A Global Look at Central Bank Digital Currencies

Modern digital financial innovations – namely the rise of electronic money (e-money) – have brought to light deficiencies in existing money and payment systems. Furthermore, the emergence of crypto assets and private stablecoins, particularly Bitcoin in 2008 and Libra in 2019, have sparked intense debate around the role and authority of central banks; some are even speculating on a coming financial paradigm shift worldwide.

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.