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Keskeny Dávid: Some Thoughts on Digital Central Bank Money

1. Introduction: the concept and significance of digital banknotes

1.1. The concept of digital banknotes

Central Bank Digital Currency (CBDC) is a digital currency issued by central banks, representing the transition between cash and traditional electronic money.[1] The concept of CBDC not only represents a modernisation of the form of money, but also offers a new tool for implementing monetary policy and ensuring financial stability and economic growth.[2] CBDC is essentially a digital instrument issued and backed by a central bank, which performs the same functions as traditional money but in digital form.

1.2. Aim and structure of the study

The aim of this paper is to provide a comprehensive overview of the need, benefits and risks of introducing CBDCs to the global financial system. The paper first discusses the technical and economic foundations of digital central bank money and then analyses in detail the experiences of different countries and the challenges associated with the introduction of CBDCs. The paper concludes with an analysis of the future prospects and the long-term implications of CBDCs.

2. Historical background and antecedents

2.1 The evolution of money from ancient times to the present day

When analysing the history of money, it is important to understand how the concept of money evolved and how it has become an essential part of modern economies.[3] From antiquity onwards, when barter dominated, money gradually emerged as the generally accepted means of payment. The use of gold and silver coins in early civilisations marked the first step towards the standardisation of money,[4] which later led to the emergence of paper money and eventually digital money.

2.2. The emergence of digital payment systems and cryptocurrencies

In the late 20th and early 21st century, the development of digital technologies enabled the emergence of digital payment systems that revolutionised the way financial transactions are carried out. The spread of credit cards, bank transfers and electronic purses has had a significant impact on the global financial system. The emergence of cryptocurrencies, in particular Bitcoin, has brought new opportunities and challenges to the financial system, which central banks have been monitoring.

2.3. The response of central banks: the emergence of the CBDC concept

Faced with the rise of cryptocurrencies and digital payment systems, central banks have started to explore the possibility of creating their own digital currencies.[5] The CBDC concept was born in response to the need for central banks to maintain their role in the monetary system while adapting to the challenges of the digital economy. The introduction of CBDCs aims to provide a safe and sound alternative to cryptocurrencies issued by the private sector, while maintaining financial stability.[6]

3. Technological bases

3.1 Overview of Blockchain and Distributed Ledger Technology (DLT)

Blockchain and Distributed Ledger Technology (DLT) are the technological foundation of CBDCs.[7] A blockchain is a distributed database that allows for the secure, transparent and decentralised recording of transactions. Enhancements to DLT enable central banks to efficiently manage digital financial systems and ensure the integrity and security of transactions.[8]

3.2 The role of different technologies (e.g. Ripple, Ethereum) in CBDCs

Ripple,[9] Ethereum and other blockchain-based solutions play a significant role in shaping the technological background of CBDCs. These platforms enable fast and efficient financial transactions and management of digital assets.[10] In developing CBDCs, central banks often rely on these technologies to ensure the efficiency and security of the system.

3.3 Technological challenges and innovations in the development of CBDCs

The development of CBDCs presents a number of technological challenges, including scalability, security and system integration.[11] These challenges require continuous innovation and development in blockchain and DLT technologies. When implementing CBDCs, central banks need to find solutions that can handle the high volume of transactions while ensuring system security and reliability.[12]

4. Economic and financial foundations

4.1. The relationship between monetary policy and the CBDC

The introduction of CBDCs could fundamentally change the toolbox of monetary policy.[13] Digital currencies allow central banks to intervene directly in the financial system, for example by applying negative interest rates or providing direct financial support to the public. The introduction of CBDCs provides an opportunity to make monetary policy more efficient and responsive to economic challenges.[14]

4.2. Impact of the CBDC on financial stability

The introduction of CBDCs could have a significant impact on financial stability, in particular on the functioning of the banking system. If households and businesses switch to CBDCs en masse, this could reduce the deposit base of commercial banks, which could limit lending.[15] In the long run, this could have negative effects on economic growth and financial stability. The success of the introduction of CBDCs will largely depend on how central banks address these challenges.[16]

