OPTIMAL CENTRAL BANK DIGITAL CURRENCY DESIGN FOR EMERGING ECONOMIES

##plugins.themes.academic_pro.article.sidebar##

Published May 4, 2024
https://doi.org/10.21098/jcli.v3i2.194


Download
PDF
Statistic

Downloads

Download data is not yet available.
Vol. 3 No. 2 (2024)

##plugins.themes.academic_pro.article.main##

Ferry Syarifuddin
Central Bank of Indonesia

Abstract

The growth of digitalisation presents the possibility for Central Bank Digital Currency (CBDC) to emerge as a secure and efficient payment method. However, despite the benefits, CBDC implementation needs to be adapted to the capabilities and needs of each country. This study uses meta-strength, weakness, opportunity, and threat (meta-SWOT) analysis to assess the internal strengths and weaknesses, as well as the external opportunities and threats, to determine the most optimal CBDC design for emerging economies. In analysing internal aspects, CBDC allows for an efficient payment system, followed by a more effective monetary policy. Furthermore, the technology creates the possibility to boost financial inclusion and trace many illicit activities. However, to achieve that, high investment costs and privacy issues must be accommodated, followed by technological risks such as the digital divide and electrical outages. Turning to external aspects, growing technology, the network effect, enthusiasm for CBDC, and the impracticality of cash usage have become catalysts for CBDC development. Despite these opportunities, central banks should be wary of the threat of cyberattacks, quickening bank disintermediation, legal issues within their respective countries, and competition with private crypto companies. Altogether, the most optimal CBDC design in emerging economies is retail and wholesale coverage, interest-bearing (wholesale) and noninterest-bearing (retail) remuneration, account-based and token-based payment
systems, a traceable degree of anonymity, hybrid architecture, a Decentralised Ledger Technology (DLT) ledger system, and domestic and cross-border scope. These results are supported by rigorous examination of global CBDC research and development.

Keywords: CBDC, optimal design, SWOT analysis

##plugins.themes.academic_pro.article.details##

References

  1. Adrian, T. (2019). Stablecoins, Central Bank Digital Currencies, and Cross-Border Payments: A New Look at the International Monetary System. IMF. https://www.imf.org/en/News/Articles/2019/05/13/sp051419-stablecoins-central-bankdigital-currencies-and-cross-border-payments
  2. Adrian, T. (2020). Evolving to Work Better Together: Public-Private Partnerships for Digital Payments. IMF. https://www.imf.org/en/News/Articles/2020/07/22/sp072220-publicprivate-partnerships-for-digital-payments
  3. Adrian, T., & Griffoli, T. (2019). Central Bank Digital Currencies: 4 Questions and Answers. https://blogs.imf.org/2019/12/12/central-bank-digital-currencies-4-questions-and-answers/
  4. Agarwal, R., Grassl, W., & Pahl, J. (2012). Meta-SWOT: introducing a new strategic planning tool. Journal of Business Strategy, 33(2), 12–21. https://doi.org/10.1108/02756661211206708
