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Central bank crypto currency mining

In principle, a significant degree of anonymity might be feasible for a token-based CBDC, potentially even equivalent to that of cash. Alternatively, an account-based CBDC would not allow complete privacy or anonymity; transaction data would be visible to the institutions providing account-keeping and transaction services, to the relevant authorities and potentially others.

An intermediate degree of privacy might also be possible. Clearly, the degree of privacy or anonymity would be a key design decision for any CBDC and it is likely that there would be significant debate on this issue. Most central banks and other observers have, however, noted that the potential for anonymous digital currency to facilitate shadow-economy and illegal transactions, makes it highly unlikely that any CBDC would be designed to fully match the levels of anonymity and privacy currently available with physical cash.

A related issue is the question of who would be allowed to hold the CBDC and how much they could hold. Unlike physical cash, where it is not feasible to control who can hold it and how much they could hold, it would be possible to control these with a CBDC. For example, in an account-based model, users would likely be required to verify their identity with their service provider before opening an account, just as currently occurs with deposit accounts at financial institutions.

While a retail CBDC would presumably be designed with universal access in mind, there may be a case to restrict access to domestic residents, and possibly to impose limits on holdings if a CBDC raised concerns about the possible effects on financial stability or the structure of the financial system see below. On the other hand, temporary access for tourists and foreign visitors could be important if one of the rationales for introduction was to promote competition in the domestic payments system.

In addition, allowing foreigners to hold CBDC could facilitate a safe and efficient mechanism for domestic residents to make payments abroad, thereby supporting remittances and international commerce. However, the overall benefits of decentralisation might not be all that large. In particular, in a retail context, the unavailability of a payment system is most often related to problems at an individual service provider or to localised network or power interruptions, not an interruption to the centralised infrastructure, which is generally built to be highly resilient.

In a DLT-based system, each update of the ledger must be shared between nodes operating on the network, with the nodes coming to agreement on the state of the ledger through a consensus mechanism. The process of sharing information and finding consensus is the primary contributor to the performance issues of public blockchains such as Bitcoin.

Accordingly, it seems unlikely that there would be any serious consideration of public blockchain platforms for a CBDC. Instead, any DLT system considered for a CBDC would likely be permissioned, with access limited to PSPs or other regulated entities, and with a consensus mechanism that could achieve immediate, final and irrevocable settlement, probably with some degree of centralisation.

Any decision to introduce a CBDC would raise the question of whether physical notes and coins would continue to be issued or would be withdrawn from circulation over a period of time. On the one hand, there may be resilience and accessibility benefits from retaining physical cash for as long as people want to continue using it.

However, it would be costly for the economy to maintain systems to support two different types of central bank currency. So, if the CBDC had met most of the use cases of cash — including any objectives regarding privacy for legitimate transactions — and the use of cash had fallen significantly, there might be an argument for removing cash including to ensure that it was not facilitating illegal transactions. A number of reasons have been advanced for why central banks should consider CBDC issuance.

The weight that is placed on these different reasons differs across jurisdictions and depends on factors such as the state of development and structure of the retail payments system and the degree of financial inclusion. This section reviews the main motivations that have been advanced for CBDC and discusses how relevant they might be in an Australian context.

Many of the suggested rationales for CBDC have to do with the declining role of cash and the prospect of a significant reduction in the availability of cash deposit and withdrawal services, and the growing reliance of the economy on electronic payment services provided by the private sector.

While these arguments point to some problems that could emerge from a further decline in the role of cash, issuance of a CBDC may not be a complete solution to the identified problems or there may be alternative responses other than a CBDC. The emergence of cryptocurrencies like Bitcoin and the prospect of issuance of stablecoins have prompted some to call for central banks to introduce CBDCs as a precautionary or defensive measure.

There are two major concerns here:. However, it may be that concerns about loss of monetary sovereignty are overstated and concerns about data privacy can be addressed in other ways. As discussed by the Bank of England , to the extent that such capabilities were enabled with CBDC, they would presumably be provided as some form of overlay services by different PSPs rather than being part of the core functionality of the CBDC.

