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cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:start [2022/05/16 15:27] nick |
cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:start [2022/06/17 17:54] (current) terrance |
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| ====== 4.2 Currency Models ====== | ====== 4.2 Currency Models ====== | ||
| - | [[cbdc:private:cbdc_omg:04_doc:15_common:start| Return to Common Elements]] | + | |< 100% >| |
| + | | [[cbdc:public:cbdc_omg:04_doc:15_common:start| Return to Common Elements]] | <WRAP> | ||
| + | <html><b> | ||
| + | <a href="mailto:[email protected]?Subject=OMG's CBDC WG Response: | ||
| + | 4.2 Currency Models | ||
| + | ">Provide Feedback</a></b> | ||
| + | </html> | ||
| + | </WRAP> | | ||
| ===== Overview ===== | ===== Overview ===== | ||
| - | [[cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models:start | Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:start| Return to Top]] |
| The Bank For International Settlements provides a good explanation of the problems confronting the U.S. Federal Reserve's CBDC effort.(( | The Bank For International Settlements provides a good explanation of the problems confronting the U.S. Federal Reserve's CBDC effort.(( | ||
| Line 14: | Line 21: | ||
| )) | )) | ||
| - | //CBDC is not a well-defined term. It is used to refer to a number of concepts. However, it is envisioned by most to be a new form of central bank money. That is, a central bank liability, denominated in an existing unit of account, which serves both as a medium of exchange and a store of value. This would be an innovation for general purpose users, but not for wholesale entities. Central banks already provide digital money in the form of reserves or settlement account balances held by commercial banks and certain other financial institutions at the central bank. This mix of new and already existing forms of central bank money makes it challenging to precisely define what a CBDC is. __In fact, for purposes of analyzing what may change, it is easier to define a CBDC by highlighting what it is **''NOT''**__:// | + | //CBDC is not a well-defined term. It is used to refer to a number of concepts. However, it is envisioned by most to be a new form of central bank money. That is, a central bank liability, denominated in an existing unit of account, which serves both as a medium of exchange and a store of value. This would be an innovation for general-purpose users, but not for wholesale entities. Central banks already provide digital money in the form of reserves or settlement account balances held by commercial banks and certain other financial institutions at the central bank. This mix of new and already existing forms of central bank money makes it challenging to precisely define what a CBDC is. __In fact, for purposes of analyzing what may change, it is easier to define a CBDC by highlighting what it is **''NOT''**__:// |
| : **//a CBDC is a digital form of central bank money that is different from balances in traditional reserve or settlement accounts.//**(( Reserves and settlement accounts are available in most jurisdictions to “monetary policy counterparties”, i.e. financial institutions that are directly relevant for monetary policy implementation, such as deposit-taking entities, which are generally already granted access to the central bank deposit and lending facilities. In some jurisdictions, account holders may comprise a broader group and include non-monetary counterparties such as treasury, foreign central banks, or certain Financial Markets Infrastructures (FMIs). Some central banks are considering widening access. CBDC would further expand access to digital central bank money, but not to central bank lending facilities. | : **//a CBDC is a digital form of central bank money that is different from balances in traditional reserve or settlement accounts.//**(( Reserves and settlement accounts are available in most jurisdictions to “monetary policy counterparties”, i.e. financial institutions that are directly relevant for monetary policy implementation, such as deposit-taking entities, which are generally already granted access to the central bank deposit and lending facilities. In some jurisdictions, account holders may comprise a broader group and include non-monetary counterparties such as treasury, foreign central banks, or certain Financial Markets Infrastructures (FMIs). Some central banks are considering widening access. CBDC would further expand access to digital central bank money, but not to central bank lending facilities. | ||
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| ===== Taxonomy ===== | ===== Taxonomy ===== | ||
| - | [[cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models:start | Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:start| Return to Top]] |
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| <figure twoTaxonomies> | <figure twoTaxonomies> | ||
| - | {{ :cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models:screen_shot_2022-05-16_at_10.50.17_am.png?700 |}} | + | {{ cbdc:04_doc:15_common:08_currency_models:screen_shot_2022-05-16_at_10.50.17_am.png?700 |}} |
| <caption>Venn Diagrams of Two Taxonomies of New Forms of Money(( | <caption>Venn Diagrams of Two Taxonomies of New Forms of Money(( | ||
| Morten Linnemann Bech, Rodney Garratt, | Morten Linnemann Bech, Rodney Garratt, | ||
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| <figure moneyFlower> | <figure moneyFlower> | ||
| - | {{ :cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models:screen_shot_2022-05-16_at_11.01.59_am.png?700 |}} | + | {{ cbdc:04_doc:15_common:08_currency_models:screen_shot_2022-05-16_at_11.01.59_am.png?700 |}} |
| <caption>The Money Flower: A Venn Diagram of the Taxonomy of Money.(( | <caption>The Money Flower: A Venn Diagram of the Taxonomy of Money.(( | ||
| Morten Linnemann Bech, Rodney Garratt, | Morten Linnemann Bech, Rodney Garratt, | ||
| Line 86: | Line 93: | ||
| For this discussion on CBDC, two different models are used: | For this discussion on CBDC, two different models are used: | ||
| - | * [[cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models:10_cash:start | 4.2.1 Digital Cash Model]] - Tokens | + | * [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:10_cash:start| 4.2.1 Digital Cash Model]] - Tokens |
| - | * [[cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models:15_accounts:start | 4.2.2 Digital Account Model]] - Accounts | + | * [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:15_accounts:start| 4.2.2 Digital Account Model]] - Accounts |
| - | /** <nspages :cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models -tree -r -exclude -subns -pagesInNs -h1 -textNs=""> */ | + | /** <nspages :cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models -tree -r -exclude -subns -pagesInNs -h1 -textNs=""> */ |
| /**=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- | /**=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- | ||
| /* To add a discussion page to this page, comment out the line that says | /* To add a discussion page to this page, comment out the line that says | ||
| - | ~~DISCUSSION:off~~ | + | ~~DISCUSSION: off~~ |
| */ | */ | ||
| ~~DISCUSSION:on|Outstanding Issues~~ | ~~DISCUSSION:on|Outstanding Issues~~ | ||
| ~~DISCUSSION:off~~ | ~~DISCUSSION:off~~ | ||
cbdc/public/cbdc_omg/04_doc/15_common/08_currency_models/start.1652729254.txt.gz · Last modified: 2022/05/16 15:27 by nick