  5. Agur, I. (2018). Central Bank Digital Currencies: An Overview of Pros and Cons. SUERF Conference Proceedings 2018/2.
  6. Agur, I., Ari, A., & Dell’Ariccia, G. (2019). Designing Central Bank Digital Currencies. IMF Working Papers, 2019(252). https://doi.org/10.5089/9781513519883.001
  7. Agur, I., Ari, A., & Dell’Ariccia, G. (2022). Designing central bank digital currencies. Journal of Monetary Economics, 125, 62–79. https://doi.org/10.1016/j.jmoneco.2021.05.002
  8. Agur, I., Bernaga, M., Bordo, M., Engert, W., Lis, S., Fung, B., Gnan, E., Levin, A., Niepelt, D., Judson, R., Masciandaro, D., Panetta, F., Pichler, P., Jorge, P., & Summer, M. (2018). Do We Need Central Bank Digital Currency? SUERF Conference Proceedings 2018/2, 149. https://www.suerf.org/docx/s_cf0d02ec99e61a64137b8a2c3b03e030_7025_suerf.pdf
  9. Aldasoro, I., Frost, J., Gambacorta, L., & Whyte, D. (2021). Covid-19 and cyber risk in the financial sector (No. 37; BIS Bulletin). https://www.bis.org/publ/bisbull37.pdf
  10. Allen, S., Čapkun, S., Zhang, F., Eyal, I., Fanti, G., Ford, B., Grimmelmann, J., Juels, A., Kostiainen, K., Meiklejohn, S., Miller, A., Prasad, E., & Wüst, K. (2020). Design Choices for Central Bank Digital Currency: Policy and Technical Considerations. Nber Working Paper Series, 1–5. https://voxeu.org/article/design-choices-central-bankdigital-currency
  11. An, Y., Choi, P., & Huang, S. (2021). Blockchain, Cryptocurrency, and Artificial Intelligence in Finance. Springer Singapore. https://doi.org/10.1007/978-981-33-6137-9_1
  12. Arauz, A., Garratt, R., & Ramos F., D. F. (2021). Dinero Electrónico: The rise and fall of Ecuador’s central bank digital currency. Latin American Journal of Central Banking, 2(2), 100030. https://doi.org/10.1016/j.latcb.2021.100030
  13. Armantier, O., Doerr, S., Frost, J., Fuster, A., & Shue, K. (2021). Whom do consumers trust with their data? US survey evidence (No. 42; BIS Bulletin). https://www.bis.org/publ/bisbull42.pdf
  14. Armelius, H., Claussen, C., & Hull, I. (2021). On the possibility of a cash-like CBDC. https://www.riksbank.se/globalassets/media/rapporter/staff-memo/engelska/2021/on-thepossibility-of-a-cash-like-cbdc.pdf
  15. Arouri, M., Boubaker, S., & Nguyen, D. (2014). Emerging Markets and the Global Economy. Elsevier. https://doi.org/https://doi.org/10.1016/C2012-0-03535-1
  16. Auer, R., & Böhme, R. (2020). The technology of retail central bank digital currency. March, 85–100.
  17. Auer, R., Cornelli, G., & Frost, J. (2020a). Covid-19, cash, and the future of payments (No. 3; BIS Bulletin). https://www.bis.org/publ/bisbull03.pdf
  18. Auer, R., Cornelli, G., & Frost, J. (2020b). Rise of the central bank digital currencies: drivers, approaches and technologies. 880.
  19. Auer, R., Haene, P., & Holden, H. (2021). Multi-CBDC arrangements and the future of crossborder payments. 115.
  20. Auer, R., Monnet, C., & Shin, H. (2021). Distributed ledgers and the governance of money (No. 924; BIS Working Papers). https://www.bis.org/publ/work924.pdf
  21. Australian Computer Society. (2016). Cybersecurity: Threats Challenges Opportunities. file:///C:/Users/62856/Downloads/ACS_Cybersecurity_Guide.pdf
  22. Bank, E. C. (2019). Exploring anonymity in central bank digital currencies. In Focus, December (4), 1–11. https://www.ecb.europa.eu/paym/intro/publications/pdf/ecb.mipinfocus191217.en.pdf
  23. Bank of Russia. (2020). A Digital Ruble: Consultation Paper (Consultation Paper). https://www.cbr.ru/StaticHtml/File/113008/Consultation_Paper_201013_eng.pdf
  24. Banton, C. (2021). Network Effect. Investopedia. https://www.investopedia.com/terms/n/network-effect.asp
  25. Barrdear, J., & Kumhof, M. (2017). The Macroeconomics of Central Bank Issued Digital Currencies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2811208
  26. Barret, C. (2021). Cash use plunges during pandemic. Financial Times. https://www.ft.com/content/c4c39abc-93b2-46f5-a731-9dd95840b841
  27. Bendovschi, A. (2015). Cyber-Attacks – Trends, Patterns and Security Countermeasures. 7th INTERNATIONAL CONFERENCE ON FINANCIAL CRIMINOLOGY 2015. https://doi.org/10.1016/S2212-5671(15)01077-1
  28. Bergara, M., & Ponce, J. (2018). Central Bank Digital Currency: The Uruguay e-Peso Case. SUERF Conference Proceedings 2018/2.
