scholarly journals Blockchain Implementation Method for Interoperability between CBDCs

2021 ◽  
Vol 13 (5) ◽  
pp. 133
Author(s):  
Hyunjun Jung ◽  
Dongwon Jeong
Keyword(s):  
Central Bank ◽  
Open Data ◽  
Basic Income ◽  
Sand Dollar ◽  
The Bahamas ◽  
The Public ◽  
Digital Currency ◽  
Currency Exchange ◽  
Management Method ◽  
Implementation Method

Central Bank Digital Currency (CBDC) is a digital currency issued by a central bank. Motivated by the financial crisis and prospect of a cashless society, countries are researching CBDC. Recently, global consideration has been given to paying basic income to avoid consumer sentiment shrinkage and recession due to epidemics. CBDC is coming into the spotlight as the way to manage the public finance policy of nations comprehensively. CBDC is studied by many countries. The bank of the Bahamas released Sand Dollar. Each country’s central bank should consider the situation in which CBDCs are exchanged. The transaction of the CDDB is open data. Transaction registers CBDC exchange information of the central bank in the blockchain. Open data on currency exchange between countries will provide information on the flow of money between countries. This paper proposes a blockchain system and management method based on the ISO/IEC 11179 metadata registry for exchange between CBDCs that records transactions between registered CBDCs. Each country’s CBDC will have a different implementation and time of publication. We implement the blockchain system and experiment with the operation method, measuring the block generation time of blockchains using the proposed method.

Preconditions for a general-purpose central bank digital currency

FEDS Notes ◽  
2021 ◽  
Vol 2021 (2839) ◽  
Author(s):  
Jess Cheng ◽  
◽  
Angela N Lawson ◽  
Paul Wong ◽  
◽  
...  
Keyword(s):  
United States ◽  
Central Bank ◽  
The United States ◽  
Legal Framework ◽  
General Purpose ◽  
The Public ◽  
Digital Currency ◽  
Stakeholder Support ◽  
Policy Objectives ◽  
New Form

Over the last few years, interest in the potential issuance of a general-purpose central bank digital currency (CBDC) has increased. Introducing and operating a CBDC would require actions by many stakeholders and not just the central bank. In view of the far-reaching implications of introducing a new form of money to the public, the decision cannot be taken lightly. This paper outlines foundational preconditions and proposes areas of work that may help achieve them prior to the possible implementation of a potential future general-purpose CBDC in the United States. These foundational preconditions include clear policy objectives, broad stakeholder support, a strong legal framework, robust technology, and readiness for market acceptance and adoption.

Central Bank Digital Currency: A Literature Review

FEDS Notes ◽  
2020 ◽  
Vol 2020 (2790) ◽  
Author(s):  
Francesca Carapella ◽  
◽  
Jean Flemming ◽  
Keyword(s):  
Central Bank ◽  
Public And Private ◽  
The Public ◽  
Digital Currency ◽  
Modern Economy ◽  
Technological Advances ◽  
Private Money ◽  
Fast Electronic ◽  
Theoretical Standpoint

Technological advances in recent years have led to a growing number of fast, electronic means of payment available to consumers for everyday transactions, raising questions for policymakers about the role of the public sector in providing a digital payment instrument for the modern economy. From a theoretical standpoint, the introduction of a central bank digital currency (CBDC) raises long-standing questions relating to the provision of public and private money (Gurley and Shaw 1960), and the ability of the central bank to use CBDC as a means for transmitting monetary policy directly to households (Tobin 1985).

scholarly journals Reasons Fostering or Discouraging the Implementation of Central Bank-Backed Digital Currency: A Review

Economies ◽  
2020 ◽  
Vol 8 (2) ◽  
pp. 41 ◽  
Author(s):  
Sergio Luis Náñez Alonso ◽  
Miguel Ángel Echarte Fernández ◽  
David Sanz Bas ◽  
Jarosław Kaczmarek
Keyword(s):  
Central Bank ◽  
Large Scale ◽  
The United States ◽  
Current Debate ◽  
The Bahamas ◽  
Digital Currency ◽  
Specific Effects ◽  
Common Causes ◽  
Banking Institutions ◽  
The One

