Global CBDC Challenge 2021 Report
"The Global CBDC Challenge organised by MAS, in partnership with IMF, World Bank, ADB, UNCDF, UNHCR, UNDP and OECD, seeks innovative retail CBDC solutions to enhance payment efficiencies and promote financial inclusion. This report provides a summary of the challenge through its various phases and includes highlights of the solutions presented by the 15 finalists during the Singapore Fintech Festival 2021."
A unified framework for CBDC design:
remuneration, collateral haircuts and quantity constraints
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2578~bd5e2c4fdf.en.pdf
"We study the macroeconomic effects of central bank digital currency (CBDC)
in a dynamic general equilibrium model. Timing and information frictions
create a need for inside (bank deposits) and outside money (CBDC) to finance
production. To steer the quantity of CBDC, the central bank can set the lending
and deposit rates for CBDC as well as collateral and quantity requirements.
Less restrictive provision of CBDC reduces bank deposits. A positive interest
spread on CBDC or stricter collateral or quantity constraints reduce welfare but
can contain bank disintermediation, especially if the elasticity of substitution
between bank deposits and CBDC is small"
World Economic Forum Central Bank Digital Currency
Policy‑Maker Toolkit https://www3.weforum.org/docs/WEF_CBDC_Policymaker_Toolkit.pdf
"CBDC is a new form of digitized sovereign currency, generally
conceived to be equal to physical cash or reserves held at the
central bank. It is central bank money, or a component of the
monetary base and a direct liability of the central bank.
Currently, central bank money is composed of physical
cash (coins and bills) and reserves held at the central bank
by financial institutions with access to the central bank’s
deposit facility. CBDC would constitute a third form of
central bank money."
Committee on Payments and Market Infrastructures Markets Committee
Central bank digital currencies March 2018 https://www.bis.org/cpmi/publ/d174.pdf
"In addition to the four core properties highlighted above, there are other design features that will
determine how a CBDC may serve as a means of payment and a store of value. These choices will have
implications for payments, monetary policy and financial stability. The most important CBDC design
options identified to date are listed below."
1 Availability.
2 Anonymity
3 Transfer mechanism
4 Interest-bearing.
5 Limits or caps.
"One rationale for introducing CBDC in a jurisdiction could be to provide a safe, central bank instrument,
especially should the use of cash decline significantly."
BIS - Central bank digital currencies:
foundational principles and core features
https://www.bis.org/publ/othp33.pdf
"1.2
CBDC is “a digital form of central bank money that is different from balances in traditional reserve or settlement accounts” (CPMI-MC (2018)). Interest in this new form of money is increasing and central banks are researching and experimenting with underlying technology. At the same time, private experiments with new forms of digital money continue and the conceptual variety afforded by new technologies has meant that, although CBDC is well defined, this definition is not always well understood. A CBDC is a digital payment instrument, denominated in the national unit of account, that is a direct liability of the central bank.1 This report focuses on broadly available general purpose CBDCs (ie that can be used by the public, for day-to-day payments rather than CBDCs restricted to wholesale, financial market payments).
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