Differences

This shows you the differences between two versions of the page.

--- cbdc:public:cbdc_omg:04_doc:15_common:50_international:start [2022/05/09 15:56]
nick ↷ Links adapted because of a move operation
+++ cbdc:public:cbdc_omg:04_doc:15_common:50_international:start [2022/06/17 18:12] (current)
terrance
@@ Line 1: / Line 1: @@
 ====== 4.6 International Considerations ======
-[[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:
+.6 International Considerations
+">Provide Feedback</a></b>
+</html>
+</WRAP>  |
 ===== Overview =====
-[[cbdc:private:cbdc_omg:04_doc:15_common:50_international:start | Return to Top]]
+[[cbdc:public:cbdc_omg:04_doc:15_common:50_international:start| Return to Top]]
 The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:b:bis | Bank for International Settlements (BIS)]] has produced a paper on Central Bank Digital Currencies discussing the foundational principles and core features of a CBDC. The following is an excerpt from the Executive Summary:((
 Bank for International Settlements (BIS),
 Report no 1,
-__Central Bank Digital Currencies - foundational principles and core feature__,
+__Central Bank Digital Currencies - foundational principles and core features__,
 ISBN: 978-92-9259-427-5 (online)
 ,
@@ Line 28: / Line 35: @@
 **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]]
-)) in a **White Paper** named [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]]. These "Desirements" were captured and summarized in a [[cbdc:private:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] conducted by the [[https://www.omg.org/ | Object Management Group ]]. Ultimately, these "Desirements" need to be incorporated into a **CBDC Data Strategy** following the guidelines set by the U.S. government for government entities to develop a Federal Data Strategy.
+)) in a **White Paper** named [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]]. These "Desirements" were captured and summarized in a [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] conducted by the [[https://www.omg.org/ | Object Management Group's ]] CBDC WG. Ultimately, these "Desirements" need to be incorporated into a **CBDC Data Strategy** following the guidelines set by the U.S. government for government entities to develop a Federal Data Strategy.
-The Federal Reserve has suggested a "Desirement" to have the CBDC used internationally and as a mechanism to transfer funds across borders. These "Desirements" need to be added to a Federal Reserve CBDC Data Strategy. For more information, the OMG DIDO-RA provides a discussion on [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.l_regulations:fds | Federal Data Strategy]]. The Federal Reserve and the implementation of the CBDC should formulate their own **Federal Data Strategy**. The Data Strategy should also address matters covered in Section [[cbdc:private:cbdc_omg:04_doc:15_common:45_privacy:start]].
+The Federal Reserve has suggested a "Desirement" have the CBDC used internationally and as a mechanism to transfer funds across borders. These "Desirements" need to be added to a Federal Reserve CBDC Data Strategy. For more information, the OMG DIDO-RA provides a discussion on [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.l_regulations:fds | Federal Data Strategy]]. The Federal Reserve and the implementation of the CBDC should formulate their own **Federal Data Strategy**. The Data Strategy should also address matters covered in Section [[cbdc:public:cbdc_omg:04_doc:15_common:45_privacy:start]].
 Since the Federal Reserve is striving for a CBDC with international appeal, it also needs to develop a Data Strategy, covering [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.l_regulations:data_residency | Data Governance, Compliance and Regulation]]. Table {{ref>dataLocation}} provides some insight into data governance the CBDC needs as part of a **Data Strategy**.