  29. Bhagesphur, K. (2019). Data Is the New Oil -- And That’s a Good Thing. Forbes. https://www.forbes.com/sites/forbestechcouncil/2019/11/15/data-is-the-new-oil-andthats-a-good-thing/
  30. Bharathan, V. (2020). Central Bank Digital Currency: The First Nationwide CBDC In the World Has Been Launched by The Bahamas. Forbes. https://www.forbes.com/sites/vipinbharathan/2020/10/21/central-bank-digital-currencythe-first-nationwide-cbdc-in-the-world-has-been-launched-by-thebahamas/?sh=5d07bb87506e
  31. Bian, W., Ji, Y., & Wang, P. (2021). The crowding-out effect of central bank digital currencies: A simple and generalizable payment portfolio model. Finance Research Letters, March, 102010. https://doi.org/10.1016/j.frl.2021.102010
  32. Birch, D. (2021). No Government Will Allow Anonymous Digital Currency. https://www.forbes.com/sites/davidbirch/2021/04/06/no-government-will-allowanonymous-digital-currency/?sh=2fd536610d56
  33. BIS. (2020). Central bank digital currencies: foundational principles and core features. 1.
  34. BIS. (2021a). CBDCs: an opportunity for the monetary system (BIS Annual Economic Report).
  35. BIS. (2021b). Central bank digital currencies: system design and interoperability (No. 2). https://www.bis.org/publ/othp42_system_design.pdf
  36. BIS, CPMI, Innovation Hub, IMF, & World Bank. (2021). Central bank digital currencies for cross-border payments Report to the G20 (Issue July). https://www.bis.org/publ/othp38.pdf
  37. BIS Innovation Hub. (2021). Work Programme FY 2021/22. https://www.bis.org/img/topics/ih_prog2122.pdf
  38. BIS, SIX Group AG, & Bank, S. N. (2020). Project Helvetia: Settling tokenised assets in central bank money.
  39. Bitter, L. (2020). Banking Crises under a Central Bank Digital Currency (CBDC). Beiträge Zur Jahrestagung des Vereins Für Socialpolitik 2020: Gender Economics, ZBW. https://www.econstor.eu/bitstream/10419/224600/1/vfs-2020-pid-40056.pdf
  40. Boar, C., & Wehrli, A. (2021). Ready, steady, go? – Results of the third BIS survey on central bank digital currency. BIS Papers, 114, 77–82.
  41. Bordo, M., & Levin, A. (2017). Central bank digital currency and the future of monetary policy (No. 23711; NBER Working Paper). https://doi.org/]
  42. Borenstein, M., Hedges, L., Higgins, J., & Rothstein, H. (2009). Introduction to Procedures and Methods of Meta Analysis. Wiley. https://chb.bmn.ir/Asset/files/Introduction-toMeta-Analysis.pdf
  43. Borgonovo, E., Caselli, S., Cillo, A., Masciandaro, D., & Rabitti, G. (2021). Central bank digital currencies, cryptocurrencies, and privacy: What experiments tell us. https://voxeu.org/article/central-bank-digital-currencies-cryptocurrencies-and-privacy
  44. Bossu, W., Itatani, M., Margulis, C., Rossi, A., Weenink, H., & Yoshinaga, A. (2020). Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations. IMF Working Papers, 20(254). https://doi.org/10.5089/9781513561622.001
  45. Brugge, J., Denecker, O., Jawaid, H., Kovacs, A., & Shami, I. (2018). Attacking the cost of cash. McKinsey&Company. https://www.mckinsey.com/industries/financialservices/our-insights/attacking-the-cost-of-cash
  46. Burgos, A., & Batavia, B. (2018). Currency in Digital Era (Working Paper).
  47. Campbell, R. (2012). Weather-Related Power Outages and Electric System Resiliency. Congressional Research Service. https://sgp.fas.org/crs/misc/R42696.pdf
  48. Caskey, J. (2002). Bringing Unbanked Households into The Banking System. Capital Xchange Journal Article, January.
  49. CEMLA. (2019). Key Aspects around Central Bank Digital Currencies. May. https://www.cemla.org/fintech/docs/2019-06- KeyAspectsAroundBankDigitalCurrencies.pdf
