cbdc:public:cbdc_omg:04_doc:08_method:start
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cbdc:public:cbdc_omg:04_doc:08_method:start [2022/05/11 20:35] terrance |
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| ====== 2.0 Methodology ====== | ====== 2.0 Methodology ====== | ||
| - | [[cbdc:private:cbdc_omg:start| OMG Responses to Federal Reserve Discussion Paper]] | + | [[cbdc:public:cbdc_omg:start| OMG's CBDC WG Responses to Federal Reserve Discussion Paper]] |
| + | |< 100% >| | ||
| + | | [[cbdc:public:cbdc_omg:04_doc:start| Return to the Main Document]] | <WRAP> | ||
| + | <html><b> | ||
| + | <a href="mailto:[email protected]?Subject=OMG's CBDC WG Response: | ||
| + | 2.0 Methodology | ||
| - | The U.S. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:federal_reserve | Federal Reserve (Fed)]] published a {{ :cbdc:private:cbdc_omg:04_doc:08_method:money-and-payments-20220120.pdf | White Paper}} on [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]](( | + | ">Provide Feedback</a></b> |
| + | </html> | ||
| + | </WRAP> | | ||
| + | A brief overview of the methodology the OMG's CBDC WG used to formulate a response to the **White Paper**. | ||
| + | |||
| + | The U.S. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:federal_reserve | Federal Reserve (Fed)]] published a white paper on [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]](( | ||
| Board of Governors, | Board of Governors, | ||
| The Federal Reserve System, | The Federal Reserve System, | ||
| Line 8: | Line 18: | ||
| Accessed: 5 May 2022, | Accessed: 5 May 2022, | ||
| [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf]] | [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf]] | ||
| - | )), which provided a discussion and analysis of [[cbdc:private:cbdc_omg:8_append:20_glossary:cbdc]], some possible designs to address CBDC, and some direct questions they posed to stakeholders about the possibility of adoption of CDBC by the U.S. Federal Reserve. | + | )), which provided a discussion and analysis of [[cbdc:public:cbdc_omg:8_append:20_glossary:cbdc]], some possible designs to address CBDC, and some direct questions they posed to stakeholders about the possibility of adoption of CBDC by the U.S. Federal Reserve. |
| - | The [[https://www.omg.org/ | Object Management Group ]] is responding to the questions posed by the White Paper. The OMG response is based on a Systems Engineering approach, see Figure {{ref>methodology}}. The following briefly describes each step in the process: | + | The [[https://www.omg.org/ | Object Management Group's ]] CBDC WG is responding to the questions posed by the White Paper. The OMG's CBDC WG response is based on a Systems Engineering approach, see Figure {{ref>methodology}}. The following briefly describes each step in the process: |
| The [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] was reviewed and its content was divided into two main sections: | The [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] was reviewed and its content was divided into two main sections: | ||
| - | + | 1. A general discussion of what the Federal Reserve believes the CBDC needs to do is restated in terms of a matrix of Federal Reserve "Desirements" (i.e., [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]]). These "Desirements"(( | |
| - | - A general discussion of what the Federal Reserve believes the CDBC needs to do is restated in terms of a matrix of Federal Reserve "Desirements" (i.e., [[ cbdc:private:cbdc_omg:04_doc:12_summary:start | White Paper Analysis]]). These "Desirements"(( | + | |
| **Desirement** is a blended word combining the word **Desire** and **Requirement**. **Desirement** is something that is desired, but not absolutely required and is often used to caption the capabilities of a product or system before it has reached the formal requirements phase. | **Desirement** is a blended word combining the word **Desire** and **Requirement**. **Desirement** is something that is desired, but not absolutely required and is often used to caption the capabilities of a product or system before it has reached the formal requirements phase. | ||