@@ Line 63: / Line 70: @@
 ===== Governance Issues Associated with Data Storage =====
-<nspages :cbdc:private:cbdc_omg:04_doc:15_common:50_international -tree -r -exclude -subns -pagesInNs -h1 -textNs="">
+<nspages :cbdc:public:cbdc_omg:04_doc:15_common:50_international -tree -r -exclude -subns -pagesInNs -h1 -textNs="">
 ===== Examples =====
-[[cbdc:private:cbdc_omg:04_doc:15_common:50_international:start | Return to Top]]
+[[cbdc:public:cbdc_omg:04_doc:15_common:50_international:start| Return to Top]]
-The following "Desirements" are from the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:15_summary:start&do=edit | White Paper]] as identified by the [[https://www.omg.org/ | Object Management Group's ]] report called [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:15_summary:start | White Paper Analysis]]:
+The following "Desirements" are from the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:15_summary:start&do=edit | White Paper]] as identified by the [[https://www.omg.org/ | Object Management Group's ]] CBDC WG report called [[cbdc:public:cbdc_omg:04_doc:12_summary:start | White Paper Analysis]]:
 <table>
-<caption>Example of mapping a subset of requirements identified during the White Paper Analysis conducted by the OMG</caption>
+<caption>Example of mapping a subset of requirements identified during the White Paper Analysis conducted by the OMG's CBDC WG</caption>
 |< 100% 20% ->|
 ^  Category  ^ Desirements  ^
@@ Line 85: / Line 92: @@
 ===== Example Discussion =====
-[[cbdc:private:cbdc_omg:04_doc:15_common:50_international:start | Return to Top]]
+[[cbdc:public:cbdc_omg:04_doc:15_common:50_international:start| Return to Top]]
 <table>
@@ Line 93: / Line 100: @@
 ^ B0009 ^ Provide faster and cheaper payments (including cross-border payments) |<WRAP>
 There is a lot of promise coming from the Blockchain world vis-a-vis decentralization and transactions per second, To a large extent this is driving the Stablecoin Desirements such as: **''B0016''**, **''B0017''**, **''P0015''**, **''P0016''**, **''R0022''**. These promises of a a global and international game changer has performance and cost issues.
+<figure TransactionSpeed>
+{{  :cbdc:public:cbdc_omg:04_doc:15_common:50_international:screen_shot_2022-05-15_at_6.32.42_pm.png?700  |}}
+<caption>Cryptocurrencies Transactions Speeds compared to Visa and Paypal((
+HowMuch.net,
+__Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa or PayPal?__,
+Accessed: 15 May 2022,
+[[https://howmuch.net/articles/crypto-transaction-speeds-compared]]
+))</caption>
+</figure>
   : //For now, any time a new blockchain starts making promises about “beating Visa’s 24,000 tps”, be skeptical and examine the fine print. IOTA’s meant to be fast and scalable, but like a kid who’s terrified of removing the stabilizers from their bike, it still doesn’t function without its coordinator. Hashgraph is also meant to be fast, but it comes with threats to sue anyone who tries to fork it and any blockchain that can be sued isn’t a decentralized network. Come to think of it, it’s more like Visa.//((
@@ Line 108: / Line 125: @@
 </WRAP> |
 ^ B0015 ^ Reduce cross-border costs to benefit: <WRAP>
-  - NO economic growth
+  : 1. NO economic growth
-  - enhance global commerce
+  : 2. enhance global commerce
-  - improve international remittances
+  : 3. improve international remittances
-  - NO reduce inequality
+  : 4. NO reduce inequality
 </WRAP>|<WRAP>
 The U.S. Dollar is already an international global currency.
@@ Line 124: / Line 141: @@
 ))
-However, even though the U.S. Dollar is the //de facto// world currency, that it is partially because it is perceived as a neutral, unbiased, well-managed, and transparent commodity. If the CBDC were to change the rules to make it less well managed, neutral, unbiased, and transparent there will be serious challenges to the U.S. Dollar. Part of the explanation for Bitcoins' adoption was that transactions were perceived to be beyond the purview of the U.S. government, in specific, but other governments as well.
+However, even though the U.S. Dollar is the //de facto// world currency, it is partially because it is perceived as a neutral, unbiased, well-managed, and transparent commodity. If the CBDC were to change the rules to make it less well-managed, neutral, unbiased, and transparent there will be serious challenges to the U.S. Dollar. Part of the explanation for Bitcoins' adoption was that transactions were perceived to be beyond the purview of the U.S. government, in specific, but other governments as well.
