cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q15:start
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cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q15:start [2022/05/19 01:33] nick |
cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q15:start [2022/06/17 19:22] (current) terrance |
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| | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:start| Return to Design Considerations ]] | <WRAP> | | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:start| Return to Design Considerations ]] | <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: |
| Question: 15. Should a CBDC pay interest? If so, why and how? If not, why not? | Question: 15. Should a CBDC pay interest? If so, why and how? If not, why not? | ||
| ">Provide Feedback</a></b> | ">Provide Feedback</a></b> | ||
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| [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q15:start| Return to Top]] | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q15:start| Return to Top]] | ||
| - | There are three categories of requirements alluded to in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] as identified by the [[https://www.omg.org/ | Object Management Group ]] [[cbdc:public:cbdc_omg:15_summary:start | White Paper Analysis]]: | + | There are three categories of requirements alluded to in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] as identified by the [[https://www.omg.org/ | Object Management Group's ]] CBDC WG [[cbdc:public:cbdc_omg:04_doc:12_summary:start | White Paper Analysis]]: |
| There are three Currency Models that are applicable to the CBDC. | There are three Currency Models that are applicable to the CBDC. | ||
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| <table AccountTypeReqiurements> | <table AccountTypeReqiurements> | ||
| - | <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> |
| ^ Topic ^ Requirements ^ | ^ Topic ^ Requirements ^ | ||
| ^ [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:10_cash:start| Digital Cash Model]] | <WRAP> | ^ [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:10_cash:start| Digital Cash Model]] | <WRAP> | ||
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| [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q15:start| Return to Top]] | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q15:start| Return to Top]] | ||
| - | Many of the OMG-identified "desirements" found in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]] **White Paper** during the [[cbdc:public:cbdc_omg:15_summary:start | White Paper Analysis]] appear to be appropriate of a CBDC "Cash Model". The "Cash Model" uses Digital Money in an analogous model as Cash for CBDC. For example, the requirements **''B0004''** which is a requirement to //"Protect consumer privacy"// is more closely related to a "cash mode" rather than a bank account model. There are no bank accounts required in order to complete a transaction, just "cash" in exchange for goods and services. This is in contrast to checkbooks, debit, or credit card transactions, which are associated with an account offered by intermediary commercial banks and directly tied to an Identity. | + | Many of the OMG CBDC WG-identified "desirements" found in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]] **White Paper** during the [[cbdc:public:cbdc_omg:15_summary:start | White Paper Analysis]] appear to be appropriate of a CBDC "Cash Model". The "Cash Model" uses Digital Money in an analogous model as Cash for CBDC. For example, the requirements **''B0004''** which is a requirement to //"Protect consumer privacy"// is more closely related to a "cash mode" rather than a bank account model. There are no bank accounts required in order to complete a transaction, just "cash" in exchange for goods and services. This is in contrast to checkbooks, debit, or credit card transactions, which are associated with an account offered by intermediary commercial banks and directly tied to an Identity. |
| <table cash> | <table cash> | ||
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| - | Many of the OMG identified requirements found in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]] **White Paper** during the [[cbdc:public:cbdc_omg:15_summary:start | White Paper Analysis]] appear to be appropriate of a CBDC **"Account Model"**. The **"Account Model"** uses Digital Money in an analogous model as Accounts for CBDC. For example, the requirement **''B0005''** is a requirement to //"Protect against criminal activity| In this context, criminal activity is either Money Laundering or Fraud. Fraud is an intentionally deceptive action designed to provide the perpetrator with an unlawful gain or to deny a right to a victim. Types of fraud include tax fraud, credit card fraud, wire fraud, securities fraud, and bankruptcy fraud. Fraudulent activity can be carried out by one individual, multiple individuals, or a business firm as a whole"// is easily associated with **Accounts**. | + | Many of the OMG CBDC WG identified requirements found in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]] **White Paper** during the [[cbdc:public:cbdc_omg:15_summary:start | White Paper Analysis]] appear to be appropriate of a CBDC **"Account Model"**. The **"Account Model"** uses Digital Money in an analogous model as Accounts for CBDC. For example, the requirement **''B0005''** is a requirement to //"Protect against criminal activity| In this context, criminal activity is either Money Laundering or Fraud. Fraud is an intentionally deceptive action designed to provide the perpetrator with an unlawful gain or to deny a right to a victim. Types of fraud include tax fraud, credit card fraud, wire fraud, securities fraud, and bankruptcy fraud. Fraudulent activity can be carried out by one individual, multiple individuals, or a business firm as a whole"// is easily associated with **Accounts**. |
| <table cash> | <table cash> | ||
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| [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q15:start| Return to Top]] | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q15:start| Return to Top]] | ||
| - | The [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] and summarized by the [[https://www.omg.org/ | Object Management Group's ]] [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] provide some insight as to "what's next" with CBDC. The **White Paper** is not intended to advance a specific policy outcome and takes no position on the ultimate desirability of a U.S. CBDC [**''P0008''**]. Furthermore, the Federal Reserve will only take further steps toward developing a CBDC if [**''P0030''**]: | + | The [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] and summarized by the [[https://www.omg.org/ | Object Management Group's ]] |
| + | CBDC WG [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] provide some insight as to "what's next" with CBDC. The **White Paper** is not intended to advance a specific policy outcome and takes no position on the ultimate desirability of a U.S. CBDC [**''P0008''**]. Furthermore, the Federal Reserve will only take further steps toward developing a CBDC if [**''P0030''**]: | ||
| - Research points to benefits for households, businesses, and the economy overall that exceed the downside risks | - Research points to benefits for households, businesses, and the economy overall that exceed the downside risks | ||
cbdc/public/cbdc_omg/04_doc/20_comments/dsn/q15/start.1652938436.txt.gz · Last modified: 2022/05/19 01:33 by nick