The Bank of England also notes that smart contract functionality can be decoupled from DLT, and implemented on other types of ledgers, including centralised databases. This points to the possibility that many of the innovations that have been highlighted by DLT over the past decade might also prove to be feasible using existing payment instruments.

For example, it might be possible to use the real-time nature of the New Payments Platform NPP and various types of escrow arrangements to facilitate atomic transactions involving tokenised assets. If a CBDC were to be introduced and adopted widely, it could represent a significant change to the structure of the financial system.

While some of the demand for CBDC might come from switching out of cash, there might also be switching out of bank deposits. In the extreme, many households and businesses might decide they no longer wished to use deposit accounts at commercial banks though, as discussed earlier, banks might well still provide some payment and account-servicing functions for the CBDC.

These end users would instead keep their liquid funds in CBDC and use those to make payments. If banks were to experience an outflow of deposits, they would have to fund more of their lending in capital markets or from equity. The loss of deposit funding and greater reliance on other funding sources could result in some increase in banks' cost of funds and result in a reduction in the size of their balance sheets and in the amount of financial intermediation.

Of course, this would depend on any changes to the structure of the central bank's assets resulting from the increase in its balance sheet, for example, whether it invested in government securities as opposed to lending funds back to banks or buying their securities. Furthermore, the existence of a CBDC could raise challenges during times of stress in financial markets. Currently, if households or businesses become wary about their deposits in a particular bank, they are able to withdraw their funds by a transfer to an account at another bank or by withdrawing cash at branches or ATMs.

However, currently it is not really feasible for depositors to seek to withdraw deposits en masse from the banking system as there are practical limits to what can be withdrawn via ATMs and branches. However, in the presence of a CBDC, a run on the banking system as a whole would become feasible; if depositors had concerns about the entire financial system, they could seek to make large-scale transfers of commercial bank deposits into CBDC.

Of course, this bank-run scenario is highly unlikely. In Australia, the FCS is likely to provide a significant level of assurance to households though not necessarily to businesses. Furthermore, the Reserve Bank is able to provide liquidity, with appropriate collateral, to solvent but illiquid ADIs. Nevertheless, it does point to a possible risk from the introduction of a CBDC. One control that has been proposed would be to place limits on the amount of CBDC that could be held by any individual.

The implementation of a CBDC could have implications for the central bank's balance sheet. To the extent that there was significant demand for CBDC at the expense of commercial bank deposits as opposed to cash , household claims on the central bank would rise and the central bank's overall balance sheet would expand. A larger balance sheet need not have any significant implications for the operation of monetary policy, though changes to the composition of the central bank's assets may have implications for the risk profile of its balance sheet and the functioning of financial markets.

Furthermore, a simple change in the nature of currency on issue — from issuance of CBDC and an equivalent decline in the amount of cash in circulation — need not pose any challenges for the implementation of monetary policy. The reason is that monetary policy is not implemented through banknotes and coins, but rather through the quantity of ESA balances and the level of interest rates in the money market.

Hence, there would be no need for any changes to the way monetary policy is implemented, and the Australian dollar would remain a store of value, medium of exchange and unit of account, even in the absence of physical cash. A project to launch a CBDC would be a major, multi-year project for the central bank, the payments industry, their technology partners, and a wide range of stakeholders in the public and private sectors. It would be costly in financial terms and quite risky from both a financial and technology perspective.

The question of how much demand there would be for a CBDC, and whether it would be large enough to justify the work that would be required to launch a CBDC, would be very important. As noted earlier, in Australia, currency in the form of banknotes and coins represents only 3. Instead, households and businesses hold the vast majority of their money in the form of commercial bank deposits, which come with a range of flexible electronic payment methods attached and often earn interest.

Consistent with developments in a number of other countries, the services associated with bank deposits are being enhanced by the real-time, round-the-clock functionality that is being enabled by the NPP. For many end users, the existing ability to make and receive payments from an interest-bearing account in real time with continuous availability may imply little demand if CBDC was introduced as a new payment method in addition to bank deposits and cash.