This study analyses the current debate around central bank-backed digital currency (CBDC). A comparative study was carried out considering countries for and against implementing a CBDC and their reasons, looking for common causes, differences, etc. The conclusion was that there are opposite tendencies between defenders and detractors of establishing a CBDC. However, today—and taking into account the positions of three large banking institutions (the Federal Reserve of the United States of America, the Bank of Japan and the Bank of England) on establishing (at least in the short term) a CBDC)—it seems that large-scale implementation is still far off. On the contrary, the Chinese Central Bank and banking systems of other countries that have less weight in the world, such as Uruguay, Lithuania and the Bahamas, seem to go against the trend of rejection and are seriously considering its implementation. Although this matter has been dealt with in the theoretical field, more pilot tests such as the one carried out by Uruguay are necessary in order to understand specific effects on the economy, on one hand, and on acceptance of its use by the population, on the other.

scholarly journals Legalization of Central Bank Digital Currency under Blockchain Industry

CONVERTER ◽  
2021 ◽  
pp. 450-458
Author(s):  
Yuting Hsu, Chengyong Liu
Keyword(s):  
Central Bank ◽  
Money Laundering ◽  
Consumer Protection ◽  
Legal System ◽  
Financial Stability ◽  
Central Banks ◽  
User Privacy ◽  
General Outline ◽  
The Public ◽  
Digital Currency

In recent years, private digital currency based on blockchainindustry has caused many doubts, such as privacy infringement, money laundering tools, consumer protection and financial stability. However, as digital currency has gradually become the important issue, the central banks of various countries have already started to study the central bank digital currency (CBDC). In this paper, firstly, the concept of private digital currency and its derivative issues are explained. Secondly, based on the two chains scheme of the blockchain, a CBDC system is established to facilitate supervision, which stores and accesses transaction information and verification information separately to balance the user privacy security and the convenience of supervision. Meanwhile, the consortium blockchain is settled to the public chain to protect the reliability of the data. Moreover, although some countries have started to develop CBDC, laws and regulations which regulate various aspects of it are still deficient. Therefore, in this paper, in addition to proposing a general outline of the legal system regulating the CBDC, it also illustrates separately the monetary rights and obligations of the central bank, merchant banks and the public, which will be helpful for the future legal construction.

scholarly journals A global perspective on central bank digital currency

2021 ◽  
pp. 1-16
Author(s):  
David Kuo Chuen Lee ◽  
Li Yan ◽  
Yu Wang
Keyword(s):  
Central Bank ◽  
Global Perspective ◽  
Digital Currency

scholarly journals Mapping CRISPR-Cas9 public and commercial innovation using The Lens institutional toolkit

2021 ◽  
Author(s):  
Osmat Azzam Jefferson ◽  
Simon Lang ◽  
Kenny Williams ◽  
Deniz Koellhofer ◽  
Aaron Ballagh ◽  
...  
Keyword(s):  
Public Investment ◽  
Open Data ◽  
Regulatory Elements ◽  
Policy Makers ◽  
Base Editing ◽  
The Public ◽  
Homology Directed Repair ◽  
A Genome ◽  
Institutional Capability ◽  
Cellular Dna

AbstractCRISPR-Cas9 is a revolutionary technology because it is precise, fast and easy to implement, cheap and components are readily accessible. This versatility means that the technology can deliver a timely end product and can be used by many stakeholders. In plant cells, the technology can be applied to knockout genes by using CRISPR–Cas nucleases that can alter coding gene regions or regulatory elements, alter precisely a genome by base editing to delete or regulate gene expression, edit precisely a genome by homology-directed repair mechanism (cellular DNA), or regulate transcriptional machinery by using dead Cas proteins to recruit regulators to the promoter region of a gene. All these applications can be for: 1) Research use (Non commercial), 2) Uses related product components for the technology itself (reagents, equipment, toolkits, vectors etc), and 3) Uses related to the development and sale of derived end products based on this technology. In this contribution, we present a prototype report that can engage the community in open, inclusive and collaborative innovation mapping. Using the open data at the Lens.org platform and other relevant sources, we tracked, analyzed, organized, and assembled contextual and bridged patent and scholarly knowledge about CRISPR-Cas9 and with the assistance of a new Lens institutional capability, The Lens Report Builder, currently in beta release, mapped the public and commercial innovation pathways of the technology. When scaled, this capability will also enable coordinated editing and curation by credentialed experts to inform policy makers, businesses and private or public investment.

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