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Blockchain application for central bank digital currencies (CBDC)
Vijak Sethaput1, Supachate Innet1
1School of Engineering, University of the Thai Chamber of Commerce (UTCC), Bangkok, Thailand.
Cluster Computing
|January 23, 2023
Summary
Central Bank Digital Currency (CBDC) utilizes blockchain technology for secure peer-to-peer transactions. Research explores CBDC projects, challenges, and future applications in digital payments.
Area of Science:
- Digital currencies and financial technology.
- Blockchain and distributed ledger technology applications.
Background:
- Central Bank Digital Currency (CBDC) is a digital form of a nation's fiat currency.
- The rise of private digital currencies and digital payments has spurred global central bank research into CBDC.
- Blockchain/Distributed Ledger Technology (DLT) offers a potential infrastructure for CBDC implementation.
Purpose of the Study:
- To discuss the application of blockchain technology for CBDC.
- To present various CBDC projects undertaken by central banks globally.
- To analyze existing issues, identify challenges, and explore future research directions in the CBDC field.
Main Methods:
- Review of current central bank CBDC projects and proofs of concept (PoCs).
- Analysis of blockchain/DLT capabilities for CBDC functionalities like wholesale payments and retail transactions.
- Examination of use cases including Delivery versus Payment (DvP) and cross-border remittances.
Main Results:
- Numerous central banks are actively researching and developing CBDC, with some initiating pilot programs (e.g., China's digital retail currency).
- DLT is being explored for its potential to enhance payment systems, including wholesale and retail applications.
- CBDC projects are investigating diverse use cases beyond basic currency issuance.
Conclusions:
- Blockchain and DLT are key technologies being considered for CBDC implementation.
- The development of CBDC involves navigating technical, regulatory, and economic challenges.
- Continued research and development are crucial for the future of CBDC and digital currencies.
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