Central Bank Digital Currency Literature

This repository contains a list of academic papers, reports, and other resources on Central Bank Digital Currency (CBDC). The list is not exhaustive and is updated on a best-effort basis. Please feel free to contribute by submitting a pull request.

BIS Papers

• [2022] "CBDCs in emerging market economies." (Chen, S., Goel, T., Qiu, H., & Shim, I.)
• [2022] "Gaining momentum–Results of the 2021 BIS survey on central bank digital currencies." (Kosse, Anneke, and Ilaria Mattei)
• [2021] "Impending arrival–a sequel to the survey on central bank digital currency." (Boar, Codruta, Henry Holden, and Amber Wadsworth)
• [2021] "Central bank digital currency: the quest for minimally invasive technology." (R. Auer and R. Boehme) Jun. 2021, [Online].
• [2021] "Ready, steady, go?-Results of the third BIS survey on central bank digital currency." (Boar, Codruta, and Andreas Wehrli)
• [2021] "Multi-CBDC arrangements and the future of cross-border payments." (Auer, Raphael, Philipp Haene, and Henry Holden)
• [2020] "Rise of the central bank digital currencies: drivers, approaches and technologies." (Auer, Raphael, Giulio Cornelli, and Jon Frost)
• [2020] "The technology of retail central bank digital currency." BIS Quarterly Review, March (Auer, Raphael, and Rainer Böhme)
• [2020] "Central bank digital currency: the quest for minimally invasive technology." (Auer, Raphael, and Rainer Böhme)
• [2020] "Payments without borders." (Bech, Morten L., Umar Faruqui, and Takeshi Shirakami) in BIS Quarterly Review, March.
• [2017] "Central bank cryptocurrencies." (Bech, Morten L., and Rodney Garratt) in BIS Quarterly Review, September.

IMF Papers

• [2022] "Falling use of cash and demand for retail central bank digital currency." (Khiaonarong, Mr Tanai, and David Humphrey)
• [2022] "Digital money and central bank operations." (Kahn, Mr Charles M., Mr Manmohan Singh, and Jihad Alwazir)
• [2022] "Cross-border central bank digital currencies, bank runs and capital flows volatility." (Popescu, Ms Adina)
• [2020] "Legal aspects of central bank digital currency: Central bank and monetary law considerations." (Bossu, Wouter, et al.)
• [2020] "A survey of research on retail central bank digital currency." (Kiff, Mr John, et al.)
• [2018] "Casting light on central bank digital currency." (Mancini-Griffoli, Tommaso, et al.)

Central Bank Papers

England

• [2018] "Central bank digital currencies-design principles and balance sheet implications." (Kumhof, Michael, and Clare Noone)
• [2018] "Broadening narrow money: monetary policy with a central bank digital currency." (Meaning, Jack, et al.)
• [2021] "Central Bank Digital Currency: opportunities, challenges and design." (Engleske, BoEa-Banka)

The Fed

• [2022] "Security Considerations for a Central Bank Digital Currency." (Hansen, Tarik, and Katya Delak)
• [2021] "Preconditions for a general-purpose central bank digital currency." (Cheng, Jess, Angela N. Lawson, and Paul Wong)
• [2020] "Comparing means of payment: what role for a central bank digital currency?." (Wong, Paul, and Jesse Leigh Maniff)
• [2020] "Central bank digital currency: A literature review." (Carapella, Francesca, and Jean Flemming)

Academic Papers

Technology

• [2022] "CEV Framework: A Central Bank Digital Currency Evaluation and Verification Framework With a Focus on Consensus Algorithms and Operating Architectures." (Jin, Si Yuan, and Yong Xia) in IEEE Access, 10, 63698-63714.
• [2021] "Cellular structure for a digital fiat currency." (Ali, Robleh) in Digital Currency Economics And Policy, 89-102.
• [2019] "A blockchain-based framework for central bank digital currency." (Han, Xuan, Yong Yuan, and Fei-Yue Wang) in 2019 IEEE International conference on service operations and logistics, and informatics (SOLI), IEEE.
• [2018] "Towards a design philosophy for interoperable blockchain systems." (Hardjono, Thomas, Alexander Lipton, and Alex Pentland) in arXiv preprint arXiv:1805.05934.

