From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10316/95442 https://doi.org/10.3390/fi13070165 |
Resumo: | We analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), to shed some light on the ultimate dematerialization of money. To that end, we made an extensive search that resulted in a review of more than 100 academic and grey literature references, including official positions from central banks. We present and discuss the characteristics of the different CBDC variants being considered—namely, wholesale, retail, and, for the latter, the account-based, and token-based—as well as ongoing pilots, scenarios of interoperability, and open issues. Our contribution enables decision-makers and society at large to understand the potential advantages and risks of introducing CBDCs, and how these vary according to many technical and economic design choices. The practical implication is that a debate becomes possible about the trade-offs that the stakeholders are willing to accept. |
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From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money RevolutionCentral bank digital currency (CBDC)BitcoinCryptocurrenciesDigital moneyWe analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), to shed some light on the ultimate dematerialization of money. To that end, we made an extensive search that resulted in a review of more than 100 academic and grey literature references, including official positions from central banks. We present and discuss the characteristics of the different CBDC variants being considered—namely, wholesale, retail, and, for the latter, the account-based, and token-based—as well as ongoing pilots, scenarios of interoperability, and open issues. Our contribution enables decision-makers and society at large to understand the potential advantages and risks of introducing CBDCs, and how these vary according to many technical and economic design choices. The practical implication is that a debate becomes possible about the trade-offs that the stakeholders are willing to accept.This research was partially funded by (a) national funds through the FCT—Foundation for Science and Technology, I.P., within the scope of the project CISUC—UID/CEC/00326/2020 and by European Social Fund, through the Regional Operational Program Centro 2020, Portugal; and (b) ERDF Funds through the Centre’s Regional Operational Program and by National Funds through the FCT—Fundação para a Ciência e a Tecnologia, I.P. under the project CENTRO-01-0145-FEDER-029312, and also by FCT Grants UIDB/00308/2020 (INESC Coimbra), and UIDB/05037/2020 (CeBER).MDPI2021-06info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://hdl.handle.net/10316/95442http://hdl.handle.net/10316/95442https://doi.org/10.3390/fi13070165eng1999-5903https://www.mdpi.com/1999-5903/13/7/165#Cunha, Paulo RupinoMelo, PauloSebastião, Helderinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2022-05-25T04:18:03Zoai:estudogeral.uc.pt:10316/95442Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T21:13:56.384600Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution |
title |
From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution |
spellingShingle |
From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution Cunha, Paulo Rupino Central bank digital currency (CBDC) Bitcoin Cryptocurrencies Digital money |
title_short |
From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution |
title_full |
From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution |
title_fullStr |
From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution |
title_full_unstemmed |
From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution |
title_sort |
From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution |
author |
Cunha, Paulo Rupino |
author_facet |
Cunha, Paulo Rupino Melo, Paulo Sebastião, Helder |
author_role |
author |
author2 |
Melo, Paulo Sebastião, Helder |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Cunha, Paulo Rupino Melo, Paulo Sebastião, Helder |
dc.subject.por.fl_str_mv |
Central bank digital currency (CBDC) Bitcoin Cryptocurrencies Digital money |
topic |
Central bank digital currency (CBDC) Bitcoin Cryptocurrencies Digital money |
description |
We analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), to shed some light on the ultimate dematerialization of money. To that end, we made an extensive search that resulted in a review of more than 100 academic and grey literature references, including official positions from central banks. We present and discuss the characteristics of the different CBDC variants being considered—namely, wholesale, retail, and, for the latter, the account-based, and token-based—as well as ongoing pilots, scenarios of interoperability, and open issues. Our contribution enables decision-makers and society at large to understand the potential advantages and risks of introducing CBDCs, and how these vary according to many technical and economic design choices. The practical implication is that a debate becomes possible about the trade-offs that the stakeholders are willing to accept. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-06 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10316/95442 http://hdl.handle.net/10316/95442 https://doi.org/10.3390/fi13070165 |
url |
http://hdl.handle.net/10316/95442 https://doi.org/10.3390/fi13070165 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
1999-5903 https://www.mdpi.com/1999-5903/13/7/165# |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
MDPI |
publisher.none.fl_str_mv |
MDPI |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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