   : // Despite trillions of dollars in foreign debt and continuous large deficit spending, the United States still holds global trust and confidence in its ability to pay its obligations. For this reason, the U.S. dollar remains the strongest world currency. It may continue to be the top global currency in the years to come.//
@@ Line 137: / Line 154: @@
 ))
-Part of the reservation about the U.S. Dollar is also attributable to the Snowden revelation. See: [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:30_sovern | Data Sovereignty]] and MacAskill and Dance.((
+Part of the reservation about the U.S. Dollar is also attributable to the Snowden revelation. See: [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:30_sovern| Data Sovereignty]] and MacAskill and Dance.((
 Ewen MacAskill and Gabriel Dance,
 The Guardian,
@@ Line 148: / Line 165: @@
 </WRAP> |
 ^ B0035 ^ Streamline cross-border payments by using: <WRAP>
-  - NO new technologies
+  : 1. NO new technologies
-  - introducing simplified distribution channels
+  : 2. introducing simplified distribution channels
-  - creating additional opportunities for cross-jurisdictional collaboration and interoperability
+  : 3. creating additional opportunities for cross-jurisdictional collaboration and interoperability
 </WRAP>|<WRAP>
 See **''B0015''**.
@@ Line 167: / Line 184: @@
   : //Cross-border payments with CBDCs can be envisioned in two fundamentally different ways://
-    - //A retail CBDC of a given jurisdiction becomes available to anybody inside and outside of that jurisdiction, with no specific coordination between the issuing central banks//
+    : 1. //A retail CBDC of a given jurisdiction becomes available to anybody inside and outside of that jurisdiction, with no specific coordination between the issuing central banks//
-    - //Access and settlement arrangements are established among different retail and/or wholesale CBDCs, built on strong cooperation among central banks//
+    : 2. //Access and settlement arrangements are established among different retail and/or wholesale CBDCs, built on strong cooperation among central banks//
   : //In the __first scenario__ of international use, the CBDC, being digital, could be designed so that it faces no constraints on where and by whom it is used. If the design allows for anonymous payments like cash, it would by default be accessible to foreign residents. In practice, however, relatively few central banks are considering fully anonymous systems (Auer, Cornelli, and Frost (2020)). Alternatively, and in contrast to cash, a CBDC could be designed so as to be subject to certain restrictions on cross-border use imposed by the issuing central bank.//
@@ Line 178: / Line 195: @@
 </WRAP> |
 ^ B0052 ^ Prevent Financial money laundering crimes |<WRAP>
-There is already a rich legal framework in place to cope with [[:cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:40_launder#us_laws_and_regulations | Money Laundering]] within the U.S.; many of these can help prevent money laundering across U.S. borders. One example is the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:us_patriot_act_-_title_iii | US Patriot Act, Title III: Anti-money-laundering to prevent terrorism of 2001]], especially the
+There is already a rich legal framework in place to cope with [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:40_launder#us_laws_and_regulations| Money Laundering]] within the U.S.; many of these can help prevent money laundering across U.S. borders. One example is the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:us_patriot_act_-_title_iii | US Patriot Act, Title III: Anti-money-laundering to prevent terrorism of 2001]], especially the
-  * The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:us_patriot_act_-_title_iii#first_subtitle | First Subtitle]] deals primarily with strengthening banking rules against money laundering, especially on the international stage
+  : 1. The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:us_patriot_act_-_title_iii#first_subtitle | First Subtitle]] deals primarily with strengthening banking rules against money laundering, especially on the international stage
-  * The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:us_patriot_act_-_title_iii#third_subsection | Third Subtitle]] deals with currency smuggling and counterfeiting, including quadrupling the maximum penalty for counterfeiting foreign currency.
+  : 2. The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:us_patriot_act_-_title_iii#third_subsection | Third Subtitle]] deals with currency smuggling and counterfeiting, including quadrupling the maximum penalty for counterfeiting foreign currency.
 Also, [[https://www.law.cornell.edu/uscode/text/18/1956 | 18 U.S. Code § 1956 - Laundering of monetary instruments]] has provisions for international situations:
-  * Unlawful activity, certain offenses against **foreign** nations
+  : 3. Unlawful activity, certain offenses against **foreign** nations
-  * The defendant knew that the property involved was the proceeds of any felony under State, Federal or **foreign** law
+  : 4. The defendant knew that the property involved was the proceeds of any felony under State, Federal or **foreign** law
-  * Defines //"financial transactions"// to include interstate or foreign commerce
+  : 5. Defines //"financial transactions"// to include interstate or foreign commerce
   : **Note:** These laws and regulations need to be reviewed when a U.S. CBDC design is finally ready for testing to ensure the framework is still adequate to protect criminal activities and that CBDC does not open loopholes and backdoors.
