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cbdc:public:cbdc_omg:04_doc:15_common:50_international:start [2022/05/17 20:55] nick |
cbdc:public:cbdc_omg:04_doc:15_common:50_international:start [2022/06/17 18:12] (current) terrance |
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| | [[cbdc:public:cbdc_omg:04_doc:15_common:start| Return to Common Elements]] | <WRAP> | | [[cbdc:public:cbdc_omg:04_doc:15_common:start| Return to Common Elements]] | <WRAP> | ||
| <html><b> | <html><b> | ||
| - | <a href="mailto:[email protected]?Subject=OMG CBDC Response: | + | <a href="mailto:[email protected]?Subject=OMG's CBDC WG Response: |
| 4.6 International Considerations | 4.6 International Considerations | ||
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| **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]] | ||
| - | )) 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 ]]. 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" 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]]. | 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]]. | ||
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| ===== Governance Issues Associated with Data Storage ===== | ===== 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=""> |
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| [[cbdc:public: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> | <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% ->| | |< 100% 20% ->| | ||
| ^ Category ^ Desirements ^ | ^ Category ^ Desirements ^ | ||
| Line 102: | Line 102: | ||
| <figure TransactionSpeed> | <figure TransactionSpeed> | ||
| - | {{ :cbdc:private:cbdc_omg:04_doc:15_common:50_international:screen_shot_2022-05-15_at_6.32.42_pm.png?700 |}} | + | {{ :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(( | <caption>Cryptocurrencies Transactions Speeds compared to Visa and Paypal(( | ||
| HowMuch.net, | HowMuch.net, | ||
| Line 209: | Line 209: | ||
| </WRAP> | | </WRAP> | | ||
| ^ P0004 ^ Protect consumer privacy |<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 (( | Data Localization policies classification (( | ||
| Line 317: | Line 317: | ||
| : 4. Legal Frameworks:** There are already legal frameworks in place to handle: | : 4. Legal Frameworks:** There are already legal frameworks in place to handle: | ||
| - | : a. [[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]] |
| - | : b. [[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 create 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:private:cbdc_omg:04_doc:15_common:48_natsec:40_launder | Money Laundering]] | + | : a. [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:40_launder | Money Laundering]] |
| - | : b. [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:15_common:48_natsec:30_corrupt | Corruption ]] | + | : b. [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public: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. | 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. | ||
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| </WRAP> | | </WRAP> | | ||
| ^ D0003 ^ **Design** should allow a limit on the amount of CBDC an end user could accumulate over short periods |<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: | The U.S. CBDC would need to work within the confines of the individual country's laws and regulations on: | ||
| : 1. [[cbdc:public: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 ]] | ||
| Line 353: | Line 353: | ||
| ^ D0009 ^ **Design** should allow for significant foreign demand for CBDC, furthering complicate monetary policy implementation |<WRAP> | ^ D0009 ^ **Design** should allow for significant foreign demand for CBDC, furthering complicate monetary policy implementation |<WRAP> | ||
| This depends on the [[cbdc:public: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 | ||
| - | : 1. [[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> | | </WRAP> | | ||
| ^ D0013 ^ **Design** should facilitate compliance with a robust set of rules already intended to combat <WRAP> | ^ D0013 ^ **Design** should facilitate compliance with a robust set of rules already intended to combat <WRAP> | ||
| Line 396: | Line 396: | ||
| ^ D0017 ^ **Design** should include digital payments in areas suffering from large disruption, such as natural disasters | <WRAP> | ^ D0017 ^ **Design** should include digital payments in areas suffering from large disruption, such as natural disasters | <WRAP> | ||
| See: **''D0015''** | 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>| | </WRAP>| | ||
| | **''B''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] ||| | | **''B''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] ||| | ||
cbdc/public/cbdc_omg/04_doc/15_common/50_international/start.1652835343.txt.gz · Last modified: 2022/05/17 20:55 by nick