4.3 The role and challenges of commercial banks in the implementation of CBDCs

The introduction of CBDCs could fundamentally transform the role of commercial banks in the financial system.[17] Digital currencies issued by central banks could provide direct access to central bank services, reducing the role of commercial banks as intermediaries. This could pose new challenges for commercial banks as the demand for traditional banking services may decrease, which could affect banking business models in the long run.[18]

5. Potential benefits of digital banknotes

5.1 Improving financial inclusion and accessibility

One of the key benefits of digital central bank cash (CBDC) is to increase financial inclusion. Financial inclusion is an economic and social process that aims to make access to financial services available to the widest possible range of the population. Currently, billions of people around the world live in areas where traditional banking infrastructure is not available or is limited. In these regions, a significant proportion of the population does not have a bank account, limiting economic development and personal financial stability.

The introduction of CBDC will give these people the opportunity to access central banking services directly through digital devices such as mobile phones. This is particularly important in developing countries where digital infrastructure is developing faster than traditional branch networks. The Reserve Bank of India, for example, has already begun testing a digital rupee that could potentially bring financial services to millions of people in even the most remote rural areas.[19]

The example of The Bahamas illustrates how CBDC can be used to increase financial inclusion. The Sand Dollar, introduced in The Bahamas, is one of the world’s first official CBDCs specifically designed to improve financial access for people living in remote areas of the island nation. The Sand Dollar is available through digital wallets that are simple and inexpensive to use, giving residents easy access to financial services.[20]

The benefits of financial inclusion are not only economic but also social. Improving access to financial services can contribute to reducing poverty, reducing economic inequalities and strengthening social cohesion. CBDC is therefore not only a technological innovation, but also a tool to promote social justice.[21]

5.2. Increasing the speed and efficiency of transactions

The introduction of the CBDC could significantly increase the speed and efficiency of financial transactions, especially for international transactions. In traditional banking systems, transactions can often take several days to process, as financial transactions are conducted through multiple intermediaries and often require the integration of different financial systems. This process is not only time-consuming but also costly, hampering global trade and the efficiency of international financial relations.

The introduction of CBDCs allows real-time settlement, which not only increases the speed of transactions, but also significantly reduces transaction costs. With digital central bank money, transactions are processed directly through the central banks’ systems, allowing fast and secure payments without the need for intermediaries.

These types of digital settlement systems are already present in blockchain-based solutions such as Ripple and Ethereum. Ripple, for example, has developed a blockchain-based system specifically designed to speed up and reduce the cost of international financial transactions, allowing financial institutions to make cross-border payments in real time. Ethereum uses similar technology to automate and speed up transactions through smart contracts.[22]

The introduction of CBDC can bring benefits not only to financial institutions, but also to consumers. Faster and cheaper transactions will allow businesses to operate more efficiently and gain a competitive advantage in the global market. It will also make financial transactions easier and cheaper for consumers, which can contribute to economic growth and consumer welfare.

5.3. Combating illegal activities

One of the biggest potential benefits of CBDCs is that they can be an effective tool in the fight against illegal financial activities such as money laundering and tax evasion. As transactions can be tracked and verified using digital CBDCs, central banks and financial authorities can gain direct visibility of financial flows, making it much more difficult to hide illegal activities.

