Central Bank Digital Currency Library
The sleepy world of Central Banks is not quite as sleepy anymore. Shaken up by a torrid pace of private sector innovation, with Facebook’s Libra (now Meta’s Diem) a popular threat in addition to the entire cryptocurrency space, as well as China aggressively pushing Digital Yuan development to ultimately challenge the US dollar as a global reserve currency (or so some people think), global Central Banks, occasionally alone and increasingly co-ordinated through the mushrooming Bank for International Settlements’ Innovation Hubs, have become hives of activity.
It is hard to keep track of the various Central Bank Digital Currency (CBDC) experiments, proof-of-concepts and policy papers being published, never mind reading them all. However, we are not short of trying, so we attempted to list the most important papers below, in reverse chronological order, that we have collected over the last year or so. No doubt, we are missing some, and there is also an increasing volume of academic research being published that for the most part we have not taken into account here. So if your favorite paper is missing from the below library, please be so kind and point us to it my submitting a comment, and we will update the list in due course.
2022
December
European Central Bank
Second Progress Report on the Digital Euro
National Bank of Kazakhstan
Digital Tenge White Paper 2022
European Central Bank (ECB)
Technical onboarding package for digital euro prototyping
November
Bank Indonesia
Project Garuda: Digital Rupiah
Digital Dollar Project and DTCC
Security Settlment Pilot
SWIFT
Connecting the Islands: CBDCs
Bank for International Settlements (BIS)
CBDCs in Africa
Giesecke+Devrient
Financial inclusion across borders with retail CBDC
Federal Reserve
The Macroeconomic Implications of CBDC
The Regulated Liablity Network
Whitepaper
Federal Reserve Bank of New York & Monetary Authority of Singapore
Project Cedar Phase II x Ubin+: Cross-border payments with Wholesale CBDC
Bank for International Settlements (BIS), Swiss National Bank (SNB)
Project Tourbillon explores cyber resiliency, scalability & privacy
Federal Reserve Bank of New York
Project Cedar: Improving Cross-Border Payments with Blockchain Technology
Monetary Authority of Singapore
Ubin+ to advance cross-border connectivity in Wholesale CBDCs
Bank for International Settlements (BIS)
Project Mariana: CBDCs in automated market makers
October
Monetary Authority of Singapore
Project Orchid — Programmable Digital SGD
International Monetary Fund (IMF)
Digital Money and Central Banks Balance Sheets
Bank for International Settlements (BIS)
Project mBridge: Connecting economies through CBDC
Bank of Namibia
Consultation Paper on CBDCs
Bank for International Settlements
Project Aurum: a prototype for two-tier CBDC
European Central Bank (ECB)
Ensuring adoption of CBDCs — an easy task or a Gordian knot?
Banque de France
Participates in a new wholesale CBDC experiments with SWIFT
Reserve Bank of India (RBI)
Concept Note on CBDC
Bank of Canada
Archetypes for a retail CBDC
September
Swiss National Bank (SNB)
DLT Options for CBDC
Reserve Bank of Australia (RBA)
Australian CBDC Pilot for Digital Finance Innovation
Central Bank of The Bahamas
Financial Inclusion and CBDC
Hong Kong Monetary Authority (HKMA)
Policy stance on e-HKD
Office of Science and Technology Policy
Technical Design Choices for a US CBDC System
US Department of the Treasury
The Future of Money and Payments
European Central Bank (ECB)
ECB selects external companies for joint prototyping of user interfaces for a digital euro
Blockchain @ Polytechnique
CBDCs: The quest for public digital payment infastructures
August
Bank of Canada
Cash, COVID-19, and the Prospects for a Canadian Digital Dollar
Digital Euro Association (DEA)
Public Working Group Recommendations
European Central Bank (ECB)
The Economics of CBDC
Bank of England
Minutes of the CBDC Engagement Forum (July 2022)
Reserve Bank of Australia
RBA and Digital Finance CRC to explore use cases for CBDC
Bank of Thailand
Progress of Retail CBDC Development
July
UK Finance
Designing Interoperability for a Potential UK CBDC
Austrian National Bank
What can CBDC designers learn from asking potential users?