However, any conclusions about the likely demand for CBDC are highly speculative. The Bank's most recent consumer payments survey sheds light on why some households might experience inconvenience or hardship if cash were no longer available, with the most cited reason being privacy or security concerns Delaney, McClure and Finlay However, it does not really shed light on what proportion of cash users might want to switch to using CBDC nor what proportion of existing users of commercial bank electronic payments might switch to electronic payments based on a CBDC.

More targeted research may be able to yield stronger evidence on these questions and issues such as whether households view the FCS as making their deposits as safe as cash or any future CBDC and the extent to which the ongoing growth in demand for cash is related to the anonymity that it offers but which presumably would not be fully replicated in a CBDC. In most cases, the desire to improve financial inclusion has been cited as a major rationale for the central bank's work. Given the complexity of the issues and some of the concerns discussed above, central banks in most advanced economies are proceeding cautiously and many have suggested that the case for CBDC issuance is not yet established.

For example, the Federal Reserve has indicated that it is conducting research into CBDCs but that there are a number of issues that would have to be addressed before deciding to issue a CBDC. The two advanced economies that appear to have proceeded furthest in exploring the case for retail CBDC issuance are Sweden and Canada. Sweden's Riksbank has been considering the issues around a possible retail CBDC the e-krona for several years and announced in February that it is undertaking a DLT-based pilot to develop a technical solution for a CBDC that could serve as a complement to cash Riksbank The Riksbank's work is driven largely by Sweden's rapid shift to electronic payments and the growing difficulty that some households and businesses face in continuing to use cash.

It has expressed concern about resilience, competition, innovation and data integrity in the payments system in the event that households no longer had access to central bank money. Sweden has not taken a decision on issuing a CBDC, how it might be designed or what technology might be used. It stated that, based on its research to date, there is currently no compelling case to issue a CBDC. It noted that the existing payments system provides Canadians with payment options that they can use with confidence and that offer a high degree of resilience and privacy.

It will be consulting with stakeholders about their payment needs and working over the next several years on the technological options for a CBDC. More broadly, a number of central banks have been actively researching the possible use cases, design and implications of a wholesale form of CBDC.

This would be a type of CBDC that would be accessible by banks and possibly other market participants that could be used for the settlement of transactions in wholesale markets, such as purchases of financial assets or large-value payments.

A number of central banks, often in collaboration with other market participants, have built proofs-of-concept for wholesale CBDC using DLT, exploring its potential use in domestic interbank and cross-border payments and securities settlement, among other use cases. Many of these experiments have sought to explore the potential benefits of embedding a wholesale CBDC in a DLT platform along with tokenised financial assets, focusing on the programmability and automation capabilities provided by smart contracts.

However, given the current capabilities, performance and resilience of most existing centralised wholesale payment and securities settlement systems, the benefits of a potential wholesale CBDC have not always been obvious. In late , the Governor gave a speech on the possible issuance of a retail or wholesale CBDC and outlined a series of working hypotheses on the Reserve Bank's thinking Lowe The Bank expected the ongoing shift to electronic payments would continue, largely through products offered by the banking system rather than non-bank e-money providers or cryptocurrencies, though there would remain a place for banknotes in the payments system.

In principle, it would be possible for a retail CBDC to exist side by side with commercial bank deposits and the electronic payment systems operated by the private sector. If a CBDC were issued, it would most likely be via a two-tier model, where the ultimate claim was on the central bank but the distribution and customer-facing aspects would be handled by private sector entities. The Bank did not consider that the case for issuing this new form of money had been established, though it would continue to consider the pros and cons of doing so.

The Bank's views on a retail CBDC remain very much in line with the working hypotheses outlined in , though it recognises that circumstances could change so it will be important to keep an open mind. Any decision to introduce a retail CBDC could have economy-wide effects and would presumably require legislative change. Accordingly, the Bank stands ready to engage with the full range of stakeholders on the issue.

In the meantime, the Bank has a commitment to providing high-quality banknotes, and ensuring reasonable access to them, for as long as Australians wish to keep using them. The Bank's view is that there is currently no strong public policy case to introduce a CBDC for retail use. This reflects a number of factors:. Currently, the Bank is collaborating with a number of external parties on a project to extend this proof-of-concept to incorporate tokenised financial assets to explore the implications of delivery-versus-payment settlement on a distributed-ledger platform as well as other programmability features of tokenised CBDC and financial assets.