The People’s Bank of China’s digital yuan project is a good example of how CBDC can be used to combat illegal activities. In implementing the digital yuan, the People’s Bank of China has put in place systems and procedures that enable transparency and traceability of transactions, which helps to reduce corruption and the size of the shadow economy. In addition, the digital yuan will enable the Chinese government to monitor financial flows more closely and to take more effective action against illegal activities.[23]

Another advantage of CBDCs in the fight against illegal activities is that they allow to increase the transparency of the financial system, which can strengthen the integrity of the financial system and reduce the risk of financial crime. The use of CBDCs allows central banks to exercise direct control over digital financial transactions, which enables faster detection and prevention of financial crime. In addition, by using CBDCs, governments can more effectively monitor tax evasion and financial fraud, which can help increase public revenues and maintain economic stability.[24]

6. Risks and challenges of digital money

6.1 Cyber security threats and technological challenges

The introduction of digital banknotes poses significant cybersecurity challenges, as CBDCs are digitally based and vulnerable to different types of cyber threats, such as hacker attacks, data leaks and DDoS (Distributed Denial of Service) attacks. Cybersecurity threats can be particularly dangerous given that, if CBDCs become widespread and widely used, these systems will become key to global financial stability.

In the US, for example, the Federal Reserve and the National Security Agency (NSA) are already working together to address the cybersecurity challenges of CBDCs, particularly with regard to potential state-level attacks. According to the Federal Reserve’s report, building a strong cybersecurity infrastructure that can withstand various types of cyber threats while ensuring system reliability and continuity is essential for the successful deployment of CBDCs.[25]

One of the biggest challenges in addressing cybersecurity threats when implementing CBDCs is that digital systems are often built on complex technologies that can be vulnerable to different types of attacks. For example, blockchain and DLT technologies, while highly secure, are points at which the system could be vulnerable, especially given the potential threats posed by quantum computing in the future.[26]

In addition to cybersecurity challenges, the development of CBDCs also faces technological challenges such as scalability, speed of transactions and system integration. When implementing CBDCs, central banks need to find solutions that can handle the high volume of transactions without compromising security or system efficiency. This is particularly important to maintain the stability of the global financial system.[27]

6.2. Negative effects on financial stability

The introduction of CBDCs could have a potentially negative impact on financial stability, in particular on the functioning of the banking system. If a large proportion of the population switches to CBDCs, this could significantly reduce the deposit base of commercial banks, which could limit credit creation and economic growth. This can be particularly problematic in a time of economic crisis, when banks’ lending capacity is badly needed to support economic recovery.

The Bank of England and the European Central Bank (ECB) are already examining these potential impacts and are looking for solutions to ensure the stability of the financial system while allowing for the widespread use of CBDCs. The ECB, for example, is paying particular attention to ensuring that the introduction of the digital euro does not destabilise the existing banking system and to developing a regulatory framework that minimises risks.[28]

One of the biggest risks in introducing CBDCs is that if central banks provide financial services directly to the public, this could reduce the role of commercial banks in financial intermediation. This could pose significant challenges for commercial banks, as their traditional business model is based on intermediation of deposits and loans. As CBDCs proliferate, banks will need to develop new business models that can compete with the digital financial services provided by central banks.[29]

6.3. The changing role of central banks and commercial banks

The introduction of CBDC could fundamentally change the balance of power between central banks and commercial banks. Central banks may gain more direct influence over the financial system, which could lead to a reduction in the role of commercial banks. This could pose new challenges for monetary policy and financial regulation.

The People’s Bank of China and the European Central Bank are already analysing how the balance of power between central banks and commercial banks could change with the introduction of the CBDC. The People’s Bank of China, for example, is seeking to preserve the role of commercial banks in the introduction of the digital yuan, while allowing the central bank to directly control the financial system. This approach seeks to balance the central and commercial banking functions while ensuring financial stability.[30]

The changing role of central banks and commercial banks could also lead to a broadening of the range of monetary policy instruments. The introduction of CBDCs will allow central banks to directly manage the money supply and use new instruments to influence economic developments. However, this may also pose new challenges, as direct intervention may increase the responsibility of central banks in maintaining economic stability and may create new types of financial risks.[31]

