Trade-Offs in Central Bank Digital Currencies
摘要
This chapter overviews central bank digital currencies (CBDCs), heeding a selection of debates on digital fiat money elicited in publications by leading institutions and private actors. CBDC projects provide a revolutionary insight into cross-disciplinary efforts, and feature various approaches, designs and architectures that relate to various extents to the crypto-asset debate. The chapter focuses on interoperability and standardisation, and on the impact of public-private interplays and cross-border models. It explores AML/CFT regulatory issues raised by CBDCs and contextualises the debate within the broader cash-related anonymity problem. It tackles privacy and data protection concerns and the competence for AML/CFT compliance in different public-private designs. In light of the findings of the other chapters, it introduces the existing trade-offs between anonymity and transparency in CBDCs, whose designs can embed various balances between confidentiality and auditability. Finally, it underlines the interplay between technology, regulation, and standardisation, to provide preliminary benchmarks for thinking about anonymity and transparency in CBDCs.