Central Bank Digital Currency (CBDC) Resource Center

Research the latest news and articles.

Announcement: September 3, 2020 – Oneiro, Inc. Launches First Central Bank Digital Currency Platform on Cosmos Protocol Aimed Toward Banks and Financial Institutions


CBDC News and Articles

We’ve compiled a collection of quality information and insights related to central bank digital currencies and the future of financial technology.

September 2020 

A Global Look at Central Bank Digital Currencies
The Block Research – White Paper
This white paper, which was commissioned by KPMG and Blockset, and in collaboration with HashKey Capital, examines the growing body of CBDC literature across central banks and international organizations, in conjunction with interviews The Block Research conducted with various stakeholders, to present the global view on central bank digital currencies today: exploring the history, motivations, early technical designs and implementations of the world’s most advanced CBDC proposals.

August 2020 

Central Bank Digital Currency
Bank of France  – Discussion Paper
A central bank digital currency aims to ensure universal access to central bank money, in digital form, as well as to maintain strong liquidity and a safe, secure payment instrument for all consumers. In addition, the associated costs with a retail CBDC are lower than cash for both the central and private banking sectors.

July 2020 

Central bank Digital Currency: Central Banking for All?
National Bureau of Economic Research – Working Paper
The introduction of a central bank digital currency enables central bankers to engage with large-scale intermediation in competing with private banks for depositors, while still maintaining their important relationship with the investment banking sector to engage in long-term projects.  

Project Ubin: Phase 5
Monetary Authority of Singapore – Research Paper 
Project Ubin has been a pilot program to test the efficiencies and implementation of a central bank digital currency, as well as how it will function as a cross-border payment solution. 

Bank of Thailand Cryptocurrency Rolled Out for Businesses Before Public Debut
Bank of Thailand – Working Paper
The Bank of Thailand has entered phase three of their CBDC development project, and will soon begin expanding its use to large businesses. Once trialed with the private sector and the Hong Kong Monetary Authority, Thailand’s regulators are prepared to introduce use of the CBDC to the general public.

June 2020  

Next Generation Payment System
National Bank of Cambodia – Whitepaper
Central banks are beginning to leverage blockchain and distributed ledger technology to harness stable monetary policy, transaction security and currency distribution. These pillars of economic stability are becoming increasingly more secure and versatile as regulators are implementing blockchain based payment systems.

A Survey of Research on Retail Bank Digital Currency
International Monetary Fund – Working Paper
This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders.  

Mobile Payments Help People During the Pandemic
International Monetary Fund – Blog Post
This blog post outlines use of technology by various governments in order to deliver benefits for their citizens fast and efficiently. Specifically, emerging and lower-income economies are beginning to leverage this technology as it proves more transparent and effective.

DCB Services and Wholesale CBDC Concept
Central Bank of Luxembourg – Commentary Paper
The development of central bank digital currencies has brought about many questions regarding new technological infrastructure, new monetary policy as well as the existing relationships within banking sectors worldwide. Digital currencies are positioned to transform many of the inefficiencies in our payment systems, along with continuing to uphold the pillars of stability and transparency.  

Central Banks and Payments in the Digital Era
Bank of International Settlements – Article
Central banks, as critical as ever in the digital era, can themselves innovate. In particular, central bank digital currencies (CBDCs) can foster competition among private sector intermediaries, set high standards for safety and risk management, and serve as a basis for sound innovation in payments.  

Central Banking for All?
Federal Reserve Bank of Philadelphia – Working Paper
Researchers examined the relationship between commercial, investment and central banks to bring forth the potential changes our current system may see as a result of adopting a central bank digital currency (CBDC). 

CBDC Adoption and Usage
Bank of Canada – Discussion Paper
Developing a CBDC with universal accessibility and zero intermediation fees at the point of transaction could offer consumers a more transparent and relatively inexpensive digital payment option for the every-day low-value transactions we make so frequently. 

Policy Recommendations for Cross-Border Payments
World Economic Forum – Insight Report
The expansion of access to digital payment services is rising rapidly, and the current pandemic has only accelerated the need for more seamless cross-border e-commerce systems. While there are barriers to supplying these services, central banks are continuing to develop pilot programs to advance innovation amongst CBDCs. 

May 2020 

The Digital Dollar Project: Exploring a US CBDC
Digital Dollar Foundation, Accenture – Whitepaper
The Digital Dollar Project is working alongside Accenture to advance the exploration and adoption of a US “digital dollar” – or central bank digital currency. Together, they have begun to engage both regulators and consumers with the idea of piloting a US CBDC for a variety of use cases.  

An ECB Digital Currency – a flight of fancy?
European Central Bank – Speech
The European Central Bank is positioning themselves to be ready for a transition once consumers signal a change in payment behavior by developing technology to support a central bank digital currency (CBDC).

April 2020

Crypto Assets Regulatory Working Group
Reserve Bank of South Africa – Working Paper
Regulators are working diligently to harmonize a global approach to central bank digital currency development, and improve our relationship with daily transactions. Central bank digital currencies serve a unique benefit to emerging economies, empowering citizens and ensuring equal financial access.  

March 2020

Central Bank Digital Currency: A Primer
Bank of France – Discussion Paper
In a world where cash usage is dramatically dropping, a retail central bank digital currency (CBDC) would enable a publicly accessible risk-free solution. A potential CBDC would offer more effective monetary policy, reduced payment friction, and increase consumer security.