7. International experience

7.1 The European Central Bank (ECB) digital euro project

The European Central Bank’s (ECB) digital euro project is one of the most important initiatives for the introduction of CBDC in Europe. The ECB aims to create a digital currency that is secure, reliable and can contribute to the stability of the European financial system. In the current phase of the digital euro project, the ECB is exploring several possible solutions, including decentralised and centralised digital systems.[32] According to studies carried out by the ECB, the introduction of the digital euro could have a significant impact on the functioning of the European financial system, in particular in the area of cross-border transactions. The digital euro would provide an opportunity for the euro area to strengthen its financial independence and reduce its dependence on foreign financial systems. In addition, the introduction of the digital euro could also facilitate the integration of European financial markets, which in the long term could increase the competitiveness of the European Union in the global economy.[33] The main challenges for the introduction of the digital euro include ensuring financial stability, developing the technological infrastructure and establishing the regulatory framework. The ECB will pay particular attention to minimising the negative impact on the functioning of commercial banks during the introduction of the digital euro, while ensuring the stability of the financial system and maintaining consumer confidence.

7.2. The People’s Bank of China’s digital yuan project

The People’s Bank of China (PBoC) is already at an advanced stage of introducing the digital yuan, which could become one of the world’s first official digital currencies. Already operating in pilot programmes in several major cities, the digital yuan aims to accelerate the digitisation of China’s financial system and increase the role of the yuan globally. The People’s Bank of China aims to make China a leader in the global digital financial system through the digital yuan and to promote the yuan’s international acceptance.[34] The People’s Bank of China’s digital yuan project is undergoing extensive testing, with a number of technical and regulatory issues being examined. The project aims to make China a leader in the global digital financial system through the digital yuan and to promote the yuan’s international acceptance. The introduction of the digital yuan will also provide an opportunity for China to reduce its dependence on international financial systems such as SWIFT.[35]

The digital yuan project is particularly important for China, as it provides an opportunity to increase its economic influence and strengthen its position in the global financial system. In the long term, the introduction of the digital yuan could have a significant impact on the international financial system and contribute to increasing the acceptance of the yuan as a global reserve currency.

8. Legal and regulatory issues

8.1. The international regulatory framework and CBDCs

The introduction of digital central bank money poses significant legal and regulatory challenges, as the existing financial regulatory framework will need to be adapted to the specific characteristics of digital currencies. The introduction of CBDCs creates a new situation for which traditional regulatory regimes are not prepared. This is particularly true for international regulatory frameworks designed to ensure cooperation between financial systems and to maintain global financial stability.

Reports from the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) highlight that the introduction of CBDCs requires global cooperation in the development of regulatory frameworks. Different countries need to harmonise their regulations on digital currencies to avoid legal conflicts and destabilisation of the financial system. This is particularly important for cross-border transactions, where cooperation between jurisdictions is essential.[36]

The international regulatory framework should take into account the specific characteristics of digital money, such as transparency, security and user privacy. The regulatory framework should be flexible to respond to changes brought about by technological innovation, while ensuring the stability of the financial system and the protection of users.

8.2 Data protection and cybersecurity in digital financial systems

One of the most important legal issues in the implementation of CBDCs is ensuring data protection and cybersecurity. The regulation of the handling and protection of user data in the use of digital currencies is critical, especially in the context of the widespread adoption of digital financial systems.

The issue of data protection is particularly complex, as in the case of CBDCs, central banks and governments may have direct access to users’ financial transaction data. This creates new types of data protection challenges, as users’ privacy must be protected without compromising the transparency of the financial system and the fight against financial crime.

The European Union’s General Data Protection Regulation (GDPR) contains strict data protection standards that can serve as a model for the regulation of CBDCs. The GDPR ensures the protection of users’ personal data, but also allows for the processing of necessary data in the public interest, for example to maintain the security of the financial system.[37]

Cyber security is also a key issue, as vulnerabilities in digital financial systems pose significant risks to global financial stability. Cybersecurity regulations need to ensure the protection of CBDCs’ technological infrastructure and be prepared to defend against different types of cyber threats. Cybersecurity regulation should be particularly strong in light of the development of quantum computing, which could bring new types of threats to digital financial systems.[38]

8.3. The legal status of CBDCs and their relationship with conventional money

The introduction of digital banknotes will fundamentally change the concept and legal status of money. Like traditional money, CBDCs are central bank issued instruments, but their digital form raises new legal issues, in particular in the area of financial system integration and international legal harmonisation.

