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BIS Working Papers
No 880
Rise of the central bank digital
currencies: drivers, approaches
and technologies
by Raphael Auer, Giulio Cornelli and Jon Frost
Monetary and Economic Department
August 2020
JEL classification: E58, G21.
Keywords: central bank digital currency, CBDC, central
banking, digital currency, digital money, distributed
ledger technology, blockchain.
BIS Working Papers are written by members of the Monetary and Economic
Department of the Bank for International Settlements, and from time to time by other
economists, and are published by the Bank. The papers are on subjects of topical
interest and are technical in character. The views expressed in them are those of their
authors and not necessarily the views of the BIS.
This publication is available on the BIS website ().
© Bank for International Settlements 2020. All rights reserved. Brief excerpts may be
reproduced or translated provided the source is stated.
ISSN 1020-0959 (print)
ISSN 1682-7678 (online)
Rise of the central bank digital currencies:
drivers, approaches and technologies∗
Raphael Auer, ♦Giulio Cornelli♦and Jon Frost ♦†
Abstract
Central bank digital currencies (CBDCs) are receiving more attention than ever before.
Yet the motivations for issuance vary across countries, as do the policy approaches
and technical designs. We investigate the economic and institutional drivers of CBDC
development and take stock of design efforts. We set out a comprehensive database
of technical approaches and policy stances on issuance, relying on central bank
speeches and technical reports. Most projects are found in digitised economies with
a high capacity for innovation. Work on retail CBDCs is more advanced where the
informal economy is larger. We next take stock of the technical design options. More
and more central banks are considering retail CBDC architectures in which the CBDC
is a direct cash-like claim on the cent
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