  50. Central Bank of the Bahamas. (2019). PROJECT SAND DOLLAR: A Bahamas Payments System Modernisation Initiative. 1–33.
  51. Central Banking Newsdesk. (2021a). No UK central bank digital currency before 2025, BoE says. Central Banking. https://www.centralbanking.com/fintech/cbdc/7896726/no-uk-central-bank-digital-currency-before-2025-boe-says
  52. Central Banking Newsdesk. (2021b). Thailand’s central bank picks G+D for retail CBDC project. Fintech. https://www.centralbanking.com/fintech/cbdc/7840506/thailandscentral-bank-picks-gd-for-retail-cbdc-project
  53. Chauhan, Y., & Marisetty, V. B. (2019). Do public-private partnerships benefit private sector? Evidence from an emerging market. Research in International Business and Finance, 47(October 2018), 563–579. https://doi.org/10.1016/j.ribaf.2018.10.002
  54. Choi, G., Park, M., & Park, N. (2017). The Use of Virtual Currencies in Small-Value CrossBorder Remittances and Its Implication. SSRN Electronic Journal, 2(2), 89–119. https://doi.org/DOI:10.2139/ssrn.3024427
  55. Choulete, C., & Shulyatyeva, Y. (2016). History and major causes of US banking disintermediation (Conjoncture). https://economicresearch.bnpparibas.com/Views/DisplayPublication.aspx?type=document&IdPdf=27450 #:~:text=The term “banking disintermediation” refers,as government and private bonds%2C
  56. Chow, W., & Eckert, V. (2021). China and the race for the future of money. PwC Digital Disruption. https://www.pwc.com/gx/en/issues/reinventing-the-future/take-ontomorrow/china-future-money.html
  57. Collet, L., Laurent, P., Eber, P., Martino, P., Messini, F., Havard, A., Sauvage, B., & Pescatore, G. (2020). Are Central Bank Digital Currencies (CBDCs) the money of tomorrow? https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/financialservices/Banking/lu-are-central-bank-digital-currencies.pdf
  58. Coyle, K., Kim, L., & Brien, S. O. (2021). 2021 Findings from the Diary of Consumer Payment Choice (Cash Product Officer Federeal Reserve System).
  59. CPMI. (2015). Digital currencies. https://doi.org/10.4324/9780429292903-5
  60. CPMI. (2017). Distributed ledger technology in payment, clearing and settlement: An analytical framework (Issue February). https://www.bis.org/cpmi/publ/d157.pdf
  61. CPMI. (2018). Central bank digital currencies. Markets Committee, March. https://www.bis.org/cpmi/publ/d174.pdf
  62. CPSS. (2012). Principles for financial market infrastructures. https://www.bis.org/cpmi/publ/d101a.pdf
  63. Darbha, S., & Arora, R. (2020). Privacy in CBDC technology (Staff Analytical Note 2020-9 (English)). https://www.bankofcanada.ca/2020/06/staff-analytical-note-2020-9/
  64. Davoodalhosseini, M., Rivadeneyra, F., & Zhu, Y. (2020). CBDC and Monetary Policy. https://www.bankofcanada.ca/2020/02/staff-analytical-note-2020-4/
  65. Debe, M., Salah, K., Rehman, M., & Svetinovic, D. (2019). IoT Public Fog Nodes Reputation System: A Decentralized Solution Using Ethereum Blockchain. IEEE, 7, 178082– 178093. https://ieeexplore.ieee.org/document/8928584
  66. Didenko, A. N., & Buckley, R. P. (2021). Central Bank Digital Currencies: A Potential Response to the Financial Inclusion Challenges of the Pacific.
  67. Diedrich, H. (2016). Ethereum: Blockchains, Digital Assets, Smart Contracts, Decentralized Autonomous Organizations. Wildfire Publishing.
  68. Dyson, B., & Hodgson, G. (2016). Why Central Banks Should Start Issuing Electronic Money. Positive Money, 1–36.
  69. Easley, D., & Kleinberg, J. (2010). Networks, Crowds, and Markets: Reasoning about a Highly Connected World. Cambridge University Press. https://www.cs.cornell.edu/home/kleinber/networks-book/networks-book-ch17.pdf
  70. Eastern Caribbean Central Bank. (n.d.-a). ECCB Digital EC Currency Pilot - Account. Retrieved July 25, 2021, from https://www.eccb-centralbank.org/p/accounts
  71. Eastern Caribbean Central Bank. (n.d.-b). What You Should Know. Retrieved June 23, 2021, from https://www.eccb-centralbank.org/p/what-you-should-know-1
  72. Engert, W., & Fung, B. (2017). Central Bank Digital Currency: Motivations and Implications (Staff Discussion Paper). https://www.researchgate.net/publication/322274275_Central_Bank_Digital_Currency_ Motivations_and_Implications
  73. EY. (2015). THE FIVE KEY ADVANTAGES OF PUBLIC –PRIVATE PARTNERSHIPS. http://strategic-partnering.net/the-five-key-advantages-of-public-private-partnerships/
  74. Feyen, E., Frost, J., Natarajan, H., & Rice, T. (2021). What does digital money mean for emerging market and developing economies? (No. 972; BIS Working Papers). https://www.bis.org/publ/work973.pdf
  75. Forner, G. (2020). Network Effects on Central Bank Digital Currencies and Blockchain protocol-based ledgers [Università Ca’ Foscari Venezia]. In Università Ca’ Foscari Venezia. http://dspace.unive.it/handle/10579/17133
  76. Gasbeke, F. Van. (2021). Why Central Bank Digital Currencies (CBDC) Now and What They Could Mean for Climate Change? (1/2). https://www.forbes.com/sites/frankvangansbeke/2021/06/27/why-central-bank-digitalcurrencies-cbdc-now-and-what-could-they-mean-for-climate-change12/?sh=1e7cbcc924a8
  77. George, A. (2018). How Satellite Internet Could Provide Disaster-Proof Coverage. Popular Mechanics. https://www.popularmechanics.com/technology/infrastructure/a15895600/disasterproof-internet/
  78. Gilis, A. (2021). What is internet of things (IoT)? https://internetofthingsagenda.techtarget.com/definition/Internet-of-Things-IoT
  79. Gnan, E., & Masciandaro, D. (2018). Do We Need Central Bank Digital Currencies? Economics, Technology, and Institutions. SUERF Conference Proceedings 2018/2.