When determining the legal status of CBDCs, central banks and legislators should take into account the specific characteristics of digital currencies, such as the use of decentralised systems and blockchain technology. When designing the legal framework for digital currencies, it is important that regulation is flexible and able to adapt to technological developments.

The relationship with traditional money is also an important legal issue, as the introduction of CBDCs could have an impact on the use of cash and the functioning of financial systems. When introducing CBDCs, central banks need to ensure that the introduction of digital currencies does not lead to the gradual disappearance of cash and that access to money remains available to all sections of the population.[39]

9. Social and geopolitical implications of digital money

9.1 The challenges of the digital divide and financial inclusion

The introduction of digital money could have significant social implications, in particular in terms of the digital divide and financial inclusion issues. The digital divide refers to the inequality of access to technology, which can be a major problem, especially in developing countries and rural areas.

When introducing digital central bank money, central banks and governments need to take into account that the technological infrastructure is not available everywhere at the same level. In order to ensure access to digital financial services, it is important that the technological tools needed to use CBDCs, such as mobile phones and internet connectivity, are widely available. This is particularly important in developing countries where the development of technological infrastructure is essential to increase financial inclusion.[40]

However, the introduction of digital central bank money raises not only the issue of technological access, but also the need to develop digital financial literacy. In order to increase financial inclusion, governments and financial institutions need to launch educational programmes aimed at increasing the public’s knowledge and understanding of digital financial services and their use. This is particularly important for vulnerable groups in society who may not have the necessary knowledge and skills to use digital financial systems.[41]

9.2. The impact of CBDCs on the global financial system

The introduction of digital central bank money could have significant geopolitical implications, particularly in terms of the impact on the balance of power in the global financial system. The introduction of CBDCs could fundamentally change the functioning of the international financial system and the global economic balance of power, especially if some countries successfully adopt their digital currencies while others lag behind.

The People’s Bank of China’s digital yuan project could have a particularly significant impact on the global financial system, as it provides an opportunity for China to increase its economic influence and strengthen its position in the global financial system. In the long term, the introduction of the digital yuan can contribute to the yuan’s dominance in the global financial system and to China’s leadership in digital financial innovation.

The United States and the European Union are also important players in the global financial system, and the introduction of CBDCs could have a significant impact on the global role of the US dollar and the euro. In the United States, the Federal Reserve has already started research and development of CBDCs, with a particular focus on preserving the role of the US dollar as a global reserve currency. The European Union has also taken important steps towards the introduction of the digital euro, which could contribute to strengthening the international role of the euro and the independence of the European financial system.[42]

9.3 Geopolitical competition and the role of digital currencies in the global balance of power

The introduction of digital central bank currencies opens up a new arena of geopolitical competition, as digital currencies can become not only economic but also political and strategic tools to influence the international balance of power. The introduction of CBDCs offers countries the opportunity to increase their influence in the global financial system and to strengthen their position in the international economic and political arena.

China, for example, is pursuing not only economic but also political goals with the introduction of the digital yuan, in particular to strengthen its role in the international financial system. The introduction of the digital yuan provides an opportunity for China to increase its economic influence in the region and globally, while reducing its dependence on international financial systems such as SWIFT.[43]

The United States and the European Union also attach strategic importance to the development of CBDCs as a means of maintaining international economic and political influence. In order to preserve the global role of the US dollar and the euro, the US and the EU are also investing significant resources in research and development of digital financial innovations to keep pace with global competitors, especially China.[44]

In the long run, the introduction of CBDCs could have a significant impact on the global balance of power, as digital currencies could serve as a new tool in international economic and political competition. The spread of digital central bank currencies offers countries the opportunity to increase their influence in the global financial system, while also creating new challenges for international cooperation and regulation.