Policy

• [2022] "Central bank digital currencies: motives, economic implications, and the research frontier." (Auer, Raphael, et al.) in Annual review of economics, 14, 697-721.
• [2020] "Design choices for central bank digital currency." (Allen, Sarah, et al.)
• [2017] "Central bank digital currency and the future of monetary policy." (Bordo, Michael D., and Andrew T. Levin) National Bureau of Economic Research, No. w23711.

Monetary Economics

• [2023] "Predicting the demand for central bank digital currency: A structural analysis with survey data." (Li, Jiaqi) in Journal of Monetary Economics, 134, 73-85.
• [2022] "Central bank digital currency in an open economy." (Minesso, Massimo Ferrari, Arnaud Mehl, and Livio Stracca) in Journal of Monetary Economics, 127, 54-68.
• [2022] "The effects of central bank digital currencies news on financial markets." (Wang, Yizhi, et al.) in Technological Forecasting and Social Change, 180, 121715.
• [2022] "The Macroeconomic Implications of CBDC: A Review of the Literature." (Infante, Sebastian, et al.)
• [2022] "Will Central Bank Digital Currency Disintermediate Banks?." (Whited, T. M., Wu, Y., & Xiao, K.).
• [2022] I. Agur, A. Ari, and G. Dell’Ariccia, “Designing central bank digital currencies,” Journal of Monetary Economics, vol. 125, pp. 62–79, doi: 10.1016/j.jmoneco.2021.05.002.
• [2020] Schilling, Linda, Jesús Fernández-Villaverde, and Harald Uhlig. "Central bank digital currency: When price and bank stability collide." NBER Working Paper No. w28237, National Bureau of Economic Research.

Whitepapers

Hong Kong, China

• [2021] "A Technical Perspective on Central Bank Digital Currency" (Hong Kong Monetary Authority)
• [2020] "Inthanon-lionrock leveraging distributed ledger technology to increase efficiency in cross-border payments," (Bank of Thailand (BoT) and Hong Kong Monetary Authority (HKMA))

China

• [2018] "Experimental study on prototype system of central bank digital currency," (in Chinese), Y. Qian, J. Softw., vol. 29, no. 9, pp. 2716–2732.

Singapore

• [2021] "An Extensible Blockchain Platform for Real-Time Delivery Versus Payment (DvP) Settlement of Tokenized Assets" (Monetary Authority of Singapore)
• [2020] "Enabling Broad Ecosystem Opportunities with a High-Performance Multi-CBDC Platform" (Monetary Authority of Singapore)
• [2019] "An Experimental Study of Blockchain Technology for Multi-Currency Payments" (Monetary Authority of Singapore)
• [2018] "Reimagining Settlement Processes with Distributed Ledger Technology" (Monetary Authority of Singapore)
• [2017] "Project Ubin: SGD on Distributed Ledger" (Monetary Authority of Singapore)

Canada

• [2017] "Project Jasper: Are distributed wholesale payment systems feasible yet?" (Chapman, James, et al.)
• [2018] "Jasper Phase III: Securities Settlement Using Distributed Ledger Technology" (Bank of Canada and Payments Canada)
• [2019] "Jasper-Ubin Design Paper: Enabling Cross-Border High-Value Transfer Using Distributed Ledger Technologies" (Bank of Canada and Monetary Authority of Singapore)
• [2020] "Jasper-Ubin Design Paper II: Realizing Cross-Border High Value Transfer Using Multiple CBDCs" (Bank of Canada and Monetary Authority of Singapore)

Thailand

• [2020] "Inthanon-LionRock: Leveraging Distributed Ledger Technology to Increase Efficiency in Cross-Border Payments" (Bank of Thailand and Hong Kong Monetary Authority)
• [2019] "Project Inthanon Phase 2: A Wholesale Central Bank Digital Currency Using DLT" (Bank of Thailand)
• [2018] "Project Inthanon: A Wholesale Central Bank Digital Currency" (Bank of Thailand)

Sweden

• [2021] "The Riksbank's e-krona project - summary of the report 3" (Sveriges Riksbank)
• [2020] "The Riksbank’s e-krona project - summary of the report 2" (Sveriges Riksbank)
• [2018] "The Riksbank's e-krona project - summary of the report 1" (Sveriges Riksbank)

Japan

• [2019] "Central Bank Digital Currency: BOJ's Approach" (Bank of Japan)