@@ Line 192: / Line 209: @@
 </WRAP> |
 ^ P0004 ^ Protect consumer privacy |<WRAP>
-Internationally, a major method of protecting consumer privacy is referred to as [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:15_common:50_international:20_local | Data Localization]]. This section includes examples from Russia, China, India, European Union, and Brazil.
+Internationally, a major method of protecting consumer privacy is referred to as [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:15_common:50_international:20_local | Data Localization]]. This section includes examples from Russia, China, India, European Union, and Brazil.
 Data Localization policies classification ((
@@ Line 211: / Line 228: @@
 </WRAP> |
 ^ P0005 ^ Protect against criminal activity | <WRAP>
-There is already a rich legal framework within the U.S. to protect against criminal activity, which includes international activities (see the [[:cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:start#details_of_national_security_considerations| Details of National Security Considerations]]). Many of these laws and regulations are already well established and operational on the international level.
+There is already a rich legal framework within the U.S. to protect against criminal activity, which includes international activities (see the [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:start#details_of_national_security_considerations| Details of National Security Considerations]]). Many of these laws and regulations are already well established and operational on the international level.
 Some examples:
@@ Line 218: / Line 235: @@
 ** Human Trafficking:** [[https://www.intelligence.senate.gov/laws/intelligence-reform-and-terrorism-prevention-act-2004 | Intelligence Reform and Terrorism Prevention Act of 2004]] The **Intelligence Reform and Terrorism Prevention Act, section 7202** established the Human Smuggling and Trafficking Center to achieve greater integration and overall effectiveness in the U.S. government's enforcement and other response efforts, and to work with foreign governments to address the separate but related issues of alien smuggling, trafficking in persons, and criminal support of clandestine terrorist travel.
-** Drug Trafficking:** [[https://www.law.cornell.edu/uscode/text/18/1952 | 18 U.S. Code § 1952 - Interstate and foreign travel or transportation in aid of racketeering enterprises ]] Five year maximum for traveling or using the mail or instruments of interstate commerce (telephone/**internet**) with intent to facilitate drug trafficking.
+** Drug Trafficking:** [[https://www.law.cornell.edu/uscode/text/18/1952 | 18 U.S. Code § 1952 - Interstate and foreign travel or transportation in aid of racketeering enterprises ]] Five years maximum for traveling or using the mail or instruments of interstate commerce (telephone/**internet**) with intent to facilitate drug trafficking.
 </WRAP>
@@ Line 226: / Line 243: @@
 |< 30% 20% 10% >|
 ^ National Security Consideration  ^  No. of Laws and Regulations  |
-^ [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:10_human_traf | Human Trafficking ]] |  14  |
+^ [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:10_human_traf| Human Trafficking ]] |  14  |
-^ [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:20_drug_traf  | Drug Trafficking  ]] |   9  |
+^ [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:20_drug_traf| Drug Trafficking  ]] |   9  |
-^ [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:30_corrupt    | Corruption        ]] |  10  |
+^ [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:30_corrupt| Corruption        ]] |  10  |
-^ [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:40_launder    | Money Laundering  ]] |  11  |
+^ [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:40_launder| Money Laundering  ]] |  11  |
 ^ Total ^  **44**  |
 </table>
@@ Line 237: / Line 254: @@
 </WRAP> |
 ^ P0006 ^ Garner broad support from key stakeholders |<WRAP>
-See [[cbdc:private:cbdc_omg:04_doc:15_common:05_stakeholder:start]]. The primary international stakeholders in the CBDC effort are identified in [[cbdc:private:cbdc_omg:04_doc:15_common:05_stakeholder:start#non-us_federal_government_oversight_authorities | non-U.S. Federal Government Oversight Authorities]]. This is a minimum set and could include more countries and specific agencies within these countries.