10. Future prospects and research directions

10.1 The future of CBDCs and the impact of technological developments

The future of digital central bank money is closely linked to technological advances, especially in blockchain and quantum computing. Technological innovations offer opportunities to further develop CBDCs and bring new solutions to enhance the security and efficiency of digital financial systems.

The development of blockchain technology is particularly important for the future of CBDCs, as it allows decentralised systems to operate in a secure and transparent manner. Future research should focus in particular on improving the scalability of blockchain technology and addressing the potential threats posed by quantum computing.[45]

Advances in quantum computing could bring new types of threats to digital financial systems, as quantum computers may be able to crack current encryption algorithms. This is particularly relevant for CBDCs, as maintaining the security of digital currencies is essential for global financial stability. Future research should therefore focus on developing quantum-safe encryption technologies and strengthening the security of CBDCs.[46]

10.2. The transformation of the global financial system as a result of CBDCs

The introduction of digital central bank currencies has the potential to fundamentally transform the global financial system, in particular in the area of international transactions and monetary policy. CBDCs offer the potential to increase the efficiency and transparency of financial systems, but also create new challenges for maintaining financial stability and international cooperation.

In particular, future research should focus on the long-term effects of CBDCs on the global financial system, including reducing the costs of international transactions, increasing financial inclusion and improving the transparency of the financial system. In addition, research should examine how regulatory frameworks in different countries can be harmonised to ensure the smooth functioning of CBDCs in the global financial system.[47]

10.3 Future research areas: long-term impacts of CBDCs on the economy and society

Assessing the long-term impact of CBDCs is crucial for the successful introduction of digital banknotes. In particular, future research should focus on the economic and social impacts of CBDCs, including on financial stability, economic growth and social inequalities.

In future research, it is important to examine how CBDCs affect financial stability, especially in times of economic crisis. Research should also address the impact of the introduction of CBDCs on economic growth and employment, and how to ensure that access to digital financial services is available to all.

The issue of social inequalities is also an important area of research, as the introduction of CBDCs may offer new opportunities to increase financial inclusion, but also create new challenges in addressing the digital divide. Future research should therefore pay particular attention to how CBDCs affect social inequalities and what measures are needed to ensure equal access to digital financial systems.

11. Conclusions

The introduction of digital central bank money (CBDC) is one of the most important and significant developments in the global financial system, with the potential to fundamentally transform the functioning of financial systems, monetary policy and economic processes. The introduction of CBDCs offers an opportunity to modernise financial systems, increase financial inclusion and improve the transparency and efficiency of the global financial system. However, the introduction of CBDCs also poses significant challenges, in particular in the areas of cybersecurity, financial stability and the design of regulatory frameworks.

International experience, such as the European Central Bank’s Digital Euro project and the People’s Bank of China’s Digital Yuan project, clearly shows that the introduction of CBDCs can be successful if the risks and challenges are properly managed. Future research should focus in particular on the impact of CBDCs on monetary policy and financial stability, as well as on the long-term implications for the global financial system.

Overall, the introduction of CBDCs could fundamentally transform the future of the global financial system and create new opportunities to improve financial services and reduce social inequalities. However, successful implementation will require the right regulatory framework, addressing cybersecurity challenges and ensuring access to digital financial systems for all.