  80. Goldman Sachs Global Investment Research. (2020). What’s In Store for The Dollar. https://www.goldmansachs.com/insights/pages/gs-research/whats-in-store-for-thedollar/report.pdf
  81. Goodell, G., & Aste, T. (2019). Can Cryptocurrencies Preserve Privacy and Comply with Regulations? Frontiers in Blockchain, 2(4). https://doi.org/https://doi.org/10.3389/fbloc.2019.00004
  82. Gross, J., & Schiller, J. (2020). A Model for Central Bank Digital Currencies: Do CBDCs Disrupt the Financial Sector? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3721965
  83. Gurel, E., & Tat, M. (2017). SWOT ANALYSIS: A THEORETICAL REVIEW. Journal of International Social Research, 10(51), 994–1006. https://doi.org/10.17719/jisr.2017.1832
  84. He, D., Leckow, R., Haksar, V., Griffoli, T., Jenkinson, N., Kashima, M., Khiaonarong, T., Rochon, C., & Tourpe, H. (2014). Fintech and Financial Services: Initial Considerations (Staff Discussion Notes No. 17/05).
  85. Houben, R., & Snyers, A. (2018). Cryptocurrencies and blockchain: Legal context and implications for financial crime, money laundering and tax evasion (Study). https://www.europarl.europa.eu/cmsdata/150761/TAX3 Study on cryptocurrencies and blockchain.pdf
  86. Huillet, M. (2021). Nigeria to pilot central bank digital currency in October. https://cointelegraph.com/news/nigeria-to-pilot-central-bank-digital-currency-in-october
  87. IMF. (2021). Sweden: Selected Issues (Volume 2021: Issue 062)
  88. ING Group. (2020). Central bank digital currency in a European context.
  89. International Monetary Fund. Western Hemisphere Dept. (2020). Eastern Caribbean Currency Union: Selected Issues. IMF Staff Country Reports, 2020(071), 1. https://doi.org/10.5089/9781513536262.002