+See [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start]]. The primary international stakeholders in the CBDC effort are identified in [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#non-us_federal_government_oversight_authorities| non-U.S. Federal Government Oversight Authorities]]. This is a minimum set and could include more countries and specific agencies within these countries.
 </WRAP> |
 ^ P0012 ^ The firms that operate interbank payment services are subject to federal supervision |<WRAP>
-This is highly dependent on the [[cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models:start | Currency Model]] or mix of currency models chosen to implement the U.S. CBDC.
+This is highly dependent on the [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:start| Currency Model]] or mix of currency models chosen to implement the U.S. CBDC.
 Existing intermediaries must already follow:
-  * [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:k:kyc | Know Your Customer (KYC)]]
+  : 1. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:k:kyc | Know Your Customer (KYC)]]
-  * [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:c:cdd | Customer Due Diligence]]
+  : 2. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:c:cdd | Customer Due Diligence]]
 As well as take steps to prevent Money Laundering, such as:
-  - Deposit of illicit funds into the financial system
+  : 1. Deposit of illicit funds into the financial system
-  - Transactions designed to conceal the illicit origin of the funds, known as “layering”
+  : 2. Transactions designed to conceal the illicit origin of the funds, known as “layering”
-  - Use of laundered funds to acquire real estate, financial instruments or commercial investments
+  : 3. Use of laundered funds to acquire real estate, financial instruments, or commercial investments
 U.S. Federal law requires a person to report cash transactions of more than \$10,000 by filing IRS Form 8300 PDF, Report of Cash Payments Over \$10,000 received in a Trade or Business. ((
@@ Line 269: / Line 286: @@
 </WRAP> |
 ^ P0024 ^ CBDC would need to comply with the U.S. robust rules |<WRAP>
-Most of the international agrements have to do with detection and prevention of [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:start | National Security]] which is a broad, extensive topic that requires an understanding of the U.S. Laws and Regulations, as well as, international treaties and agreements. Within the context of the CBDC, criminal activity can be one or more of the following:
+Most of the international agreements have to do with the detection and prevention of [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:start| National Security]] which is a broad, extensive topic that requires an understanding of the U.S. Laws and Regulations, as well as, international treaties and agreements. Within the context of the CBDC, criminal activity can be one or more of the following:
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:10_human_traf | Human Trafficking]]
+  : 1. [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:10_human_traf| Human Trafficking]]
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:20_drug_traf | Drug Trafficking]]
+  : 2. [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:20_drug_traf| Drug Trafficking]]
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:30_corrupt | Corruption]]
+  : 3. [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:30_corrupt| Corruption]]
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:40_launder | Money Laundering]]
+  : 4. [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:40_launder| Money Laundering]]
 </WRAP> |
 ^ P0028 ^ Require significant international coordination to address issues such as:<WRAP>
-  - common standards
+  : 1. common standards
-  - infrastructure,
+  : 2. infrastructure,
-  - the types of intermediaries able to access any new infrastructure,
+  : 3. the types of intermediaries able to access any new infrastructure,
-  - legal frameworks
+  : 4. legal frameworks
-  - preventing illicit transactions
+  : 5. preventing illicit transactions
-  - the cost and timing of implementation
+  : 6. the cost and timing of implementation
 </WRAP>|<WRAP>
-** 1. Common Standards:** There are lots of "common standards" that apply to Blockchains and Blockchain technology. The following provides (and describes) standards or lists of standards that apply:
+ : 1. Common Standards:** There are lots of "common standards" that apply to Blockchains and Blockchain technology. The following provides (and describes) standards or lists of standards that apply:
-  * [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.b_stds:tech | DIDO RA - Technical Standard Bodies ]]
+  : a. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.b_stds:tech | DIDO RA - Technical Standard Bodies ]]
-  * [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.b_stds:defact | DIDO RA - de facto Standards Bodies]]
+  : b. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.b_stds:defact | DIDO RA - de facto Standards Bodies]]
 Unfortunately, within the //"blockchain"// world, there is confusion about what constitutes a standard. Often, if something is Open Source, it is considered a standard. However, often these projects lack the rigor needed to be considered a //"standard"//. Also, see the discussion in the DIDO RA on [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.b_stds:defact:todo:start | Talk Openly Develop Openly (TODO)]]. As a contrast, look at the DIDO RA definition of a  [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sdo | Standards Developing Organization (SDO)]].