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  2. Satoshi Nakamoto: Bitcoin: A Peer-to-Peer Electronic Cash System, bitcoin.org, https://bitcoin.org/bitcoin.pdf ↑
  3. Glyn Davies: A History of Money: From Ancient Times to the Present Day, University of Wales Press, 2016, 45–60. ↑
  4. Niall Ferguson: The Ascent of Money: A Financial History of the World, Penguin Press, 2008, 120–135. ↑
  5. Bank for International Settlements (BIS). (2020) Central Bank Digital Currencies: Foundational Principles and Core Features. ↑
  6. International Monetary Fund (IMF) (2020) Digital Money Across Borders: Macro-Financial Implications. ↑
  7. See Don Tapscott – Alex Tapscott: Blockchain Revolution: How the Technology Behind Bitcoin and Other Cryptocurrencies is Changing the World, New York, Penguin, 2016. ↑
  8. William Mougayar: The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology, Wiley, 2016, 15–27. ↑
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  10. Vitalik Buterin: Ethereum: A Next-Generation Smart Contract and Decentralized Application Platform, ethereum.org, 2014, https://ethereum.org/en/whitepaper/ ↑
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  12. See Tapscott-Tapscott: Blockchain Revolution ↑
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  14. See Report on a Digital Euro, European Central Bank, October 2020, https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf ↑
  15. See Digital Money Across Borders: Macro-Financial Implications, Report, International Monetary Fund, 2020, https://www.imf.org/en/Publications/WP/Issues/2020/10/09/Digital-Money-Across-Borders-Macro-Financial-Implications-49774 ↑
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  18. See European Central Bank: Digital Euro ↑
  19. See Financial Inclusion Global Initiative. World Bank Report, World Bank Group, 2021, https://www.worldbank.org/en/topic/financialinclusion/publication/figi ↑
  20. See International Monetary Fund: Digital Money Across Borders ↑
  21. World Bank Group: Financial Inclusion Global Initiative ↑
  22. See Schwarz: The Ripple Protocol ↑
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  24. See OECD Digital Economy Outlook 2021, OECD Publishing, 2021, https://www.oecd.org/digital/digital-economy-outlook-2021.htm ↑
  25. See Jess Cheng (et al.): Preconditions for a general-purpose central bank digital currency, FEDS Notes, Ferbruary 2021, https://www.federalreserve.gov/econres/notes/feds-notes/preconditions-for-a-general-purpose-central-bank-digital-currency-20210224.html ↑
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  27. McAfee Labs Threats Report, McAfee, November 2020, https://www.mcafee.com/enterprise/en-us/assets/reports/rp-quarterly-threats-nov-2020.pdf ↑
  28. See Bank of England: Central Bank Digital Currency 2020 ↑
  29. See Casting Light on Central Bank Digital Currencies. IMF Staff Discussion Note, International Monetary Fund, 2020, https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2020/11/17/Casting-Light-on-Central-Bank-Digital-Currencies-49826 ↑
  30. See Peoples’s Bank of China: Progress of Research & Development of E-CNY in China ↑
  31. See International Monetary Fund: Casting Light on Central Bank Digital Currencies ↑
  32. See European Central Bank: Report on a Digital Euro ↑
  33. See ibid. ↑
  34. See Peoples’s Bank of China: Progress of Research & Development of E-CNY in China ↑
  35. See ibid. ↑
  36. See Bank for International Settlements: Central Bank Digital Currencies ↑
  37. See General Data Protection Regulation (GDPR), 2016/679/EU ↑
  38. See Cybersecurity Ventures: The 2021 Cybersecurity Almanac ↑
  39. See International Monetary Fund: Casting Light on Central Bank Digital Currencies ↑
  40. See Asli Demirgüç-Kunt (et al.): The Global Findex Database 2021, Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19, Washington, World Bank Group, 2022. ↑
  41. See ibid. ↑
  42. European Central Bank: Report on a Digital Euro ↑
  43. See Peoples’s Bank of China: Progress of Research & Development of E-CNY in China ↑
  44. See Cheng: Preconditions ↑
  45. See Tapscott-Tapscott: Blockchain Revolution 150–165. ↑
  46. See McAfee: McAfee Labs Threats Report ↑
  47. See International Monetary Fund: Digital Money Across Borders ↑