Office of Financial Research
Central Bank Digital Currency: Stability and Information
Algorand
Issuing CBDC using Algorand
International Regulatory Strategy Group
The use of CBDCs in wholesale markets
Bank of Japan — Liaison & Coordination Committee on CBDC
Interim Report
June
OMFIF Digital Monetary Institute
Consumer attitudes to CBDCs
Danmarks Nationalbank
New types of digital money
Atlantic Council
Missing Key: The Challenge of Cybersecurity and CBDC
May
European Central Bank (ECB)
The digital economy, privacy and CBDC
Bank of England
CBDC — design principles and balance sheet implications
European Central Bank (ECB)
Central bank digital currency and bank intermediation
Bank for International Settlements
Gaining momentum — Results of the 2021 BIS survey on CBDC
April
Hong Kong Monetary Authority (HKMA)
e-HKD: A Policy and Design Perspective
Bank of Japan
Possible Design Choices of CBDC
European Central Bank (ECB)
Call for expression of interest for digital euro front-end prototyping
Bank for International Settlements
CBDCs in emerging market economies
Bank for International Settlements
CBDC: a new tool in the financial inclusion toolkit?
South African Reserve Bank
Project Khokha Phase 2
Sveriges Riksbank
E-krona Pilot Phase 2
PwC
Global CBDC Index and Stablecoin Overview 2022
March
Bank for International Settlements (BIS), Reserve Bank of Australia (RBA), Bank Negara Malaysia (BNM), Monetary Authority of Singapore (MAS), South African Reserve Bank
Project Dunbar — International Settlements using multi-CBDCs
Bank of Canada, Massachusetts Institute of Technology (MIT)
Bank of Canada & MIT announce joint CBDC collaboration
Bank of Ghana
Design Paper of the Digital Cedi (eCedi)
February
Global Financial Markets Association (GFMA), Boston Consulting Group, Clifford Chance
Central Bank Digital Currencies — A Global Markets Perspective
International Monetary Fund
FinTech Notes — Behind the Scenes of Central Bank Digital Currencies
Congressional Research Service
Central Bank Digital Currencies: Policy Issues
Federal Reserve Bank of Boston
Project Hamilton Phase 1
January
Stellar Development Foundation
Understanding CBDCs: A guidebook for regulators and policymakers
Federal Reserve Board
Money and Payments: The U.S. Dollar in the Age of Digital Transformation
Bank for International Settlements (BIS)
Central Bank Digital Currencies in Latin America and the Caribbean
Bank for International Settlements (BIS), Swiss National Bank (SNB), SIX
Project Helvetia Phase II: Settling tokenised assets in wholesale CBDC
Hong Kong Monetary Authority (HKMA)
Discussion Paper on Cryptoassets and Stablecoins
Monetary Authority of Singapore (MAS)
Global CBDC Challenge Report 2021
2021
December
Bank of Canada
Best Before? Expiring Central Bank Digital Currency and Loss Recovery
R3
DvP using CBDC: a “settlement choice model” for securities settlement
Bank of Canada
Predicting the Demand for CBDC: A Structural Analysis with Survey Data
Bank of Canada
Revisiting the Monetary Sovereignty Rationale for CBDCs
Bank of Canada
Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design
MIT, Diem Association, Novi Financial
From Stablecoins to CBDCs: The Public Benefits of a Public-Private Partnership
National Bank of Kazakhstan
Report on the Results of the Digital Tenge Pilot Project (White Paper)
Banque de France
Project Jura: Cross-border settlement using wholesale CBDC
Reserve Bank of Australia
Project Atom: Exploring a Wholesale CBDC for Syndicated Lending
November
The Digital Currency Forum (Japan)
Digital Currency DCJPY White Paper
World Economic Forum (WEF)
Digital Currency Governance Consortium White Paper Series: Compendium Report
Finanzplatz München
The Programmable Euro: Review and Outlook
Banque de France
Wholesale Central Bank Digital Currency Experiments with the Banque de France: Results & key findings
Monetary Authority of Singapore (MAS)
A Retail Bank Central Bank Digital Currency: Economic Considerations in the Singapore Context
Bank for International Settlements (BIS)
Project Genesis: A vision for technology-driven green finance
Project Genesis: A prototype for green bond tokenization by the Liberty Consortium