-** 2. Infrastructure:** The CBDC Infrastructure needs to be considered [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:m:missioncritical | Mission Critical]] since any loss of functionality could be considered a threat to survival. This is why the Desirements: **''B0053''**, **''D0015''**, **''D0016''**, **''D0017''** are in the **White paper**.
+ : 2. Infrastructure:** The CBDC Infrastructure needs to be considered [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:m:missioncritical | Mission Critical]] since any loss of functionality could be considered a threat to survival. This is why the Desirements: **''B0053''**, **''D0015''**, **''D0016''**, **''D0017''** are in the **White paper**.
-** 3. Types of Intermediaries able to access any new infrastructure:**
+ : 3. Types of Intermediaries able to access any new infrastructure:**
 **''B0026''** specifies bridges between legacy and new payment services and will require new infrastructure.
@@ Line 299: / Line 316: @@
 **''D0012''** specifies leveraging existing tools already in use by intermediaries
-** 4. Legal Frameworks:** There are already legal frameworks in place to handle:
+ : 4. Legal Frameworks:** There are already legal frameworks in place to handle:
-  * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:15_common:45_privacy:start | National Privacy Considerations]]
+  : a. [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:15_common:45_privacy:start | National Privacy Considerations]]
-  * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:start  | National Security Considerations]]
+  : b. [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:start  | National Security Considerations]]
-Although these frameworks were developed without a CBDC, they already //"comply with the United States are subject to robust rules"// and are continuously being reviewed, updated, and amended based on new information obtained from the field. As part of this process, these frameworks need to add to the existing frameworks rather than creating new frameworks.
+Although these frameworks were developed without a CBDC, they already //"comply with the United States are subject to robust rules"// and are continuously being reviewed, updated, and amended based on new information obtained from the field. As part of this process, these frameworks need to add to the existing frameworks rather than create new frameworks.
-** 5. Preventing Illicit Transactions:** There are two areas within the existing legal frameworks covering Illicit transactions:
+ : 5. Preventing Illicit Transactions:** There are two areas within the existing legal frameworks covering Illicit transactions:
+  : a. [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:40_launder | Money Laundering]]
-  * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:40_launder | Money Laundering]]
+  : b. [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:30_corrupt | Corruption ]]
-  * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:30_corrupt | Corruption ]]
 Although these frameworks were developed without a CBDC, they already //"comply with the United States are subject to robust rules"// and are continuously being reviewed, updated, and amended based on new information obtained from the field. As part of this process, these frameworks need to add to the existing frameworks rather than create new frameworks.
@@ Line 317: / Line 333: @@
 ^ R0014 ^ **Risk** of not achieving an appropriate balance between safeguarding the privacy rights of consumers and affording the transparency necessary to deter criminal activity |<WRAP>
 This has to be accomplished understanding international treaties, laws and regulations on
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:start | Criminal Activity]].
+  : 1. [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:start| Criminal Activity]].