The Bank plans to publish information on the results of this research in due course. The authors are from Payments Policy Department. Committee on Payments and Market Infrastructures and Markets Committee provides an overview of many of the issues in this area. This figure draws on Bjerg Broad money includes M1, all other deposits at ADIs including negotiable certificates of deposits from the private non-ADI sector plus other borrowings from the private sector by all financial intermediaries.

Deposits are created when banks extend loans and the loan proceeds are deposited at the same or another bank. See Doherty, Jackman and Perry for a discussion of the role of banks in the creation of money. However, the claims of sCBDC holders would be on the private sector provider and not the central bank, so would carry some degree of risk and there would be no guarantee that different sCBDCs would be exchangeable at par. Hence, sCBDCs are perhaps best viewed as domestic currency stablecoins, albeit with high-quality asset backing.

Of course, the central bank would also need to work with private sector partners in designing and implementing the initial issuance of a CBDC in a two-tier model, particularly with regard to technology and cybersecurity issues. Will bitcoin and its siblings replace the dollar or the euro or the yen? Should central banks issue their own e-currencies? What opportunities do digital currencies present?

What risks? Although physical currency is still widely used in most countries with the exception of Sweden, where the use of cash is shrinking rapidly , consumers around the world routinely conduct transactions without physical currency, using credit cards or mobile phones to pay. Further, much of the money that central banks bank reserves issue exists only in electronic form. So in some sense, the idea of digital currencies is not completely new.

And nothing happened…we survived it. So I think that we will do the same [with digital currencies]. Despite the erosion of confidence in government institutions, most people still prefer money backed by a central bank, and this is unlikely to change anytime soon. Bitcoin networks handle very few transactions per second, while, for example, an interbank Visa system handles a hundred times that. One reason…is because there is lopsided investment.

That again underscores that you need a coordinator because you are getting parts of this whole system where a lot of money goes into the mining part [of bitcoin], and very little goes into everything else. What is very much underestimated when we talk about the technologies here is why people use central banks and like to use central bank payment systems.

Will precisely another currency substitute for all of that? My answer is, with absolute certainty, no…[T]echnology cannot substitute for all what central banks do to make trustworthy currencies. Digital currencies and other innovations in payment systems could increase the speed of domestic and cross-border transactions, reduce transaction costs, and eventually broaden access to the financial system by poor and rural households. In China, in India, one can conduct very small micro-transactions with street vendors using payment systems that have been decentralized and that are intermediated, not through the traditional banks but through other platforms.

And one can see this very easily catching on. Connection to the financial system is a very important part of it. If you feel that the reforms in a country are going to benefit the elite who are connected and most of the others are left out, this is, I think, a very important part of that [frustration. Digital currencies] will give people more access to the financial system…So I think that is at some level a really transformative power in the new technologies. Digital currencies and related technologies are likely to reduce transactions costs and decrease the price of acquiring and sharing information, which sound good but can destabilize financial markets and intensify contagion from one market to another.

They could undermine the business models of conventional banks and their role in the financial system, making it hard for central banks—which operate largely through the banking system—to maintain financial stability.

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A central bank digital currency CBDC uses a blockchain-based token to represent the digital form of a fiat currency of a particular nation or region. A CBDC is centralized; it is issued and regulated by the competent monetary authority of the country. Over the years, traditional banking regulatory authorities across the globe have struggled to control the growing clout of popular cryptocurrencies like bitcoin and ethereum which work on a blockchain network.

There is no clarity about any suitable reserve maintenance to back up the valuations of cryptocurrencies. Unable to control the growth and influence of such cryptocurrencies, many leading central banks across the globe are working on or contemplating launching their own versions of cryptocurrencies. These regulated cryptocurrencies are called central bank digital currencies and will be operated by the respective monetary authorities or central banks of a particular country.

