefore need to obtain their funding via other market channels (wholesale funding). In times of financial unease, when we assume that general public will wish to withdraw their assets from weak banks, the CBDC enables a more general and faster run from the banking system to state-guaranteed money than a traditional run from the banking system to cash. However, the Central bank has tools to cope with such situations if they risk jeopardizing financial stability.

For monetary policy, we can ascertain that it may be advantageous to be able to control demand in a situation when the CBDC is widely available, and demand becomes substantial. Interest rates could in such a scenario be one of several possible tools to limit any negative effects on the efficiency of monetary policy and financial stability. Overall, these consequences can be mitigated using the instruments already at the Central bank’s disposal, but the technical design of a CBDC should nevertheless take these aspects into consideration.

we have no limits

We create value and develop solutions to some of society's grand challenges by being at the forefront of lobbying for the issuance of central banks digital currency

TECH

driven

We vision a fair settlement system on a global scale.

CHANGE

motivated

The repair of the settlement system.

PEOPLE

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expertise to carry out CBDC and DLT infrastructure development.

we are good at what we do

R&D

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