  90. Jiang, Janet, & Zhu, Y. (2021). Monetary Policy Pass-Through with Central Bank Digital Currency.
  91. Jiang, Jiaying, & Lucero, K. (2021). Background and Implications of China’s E-CNY. SSRN Electronic Journal, 1–26.
  92. Kahn, C., Rivadeneyra, F., & Wong, T.-N. (2018). Should the Central Bank Issue E-money? (No. 58). https://www.bankofcanada.ca/wp-content/uploads/2018/12/swp2018-58.pdf
  93. Kalfon, P. A., Arslanian, H., Sok, K., Sureau, B., Jones, H., & Dou, Y. (2021). PwC CBDC global index 1st Edition (1st Edition). https://www.pwc.com/gx/en/industries/financialservices/assets/pwc-cbdc-global-index-1st-edition-april-2021.pdf
  94. Kaminska, I. (2021). Why CBDCs will likely be ID-based. Financial Times. https://www.ft.com/content/88f47c48-97fe-4df3-854e-0d404a3a5f9a
  95. Kazan, E., Tan, C.-W., Lim, E. T. K., Sørensen, C., & Damsgaard, J. (2018). Disentangling Digital Platform Competition: The Case of UK Mobile Payment Platforms. Journal of Management Information Systems, 35(1), 180–219. https://doi.org/10.1080/07421222.2018.1440772
  96. Kiff, J., Alwazir, J., Davidovic, S., Farias, A., Khan, A., Khiaonarong, T., Malaika, M., Monroe, H., Sugimoto, N., Tourpe, H., & Zhou, P. (2020a). A Survey of Research on Retail Central Bank Digital Currency. In IMF Working Papers (Vol. 20, Issue 104). https://doi.org/10.5089/9781513547787.001
  97. Kiff, J., Alwazir, J., Davidovic, S., Farias, A., Khan, A., Khiaonarong, T., Malaika, M., Monroe, H., Sugimoto, N., Tourpe, H., & Zhou, Z. (2020b). A Survey of Research on Retail Central Bank Digital Currency. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3639760
  98. King, R. (2021). CBDC issuance should not be rushed, say central bank experts. Central Banking. https://www.centralbanking.com/fintech/cbdc/7897181/cbdcs-issuance-shouldnot-be-rushed-say-central-bank-experts
  99. Kowalska-Pyzalska, A., Kott, J., & Kott, M. (2020). Why Polish market of alternative fuel vehicles (AFVs) is the smallest in Europe? SWOT analysis of opportunities and threats. Renewable and Sustainable Energy Reviews, 133(June), 110076. https://doi.org/10.1016/j.rser.2020.110076
  100. Kudrycki, T. (2021). Central Bank Digital Currency as a Tool for e-Money Interoperability. Global Digital Currency Forum 2021.
  101. Küfeoğlu, S. (2015). Economic Impacts of Electric Power Outages and Evaluation of Customer Interruption Costs. Aalto University.
  102. Lawrence, A. (2021). Annual outage analysis 2021: The causes and impacts of data center outages. https://www.velir.com/-/media/files/pdfs/uptime-annualoutageanalysis2021.pdf
  103. Lerner, A. (2014). The Cost of Downtime. https://blogs.gartner.com/andrewlerner/2014/07/16/the-cost-of-downtime/
  104. Lu, W. (2010). An improved SWOT approach for conducting strategic planning in the construction industry. Journal Of Construction Engineering and Management, 136(12), 1317–1328. http://hdl.handle.net/10722/125357
  105. Luo, S., Zhou, G., & Zhou, J. (2021). The Impact of Electronic Money on Monetary Policy: Based on DSGE Model Simulations. Mathematics. https://www.mdpi.com/2227- 7390/9/20/2614
  106. Mancini-Griffoli, T., Soledad Martinez Peria, M., Agur, I., Ari, A., Kiff, J., Popescu, A., Rochon, C., Grinberg, F., Khan, A., Poh, K., Tobias Adrian, B., Muhleisen, M., Obstfeld, M., Adrian, T., Alwazir, J., Bayoumi, T., Berkmen, P., Brandao Marques, L., Cheng, J., … International Monetary Fund. (2018). Casting Light on Central Bank Digital Currency With contributions from Fabio Comelli Authorized for distribution. IMF Staff Discussion Note, 08. https://www.imf.org/en/Publications/Staff-DiscussionNotes/Issues/2018/11/13/Casting-Light-on-Central-Bank-Digital-Currencies-46233
  107. Margulies, B. (2021). CBDC: the case for ‘wait and see.’ Central Banking. https://www.centralbanking.com/fintech/cbdc/7844751/cbdc-the-case-for-wait-andsee?utm_campaign=Top 10 Central Banking articles 2021&utm_medium=email&_hsmi=139640777&_hsenc=p2ANqtz-- gaFLB35R5BLIdszSjl2PyQMO0tOu2qxjG1F3JkAvoQFczh4ww67qX-pp_T9zrMvrJIrYgu5O
  108. McIntyre, D. P., Srinivasan, A., & Chintakananda, A. (2021). The persistence of platforms: The role of network, platform, and complementor attributes. Long Range Planning, 54(5), 101987. https://doi.org/10.1016/j.lrp.2020.101987
  109. Mersch, Y. (2020). An ECB digital currency – a flight of fancy? https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200511~01209cb324.en.htm l