Central Bank Digital Currencies: Opportunities, Challenges and Design
Bank of England – Discussion Paper
The needs of an increasingly digital economy largely include a trustworthy, digital currency for consumers to use. A central bank digital currency (CBDC) can ensure access to risk-free money from a central bank as cash payments decline and privately-issued money becomes more relevant.

February 2020

Central Bank Digital Currency and the Future of Payment and Settlement Systems
Bank of Japan – Speech
Recent consumer demands indicate the need for convenient, quick and efficient payment systems. The need for a central bank digital currency has become essential, and in order to address important concerns the bank plans to move forward in collaborating with the private sector to continuing driving innovation.

January 2020

Redesigning Digital Money: What Can We Learn from a Decade of Cryptocurrencies?
MIT Digital Currency Initiative – Commentary Paper
Central bank digital currencies have forced people to rethink our interface to money and explore a digital form which can be held by users and companies directly instead of our current system. Digital currencies are becoming increasingly better at serving individual needs, while still enabling reserve banks to operate similarly to how they always have.

December 2019

Assessing the Impact of Central Bank Digital Currency on Private Banks
Federal Reserve Bank of St. Louis – Working Paper
The introduction of a central bank digital currency has no detrimental effect on a bank’s lending activity and may, in certain cases, even help to promote it. In fact, a truly well designed and developed digital currency would pose no threats to a country’s financial stability.

October 2019

The e-krona – Now and for the Future
Sveriges Riksbank (Central Bank of Sweden) – Commentary Paper
A strong decline in cash payments paired with the rapid digitalization of society has created strong proposals for central bank digital currencies. Consumers are using cash less, and are looking for higher transparency and convenience with their payment methods.

August 2019

Cashless Stores and Cash Users
Federal Reserve Bank of Atlanta – Working Paper
Blockchain and distributed ledger technology are beginning to turn consumers dreams into realities with the possibility of frictionless interactions at stores, with other people, and all throughout our day-to-day life.

July 2019


Project Inthanon Phase 2 Report
Bank of Thailand – Working Paper
Distributed ledger and blockchain technology have proven to increase payment system security, leading to higher consumer confidence in every day transactions. Network participants experienced higher efficiency of liquidity usage with using the central bank digital currencies.

March 2019


Central Banks and DLT: How are Central Banks Exploring Blockchain Today?
World Economic Forum – White paper
Central banks around the world are working with blockchain and other technologies to develop what is aimed at becoming nation-wide digital currencies. A large majority of banks have been exploring this, and are continuing development in order to begin pilot programs before main stream adoption. 

February 2019

Central Bank Digital Currencies
Norges Bank (Central Bank of Norway) – Working Paper
While leading the world as one of the least cash-dominant nationals, a digital currency has the ability to serve as an independent back-up solution for typical electronic payment forms, to ensure credit risk-free money, and to maintain consistent competition in the markets for all payment instruments and methods.

Central Bank Digital Currency and Financial Stability
Bank of Korea – Working Paper
Central banks are always trying to build stability within our financial systems, and central bank digital currencies open new doors for us to do so. CBDCs can be structured and developed to meet specific needs of one country’s central banking system, allowing for both better controls, and more security for everyone.

Digital Innovation, Data Revolution and Central Bank Digital Currency
Bank of Japan – Working Paper
Digital innovation for central bank digital currencies has expanded our realm of capabilities specifically involving the possibility of higher payment efficiency, banks’ fund intermediation, and liquidity crises solutions. Assessing the proper payment infrastructure along with other economic impacts will help pave the way to deploying a CBDC.

November 2018 

Report of the Team to Examine the Issue of Central Bank Digital Currency
Bank of Israel – Discussion Paper
The potential for a central bank digital currency would expand beyond cash, to enabling offline digital transactions, and even provide consumers with levels of anonymity. By making the payment system more efficient, CBDCs have the ability to serve as an additional monetary tool for central banks.+

October 2018 

Blockbaster Final Report
Deutsche Bundesbank – Final Report
Through piloting a prototype, it was found that financial market infrastructure requirements are met by some central bank digital currencies, but this posed as an extremely important facet for digital currency developers, and central bankers.

June 2018

In Search of Gold: Exploring Central Bank Digital Currency
Reserve Bank of New Zealand – Speech
Changing consumer demands and rapidly innovating financial technologies have brought to light how we view and handle money. Digital currencies are continuing to innovate and advance our means of payment, as well as overall financial stability and currency distribution. 

April 2018

The Financial Market in Changing Times – Changes Today and Tomorrow: The Digital Future
Swiss National Bank – Speech
Distributed ledger and blockchain technology have the ability to facilitate many solutions within various disciplines of an economy, ultimately strengthening it for both the consumer, for retailers, and for central banks.

May 2017

Central Bank Digital Currency
Bank of Finland – Economic Review Paper
Electronic central bank digital currencies would offer the public the possibility to hold central bank money in a seemingly cashless future. The potential positive impacts of a CBDC go far beyond monetary policy, and largely satisfy consumers who are seeking digital money and safe payment methods.

October 2017

Whitepaper 2.0 on Distributed Ledger Technology
Hong Kong Monetary Authority – Whitepaper
Central bank digital currencies require new technologies that need to be tested before any availability to main-stream consumers. DLT is continuing to advance our perceptions of what money can act as, and how to better control various facets within central banking.


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