Project Genesis: A prototype for green bond tokenization by Digital Asset and GFT
Bank for International Settlements (BIS)
Central bank digital currencies: motives, economic implications and the research frontier
Monetary Authority of Singapore (MAS)
Project Ubin Phase 1: Tokenised SGD
Project Ubin Phase 2: Reimagining RTGS
Project Ubin Phase 3: Delivery versus Payment (DvP)
Project Ubin Phase 4: Cross-Border Payment versus Payment (PvP)
Project Ubin Phase 5: Enabling Broad Ecosystem Collaboration
World Bank
Central Bank Digital Currency — A Payments Perspective
October
Financial Stability Board (FSB)
G20 Roadmap for Enhancing Cross-border Payments
G7
Public Policy Principles for Retail Central Bank Digital Currencies (CBDCs)
Central Bank of Nigeria (CBN)
Design Paper for the eNaira
Banque de France
Settlement of French government bonds in CBDC with blockchain technology
Hong Kong Monetary Authority (HKMA)
e-HKD: A technical perspective
September
Bank for International Settlements (BIS)
Central bank digital currencies — executive summary
Central bank digital currencies — system design and interoperability
Central bank digital currencies — user needs and adoption
Central bank digital currencies — financial stability implications
Bank for International Settlements (BIS), Hong Kong Monetary Authority (HKMA), Bank of Thailand, Digital Currency Institute of the People’s Bank of China, Central Bank of the United Arab Emirates
Inthanon-Lion Rock to mBridge: Building a multi CBDC platform for international payments
Swiss National Bank (SNB)
Retail CBDC purposes and risk transfers to the central bank
August
UK Finance
Retail CBDC: A Threat or Opportunity for the Payments Industry?
Asian Development Bank (ADB)
Issues in Pacific Development: Central Bank Digital Currencies
July
Bank for International Settlements (BIS), Monetary Authority of Singapore (MAS)
Nexus: a blueprint for instant cross-border payments
People’s Bank of China
Progress of Research & Development of E-CNY in China
Banco do Brasil
Central Bank Digital Currency in Brazil
Bank for International Settlements (BIS), Committee on Payments and Markets Infrastructures (CPMI), International Monetary Fund (IMF), World Bank
Central bank digital currencies for cross-border payments
June
Institute for Security & Development Policy
Asia Paper: The Dawn of the Digital Yuan
EU Blockchain Observatory and Forum
Central Bank Digital Currencies & a Euro for the Future
April
Bank of Thailand
The Way Forward for Retail Central Bank Digital Currency in Thailand
Dutch National Bank
DNB Working Paper: What triggers consumer adoption of CBDC?
March
Bank of Thailand, Siam Cement, Digital Ventures
CBDC: The Future of Payments for Corporates
February
Sveriges Riksbank
On the possibility of a cash-like CBDC
2020
December
Saudi Central Bank, Central Bank of the United Arab Emirates
Project Aber: Joint Digital Currency and Distributed Ledger Project
Bank for International Settlements (BIS)
Project Helvetia Phase I: Settling tokenized assets in central bank money
October
Bank of Japan
The Bank of Japan’s Approach to Central Bank Digital Currency
Bank for International Settlements (BIS)
Central bank digital currencies: foundational principles and core features
EU Blockchain Observatory and Forum
Possible Characteristics of a TIPS-Based Digital Euro
September
Bank of Finland
Lessons learned from the world’s first CBDC
June
National Bank of Cambodia
Project Bakong: Next Generation Payment System
May
Digital Dollar Foundation
The Digital Dollar Project: Exploring a US CBDC
March
Bank of England
Discussion Paper: Central Bank Digital Currency
January
European Central Bank (ECB)
Working Paper Series: Tiered CBDC and the financial system
2019 and earlier
December 2019
Central Bank of the Bahamas
Project Sand Dollar: A Bahamas Payments System Modernisation Initiative
February 2019
Bank of Korea
Working Paper: Central Bank Digital Currency and Financial Stability
Other 2019
National Bank of Ukraine
Analytical Report on the E-hryvnia Pilot Project
October 2018
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