  110. Minwalla, C. (2020). Security of a CBDC (Staff Analytical Note 2020-11 (English)).
  111. Mookerjee, A. (2021). What If Central Banks Issued Digital Currency? Harvard Business Review. https://hbr.org/2021/10/what-if-central-banks-issued-digital-currency
  112. Morales-Resendiz, R., Ponce, J., Picardo, P., Velasco, A., Chen, B., Sanz, L., Guiborg, G., Segendorff, B., Vasquez, J. L., Arroyo, J., Aguirre, I., Haynes, N., Panton, N., Griffiths, M., Pieterz, C., & Hodge, A. (2021). Implementing a retail CBDC: Lessons learned and key insights. Latin American Journal of Central Banking, 2(1), 100022. https://doi.org/10.1016/j.latcb.2021.100022
  113. Nelson, B. (2021). The Benefits and Costs of a Central Bank Digital Currency for Monetary Policy. BPI. https://bpi.com/the-benefits-and-costs-of-a-central-bank-digital-currencyfor-monetary-policy/
  114. OECD. (2019). Data in the Digital Age. March.
  115. Ozdayi, M. S., Kantarcioglu, M., & Malin, B. (2020). Leveraging blockchain for immutable logging and querying across multiple sites. BMC Medical Genomics, 13(S7), 82. https://doi.org/10.1186/s12920-020-0721-2
  116. Paes, L. A. B., Bezerra, B. S., Deus, R. M., Jugend, D., & Battistelle, R. A. G. (2019). Organic solid waste management in a circular economy perspective – A systematic review and SWOT analysis. Journal of Cleaner Production, 239, 118086. https://doi.org/10.1016/j.jclepro.2019.118086
  117. People’s Bank of China. (2021). Progress of Research & Development of E-CNY in China. http://www.pbc.gov.cn/en/3688110/3688172/4157443/4293696/2021071614584691871. pdf
  118. Poushter, J. (2016). Internet access growing worldwide but remains higher in advanced economies. https://www.pewresearch.org/global/2016/02/22/internet-access-growingworldwide-but-remains-higher-in-advanced-economies/
  119. PwC. (2019). The Rise of Central Bank Digital Currencies (CBDCs). November. https://www.pwc.com/gx/en/financial-services/pdf/the-rise-of-central-bank-digitalcurrencies.pdf
  120. PwC. (2020). Central Bank Digital Currency: PwC Overview (PwC Overview). https://www.pwc.com/it/it/publications/assets/docs/central-bank-digital-currency.pdf
  121. Raghuveera, N., & Bray, D. (2020). Central bank digital currency can contribute to financial inclusion but cannot solve its root causes. Geotech. https://www.atlanticcouncil.org/blogs/geotech-cues/central-bank-digital-currency-cancontribute-to-financial-inclusion-but-cannot-solve-its-root-causes/
  122. Riksbank. (2020). Cash is losing ground. https://www.riksbank.se/en-gb/payments-- cash/payments-in-sweden/payments-in-sweden-2020/1.-the-payment-market-is-beingdigitalised/cash-is-losing-ground/credit-cards-are-now-also-more-common-than-cash/
  123. Riksbank. (2021). E-krona pilot Phase 1. 1–21. https://www.riksbank.se/globalassets/media/rapporter/e-krona/2021/e-krona-pilot-phase1.pdf
  124. Roller, L.-H., & Waverman, L. (1996). Telecommunications infrastructure and economic development: a simultaneous approach. WZB Discussion Paper, No. FS IV 96-16, Wissenschaftszentrum Berlin Für Sozialforschung (WZB).
