Report

Central bank digital currency: the quest for minimally invasive technology

Table of Contents

CBDCs should let central banks provide a universal means of payment for the digital era. At the same time, such currencies must safeguard consumer privacy and maintain the two-tier financial system. We set out the economic and operational requirements for a “minimally invasive” design – one that preserves the private sector’s primary role in retail payments and financial intermediation – for CBDCs and discuss the implications for the underlying technology.

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Central bank digital currency: the quest for minimally invasive technology

CBDCs should let central banks provide a universal means of payment for the digital era. At the same time, such currencies must safeguard consumer