Publications

This is a collection of Digital Dollar Project Publications and other relevant sources and materials to Central Bank Digital Currency/CBDC.

Privacy Principles For a Digital Dollar

October 20, 2021

Authored by The Digital Dollar Project with expert insight from our Privacy Sub-Committee
Document Purpose: This document is intended to express first principles that the Digital Dollar Project believes are important to the success and adoption of a U.S. Central Bank Digital Currency (CBDC). The . . . privacy protections of the U.S. Constitution and our democracy’s commitment to individual privacy offer a unique opportunity for U.S. digital money to be more appealing to users then other, less-private digital currencies, solidifying its position as the world reserve currency. The principles expressed below are meant to inspire robust debate about their application in terms of both the technology selected to undergird a U.S. CBDC and the public policies that support optimal balances of privacy and related values against security, monetary management, and other priorities.
 

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White Paper Published By The Digital Dollar Project Catalyzes The Discussion Around a Tokenized U.S. Digital Dollar

May 17, 2021

The Digital Dollar Project (Project) has released its first white paper detailing a path forward and considerations for the development of a U.S. Central Bank Digital Currency (CBDC). The white paper proposes a tokenized U.S. digital dollar, outlines the benefits of a CBDC in the context of the U.S. . . . dollar (USD), and proposes potential use cases and pilots.

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DDP Response to Federal Reserve Board “Money and Payments: The US Dollar in the Age of Digital Transformation.”

May 20, 2022

The Digital Dollar Project submitted the below response to the Federal Reserve Board’s January 2022 Research and Analysis: “Money and Payments: The US Dollar in the Age of Digital Transformation.”

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The (R)Evolution Of Money II Blockchain Empowered CBDC

March 23, 2022

The (R)Evolution of Money addresses the considerations of what money should do next. It is not about a mere substitution of money but to broaden the functionality and utility of money.

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Executive Order on Ensuring Responsible Development of Digital Assets

March 9, 2022

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:
Section 1.  Policy.  Advances in digital and distributed ledger technology for financial services have led to dramatic growth in markets for digital assets, . . . with profound implications for the protection of consumers, investors, and businesses, including data privacy and security; financial stability and systemic risk; crime; national security; the ability to exercise human rights; financial inclusion and equity; and energy demand and climate change.

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FACT SHEET: President Biden to Sign Executive Order on Ensuring Responsible Development of Digital Assets

March 9, 2022

Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior. Surveys suggest that around 16 percent of adult Americans – approximately 40 million people – have invested in, . . . traded, or used cryptocurrencies. Over 100 countries are exploring or piloting Central Bank Digital Currencies (CBDCs), a digital form of a country’s sovereign currency.

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A Lawyer’s Perspective on U.S. Payment System Evolution and Money in the Digital Age

February 4, 2022

Take a close look at something that is widely used by the general public as “money” — a Federal Reserve note, a deposit with a bank, a balance with a nonbank payment company (such as PayPal or Venmo), or perhaps even a cryptocurrency — and ask what it means to use it as a store of value and a medium . . . of exchange. That question is, in essence, a legal one. Who (if anyone) stands behind the associated commitments and what rules (if any) govern it?

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The Federal Reserve Bank of Boston and Massachusetts Institute of Technology release technological research on a central bank digital currency

February 3, 2022

The Federal Reserve Bank of Boston and the Digital Currency Initiative at the Massachusetts Institute of Technology today released the findings of their initial technological research into a central bank digital currency, or CBDC. The published research describes a theoretical high-performance and . . . resilient transaction processor for a CBDC that was developed using open-source research software, OpenCBDC.

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Security Considerations for a Central Bank Digital Currency

February 3, 2022

The concept of a central bank digital currency (CBDC) has gained traction in recent years, with an increasing number of central banks announcing efforts to explore CBDC use cases and designs. Institutions are in various stages of research and development, with some just beginning their research and . . . others already entering pilot testing or even production, albeit on a limited scale.

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Money and Payments: The U.S. Dollar in the Age of Digital Transformation

January 20, 2022

This paper examines the pros and cons of a potential U.S. central bank digital currency, or CBDC, and is the first step in a discussion of whether and how a CBDC could improve the safe and efficient domestic payments system. Money and Payments: The U.S. Dollar in the Age of Digital . . . Transformation (PDF) invites comment from the public. Importantly, the paper does not favor any policy outcome.

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The Future of our Money: Centering Users in the Design of Digital Currency

January 1, 2022

Despite the leadership and technical prowess of the United States, its payment system trails behind, struggling to move money in ways that are fast, cheap, and easy.1 Infrastructural challenges persist, and millions of Americans experience financial pain, insecurity, and uncertainty.

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Central Bank Digital Currencies: Foundational Principles And Core Features

October 1, 2020

Central banks have been providing trusted money to the public for hundreds of years as part of their public policy objectives. Yet the world is changing. To evolve and pursue their public policy objectives in a digital world, central banks are actively researching the pros and cons of offering a . . . digital currency to the public (a “general purpose” central bank digital currency (CBDC)).

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The Rise Of Central Bank Digital Currencies

September 1, 2020

What exactly is a Central Bank Digital Currency (CBDC)? A CBDC is virtual money backed and issued by a central bank. As cryptocurrencies and stablecoins have become more popular, the world’s central banks have realized that they need to provide an alternative—or let the future of money pass them by.

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CBDC: Opportunities, Challenges And Design

March 1, 2020

For over 325 years, the Bank of England has provided safe money and a risk‑free means of payment to households, businesses and the wider financial system. This is one of the key ways in which we fulfil our mission — given to us by Parliament — to promote the good of the people of the United Kingdom . . . by maintaining monetary and financial stability.

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March Quarterly Review

March 1, 2020

This Quarterly Review takes an in-depth look at the fast-changing world of payments. The speed of changes and the potential for disruption have propelled payment systems to the top of policymakers’ agendas. It also discusses the market impact of the coronavirus outbreak.

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The (R)Evolution Of Money I Blockchain Empowered Cryptocurrencies

January 1, 2017

The (R)Evolution of Money addresses how central banks can help shape the role that cryptocurrencies will play in the economy. A central bank-issued cryptocurrency can support the bank’s mandate of maintaining economic stability, protecting the consumer and controlling money supply. A central bank . . . can issue fiat currency on the blockchain in the same way it issues fiat currency as physical cash.

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