  125. Shah, D., Arora, R., Du, H., Darbha, S., Miedema, J., & Minwalla, C. (2020). Technology Approach for a CBDC (Staff Analytical Note 2020-6 (English)). https://www.bankofcanada.ca/2020/02/staff-analytical-note-2020-6/
  126. Shapoval, Y. (2020). Central bank digital currencies: experience of pilot projects and conclusions for the NBU. Economy and Forecasting, 2020(4), 97–115. https://doi.org/10.15407/econforecast2020.04.097
  127. Shekhar, S., Manoharan, B., & Rakshit, K. (2020). Going cashless: Change in institutional logic and consumption practices in the face of institutional disruption. Journal of Business Research, 114(April), 60–79. https://doi.org/10.1016/j.jbusres.2020.04.010
  128. Shirai, S. (2019). Central bank digital currency: Concepts and trends. VOXEU - The Center for Economic Policy Research. https://voxeu.org/article/central-bank-digital-currencyconcepts-and-trends
  129. Shuai, M., Chengzhi, W., Shiwen, Y., Hao, G., Jufang, Y., & Hui, H. (2018). Review on Economic Loss Assessment of Power Outages. Procedia Computer Science, 130, 1158– 1163. https://doi.org/10.1016/j.procs.2018.04.151
  130. Skingsley, C. (2016). Should the Riksbank issue e-krona? https://www.bis.org/review/r161128a.pdf
  131. Spivey, J. (2021). Technology Downtime: What’s Reasonable? (And What Isn’t?). https://www.wingswept.com/technology-downtime-whats-reasonable-and-what-isnt/
  132. Suliman, A., Husain, Z., Abououf, M., Alblooshi, M., & Salah, K. (2019). Monetization of IoT data using smart contracts. IET Network, 8(1), 32–37. https://doi.org/10.1049/ietnet.2018.5026
  133. Syarifuddin, F., & Bakhtiar, T. (2022). The Macroeconomic Effects of an Interest-Bearing CBDC: A DSGE Model. Mathematics, 10(10), 1671. https://doi.org/10.3390/math10101671
  134. Syarifuddin, F., & Setiawan, M. (2022). The Relationship between COVID-19 Pandemic, Foreign Direct Investment, and Gross Domestic Product in Indonesia. Sustainability, 14(5), 2786. https://doi.org/10.3390/su14052786
  135. Torry, H. (2021). Don’t Bank on Covid-19 Killing Off Cash Just Yet. The Wall Street Journal. https://www.wsj.com/articles/dont-bank-on-covid-19-killing-off-cash-just-yet11612105200
  136. Tripathi, N., & Mehtre, B. (2013). DoS and DDoS Attacks: Impact, Analysis and Countermeasures. Advances in Computing, Networking and Security, 2013 TEQIP II National Conference. https://www.researchgate.net/publication/259941506_DoS_and_DDoS_Attacks_Impact _Analysis_and_Countermeasures/citation/download
  137. Turner, W. (2020). The Bahamas launches world’s first CBDC, the ‘Sand Dollar’’.’ https://cointelegraph.com/news/the-bahamas-launches-world-s-first-cbdc-the-sanddollar
  138. Wadsworth, A. (2018). The pros and cons of issuing a central bank digital currency. In Reserve Bank of New Zealand Bulletin (Vol. 8, Issue 7).
  139. Wallis, J. (2021). Unlocking Financial Inclusion with CBDCs. https://ripple.com/insights/unlocking-financial-inclusion-with-cbdcs/
  140. Wan-rong, G., Yi, J., Yao, M., Jian-guo, W., Xian-long, Z., Jing, L., & Shi, W. (2013). SWOT Analysis and Development Strategies of Maize Industry in Heilongjiang Province. Journal of Northeast Agricultural University (English Edition), 20(1), 76–84. https://doi.org/10.1016/s1006-8104(13)60013-6
  141. Wang, Q., & Li, R. (2016). Impact of cheaper oil on economic system and climate change: A SWOT analysis. Renewable and Sustainable Energy Reviews, 54, 925–931. https://doi.org/10.1016/j.rser.2015.10.087
  142. Wang, Z. (2021). Tax Compliance, Payment Choice, and Central Bank Digital Currency. SSRN Electronic Journal, 1–60. https://doi.org/10.2139/ssrn.3755573
  143. Wenker, K. (2022). Retail Central Bank Digital Currencies (CBDC), Disintermediation and Financial Privacy: The Case of the Bahamian Sand Dollar. FinTech, 1(4), 345–361. https://doi.org/10.3390/fintech1040026
  144. Wolf, M. (2021). The time to embrace central bank digital currencies is now. https://www.ft.com/content/7a93fb0a-ae95-44fc-a3d2-1398ef0ce1af
  145. Woodford, M. (2000). Monetary Policy in a World Without Money. https://doi.org/10.3386/w7853
  146. World Bank. (2017). Distributed Ledger Technology (DLT) and Blockchain (No. 1; FinTech Note). https://openknowledge.worldbank.org/bitstream/handle/10986/29053/WPPUBLIC-Distributed-Ledger-Technology-and-Blockchain-FintechNotes.pdf?sequence=5
  147. Zams, B. M., Indrastuti, R., Pangersa, A. G., Hasniawati, N. A., Zahra, F. A., & Fauziah, I. A. (2020). Designing central bank digital currency for Indonesia: The delphi-analytic network process. Buletin Ekonomi Moneter Dan Perbankan, 23(3), 411–438. https://doi.org/10.21098/BEMP.V23I3.1351
Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.