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:10_residency | Data Residency ]]
+  : 2. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:10_residency| Data Residency ]]
-  * [[:cbdc:private:cbdc_omg:04_doc:15_common:50_international:20_local | Data Localization]]
+  : 3. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:20_local| Data Localization]]
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:30_sovern | Data Sovereignty]]
+  : 4. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:30_sovern| Data Sovereignty]]
 </WRAP> |
 ^ D0002 ^ **Design** should allow the central bank to limit the amount of CBDC an end user could hold |<WRAP>
 The U.S. CBDC would need to work within the confines of the individual country's laws and regulations on:
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:10_residency | Data Residency ]]
+  : 1. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:10_residency| Data Residency ]]
-  * [[:cbdc:private:cbdc_omg:04_doc:15_common:50_international:20_local | Data Localization]]
+  : 2. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:20_local| Data Localization]]
-  * [[:cbdc:private:cbdc_omg:04_doc:15_common:50_international:30_sovern | Data Sovereignty]]
+  : 3. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:30_sovern| Data Sovereignty]]
 </WRAP> |
 ^ D0003 ^ **Design** should allow a limit on the amount of CBDC an end user could accumulate over short periods |<WRAP>
-See: [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q16:start]]
+See: [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q16:start]]
 The U.S. CBDC would need to work within the confines of the individual country's laws and regulations on:
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:10_residency | Data Residency ]]
+  : 1. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:10_residency| Data Residency ]]
-  * [[:cbdc:private:cbdc_omg:04_doc:15_common:50_international:20_local | Data Localization]]
+  : 2. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:20_local| Data Localization]]
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:30_sovern | Data Sovereignty]]
+  : 3. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:30_sovern| Data Sovereignty]]
 </WRAP>|
-^ D0002 ^ **Design** should allow the central bank to limit the amount of CBDC an end user could hold |<WRAP>
-The U.S. CBDC would need to work within the confines of the individual country's laws and regulations on:
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:10_residency | Data Residency ]]
-  * [[:cbdc:private:cbdc_omg:04_doc:15_common:50_international:20_local | Data Localization]]
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:30_sovern | Data Sovereignty]]
-</WRAP> |
 ^ D0009 ^ **Design** should allow for significant foreign demand for CBDC, furthering complicate monetary policy implementation |<WRAP>
-This depends on the [[cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models:start | Currency Model]] used for the CBDC. For
+This depends on the [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:start| Currency Model]] used for the CBDC. For
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:08_currency_models:10_cash:start | Digital Cash Model, it would follow all the same rules as the current physical Dollar models work today.]]
+  : 1. [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:10_cash:start | Digital Cash Model, it would follow all the same rules as the current physical Dollar models work today.]]
 </WRAP> |
 ^ D0013 ^ **Design** should facilitate compliance with a robust set of rules already intended to combat <WRAP>
-  - money laundering
+  : 1. money laundering
-  - the financing of terrorism
+  : 2. the financing of terrorism
-  - customer due diligence
+  : 3. customer due diligence
-  - record-keeping
+  : 4. record-keeping
-  - reporting requirements
+  : 5. reporting requirements
 </WRAP>|<WRAP>
 Criminal Activity is a broad, extensive topic that requires an understanding of the U.S. Laws and Regulations as well as international treaties and agreements. Within the context of the CBDC,  criminal activity can be one more of the following:
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:10_human_traf | Human Trafficking]]
+  : 1. [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:10_human_traf| Human Trafficking]]
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:20_drug_traf | Drug Trafficking]]
+  : 2. [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:20_drug_traf| Drug Trafficking]]
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:30_corrupt | Corruption]]
+  : 3. [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:30_corrupt| Corruption]]
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:40_launder | Money Laundering]]
+  : 4. [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:40_launder| Money Laundering]]
 Customer due diligence and record keeping need to take into account:
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:10_residency | Data Residency ]]
+  : 1. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:10_residency| Data Residency ]]
-  * [[:cbdc:private:cbdc_omg:04_doc:15_common:50_international:20_local | Data Localization]]
+  : 2. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:20_local| Data Localization]]
-  * [[cbdc:private:cbdc_omg:04_doc:15_common:50_international:30_sovern | Data Sovereignty]]
+  : 3. [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:30_sovern| Data Sovereignty]]
 </WRAP>|
@@ Line 386: / Line 396: @@
 ^ D0017 ^ **Design** should include digital payments in areas suffering from large disruption, such as natural disasters | <WRAP>
 See: **''D0015''**
-See: [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q18]], List of Internet outages provided by Wikipedia.
+See: [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q18]], List of Internet outages provided by Wikipedia.
 </WRAP>|
-| **''B''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] |||
+| **''B''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] |||
-| **''P''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]] |||
+| **''P''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]] |||
-| **''R''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations ]] |||
+| **''R''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations ]] |||
-| **''D''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] |||
+| **''D''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] |||
 </table>

OMG Central Bank Digital Currency (OMG-CBDC) Working Group (WG) Wiki

User Tools

Site Tools

Differences

Page Tools