| Source: [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:desirement | Desirement]] | Source: [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:desirement | Desirement]] | ||
| )) are classified according to the four main objectives stated in the White Paper: | )) are classified according to the four main objectives stated in the White Paper: | ||
| - | * [[cbdc:private:cbdc_omg:04_doc:12_summary:start#benefit_considerations | Benefit Considerations]] | + | * [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefit_considerations| Benefit Considerations]] |
| - | * [[cbdc:private:cbdc_omg:04_doc:12_summary:start#policy_considerations | Policy Considerations]] | + | * [[cbdc:public:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]] |
| - | * [[cbdc:private:cbdc_omg:04_doc:12_summary:start#risk_considerations | Risk Considerations]] | + | * [[cbdc:public:cbdc_omg:04_doc:12_summary:start#risk_considerations| Risk Considerations]] |
| - | * [[cbdc:private:cbdc_omg:04_doc:12_summary:start#design_considerations | Design Considerations]]\\ | + | * [[cbdc:public:cbdc_omg:04_doc:12_summary:start#design_considerations| Design Considerations]]\\ |
| - | - A set of questions for potential stakeholders to answer. Upon review of the answers to the questions, | + | 2. A set of questions for potential stakeholders to answer. Upon review of the answers to the questions, |
| - | + | ||
| - | : a. Some content was extracted and made into a set of [[cbdc:private:cbdc_omg:04_doc:15_common:start | Common Elements]] that have applicability to multiple answers to multiple questions. For example: | + | : a. Some content was extracted and made into a set of [[cbdc:public:cbdc_omg:04_doc:15_common:start| Common Elements]] that have applicability to multiple answers to multiple questions. For example: |
| - | * [[cbdc:private:cbdc_omg:04_doc:15_common:05_stakeholder:start | Stakeholders]] | + | |
| - | * [[cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models:start | Currency Models]] | + | * [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start| Stakeholders]] |
| - | * [[cbdc:private:cbdc_omg:04_doc:15_common:30_stablecoins:start | Stablecoins]] | + | * [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:start| Currency Models]] |
| - | * [[cbdc:private:cbdc_omg:04_doc:15_common:45_privacy:start | National Privacy Considerations ]] | + | * [[cbdc:public:cbdc_omg:04_doc:15_common:30_stablecoins:start| Stablecoins]] |
| - | * [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:start | National Security Considerations ]] | + | * [[cbdc:public:cbdc_omg:04_doc:15_common:45_privacy:start| National Privacy Considerations ]] |
| - | * [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:start | International Considerations]] | + | * [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:start| National Security Considerations ]] |
| - | * [[cbdc:private:cbdc_omg:04_doc:15_common:70_dualnets:start | Dual Payment Networks]] | + | * [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:start| International Considerations]] |
| + | * [[cbdc:public:cbdc_omg:04_doc:15_common:70_dualnets:start| Dual Payment Networks]] | ||
| | | ||
| - | : b. Each question's answer tried to have the same outline when formulating answers: | + | : b. Each question's answer tried to have the same outline when formulating answers: |
| - | * Overview | + | |
| - | * Examples | + | * Overview |
| - | * Discussion of Examples | + | * Examples |
| + | * Discussion of Examples | ||
| - | The results were then collated into a single OMG response that includes a set of overall recommendations | + | The results were then collated into a single OMG CBDC WG response that includes a set of overall recommendations |
| <figure methodology> | <figure methodology> | ||
| - | {{ :cbdc:private:cbdc_omg:04_doc:08_method:screen_shot_2022-05-05_at_1.26.21_pm.png?600 |}} | + | {{ :cbdc:public:cbdc_omg:04_doc:08_method:screen_shot_2022-05-17_at_4.10.42_pm.png?800 |}} |
| - | <caption>Overview of the OMG Methodology used to answer the Federal Reserve Questions.</caption> | + | <caption>Overview of the OMG's CBDC WG Methodology used to answer the Federal Reserve Questions.</caption> |
| </figure> | </figure> | ||
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