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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.


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

Bank Indonesia
Project Garuda: Digital Rupiah

Digital Dollar Project and DTCC
Security Settlment Pilot

Connecting the Islands: CBDCs

Bank for International Settlements (BIS)
CBDCs in Africa

Financial inclusion across borders with retail CBDC

Federal Reserve
The Macroeconomic Implications of CBDC

The Regulated Liablity Network

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

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

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

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

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

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

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

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

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

Global CBDC Index and Stablecoin Overview 2022

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)

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

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


Bank of Canada
Best Before? Expiring Central Bank Digital Currency and Loss Recovery

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

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

Financial Stability Board (FSB)
G20 Roadmap for Enhancing Cross-border Payments

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

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

UK Finance
Retail CBDC: A Threat or Opportunity for the Payments Industry?

Asian Development Bank (ADB)
Issues in Pacific Development: Central Bank Digital Currencies

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

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

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?

Bank of Thailand, Siam Cement, Digital Ventures
CBDC: The Future of Payments for Corporates

Sveriges Riksbank
On the possibility of a cash-like CBDC


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

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

Bank of Finland
Lessons learned from the world’s first CBDC

National Bank of Cambodia
Project Bakong: Next Generation Payment System

Digital Dollar Foundation
The Digital Dollar Project: Exploring a US CBDC

Bank of England
Discussion Paper: Central Bank Digital Currency

European Central Bank (ECB)
Working Paper Series: Tiered CBDC and the financial system

2019 and earlier

Central Bank of the Bahamas
Project Sand Dollar: A Bahamas Payments System Modernisation Initiative

Bank of Korea
Working Paper: Central Bank Digital Currency and Financial Stability

National Bank of Ukraine
Analytical Report on the E-hryvnia Pilot Project

Approaches to a Central Bank Digital Currency in Brazil

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Norbert Gehrke

Passionate about strategy & innovation across Asia. At home in Japan. Connector of people & ideas.