Each CBDC unit will act as a secure digital instrument equivalent to a paper bill and can be used as a mode of payment, a store of value , and an official unit of account. Like a paper-based currency note that carries a unique serial number, each CBDC unit will also be distinguishable to prevent imitation. Since it will be a part of the money supply controlled by the central bank, it will work alongside other forms of regulated money, like coins, bills, notes, and bonds.

CBDC aims to bring in the best of both worlds—the convenience and security of digital form like cryptocurrencies, and the regulated, reserved-backed money circulation of the traditional banking system. The particular central bank or other competent monetary authority of the country will be solely liable for its operations. To date, no country has officially launched a central bank-backed digital currency.

Many central banks, however, have launched pilot programs and research projects aimed at determining a CBDC's viability and usability. Russia has been moving forward with its creation of the " crypto-ruble ," announced by Vladimir Putin in We can settle accounts with our counterparties all over the world with no regard for sanctions. Venezuela has been purported to be working on a CBDC called the " petro " since , which would be backed by physical stocks of crude oil.

The Venezuelan government also announced " petro gold " in , allegedly pegged to the value of oil, gold, and other precious metal. Your Money. And nothing happened…we survived it. So I think that we will do the same [with digital currencies]. Despite the erosion of confidence in government institutions, most people still prefer money backed by a central bank, and this is unlikely to change anytime soon.

Bitcoin networks handle very few transactions per second, while, for example, an interbank Visa system handles a hundred times that. One reason…is because there is lopsided investment. That again underscores that you need a coordinator because you are getting parts of this whole system where a lot of money goes into the mining part [of bitcoin], and very little goes into everything else. What is very much underestimated when we talk about the technologies here is why people use central banks and like to use central bank payment systems.

Will precisely another currency substitute for all of that? My answer is, with absolute certainty, no…[T]echnology cannot substitute for all what central banks do to make trustworthy currencies. Digital currencies and other innovations in payment systems could increase the speed of domestic and cross-border transactions, reduce transaction costs, and eventually broaden access to the financial system by poor and rural households.

In China, in India, one can conduct very small micro-transactions with street vendors using payment systems that have been decentralized and that are intermediated, not through the traditional banks but through other platforms. And one can see this very easily catching on. Connection to the financial system is a very important part of it.

If you feel that the reforms in a country are going to benefit the elite who are connected and most of the others are left out, this is, I think, a very important part of that [frustration. Digital currencies] will give people more access to the financial system…So I think that is at some level a really transformative power in the new technologies.

Digital currencies and related technologies are likely to reduce transactions costs and decrease the price of acquiring and sharing information, which sound good but can destabilize financial markets and intensify contagion from one market to another. They could undermine the business models of conventional banks and their role in the financial system, making it hard for central banks—which operate largely through the banking system—to maintain financial stability.

But as we know from work that many academics have done…you might end up with certain information aggregators becoming very powerful in an economy where there is a lot of information but not very good processing ability, and that can actually lead to situations where, in fact, you have informational cascades, and herding and contingent behavior becomes worse, not because of limited information, but because there is too much information but not enough signal extracting and processing capability.

So in terms of financial institutions and regulation, I think there are many challenges ahead. So what banks look like and whether they will still play a powerful role in the creation of money in this very broad sense is a critical issue. That could affect not just monetary stability but economic activity as a whole. Very few central banks are seriously considering issuing their own digital currencies—that is, allowing the public to have electronic deposits at the central bank—but many central banks are talking about this option.

So far, only a couple central banks have issued their own digital currencies, Ecuador and Tunisia among them. Sweden, where the use of cash is evaporating faster than almost any other sizeable economy, is contemplating whether to issue an e-krona.

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Section 2: The context of Central Bank Digital Currencies. through a process called mining, which is done using Blockchain technology. Cryptography is used​. What Is a Central Bank Digital Currency (CBDC)? A central bank digital currency (CBDC) uses a blockchain-based token to represent the digital form of a fiat currency of a particular nation (or region). A CBDC is centralized; it is issued and regulated by the competent monetary authority of the country. The phrase "central bank digital currency" (CBDC) has been used to refer to various proposals In contrast, cryptocurrencies such as Bitcoin prevent this unless a group of users controlling more than 50% of mining power is in agreement.