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--- cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q20:start [2022/04/25 17:34]
nick [Discussion of Examples]
+++ cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q20:start [2022/06/17 19:29] (current)
terrance
@@ Line 1: / Line 1: @@
-====== Question: 20. TBD How could a CBDC be designed to achieve transferability across multiple payment platforms? Would new technology or technical standards be needed? ======
+====== Question: 20. How could a CBDC be designed to achieve transferability across multiple payment platforms? Would new technology or technical standards be needed? ======
-[[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:start| Return to CBDC Benefits, Risks, and Policy Considerations ]]
+|< 100% >|
+| [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:start| Return to Design Considerations ]]  |  <WRAP>
+<html><b>
+<a href="mailto:[email protected]?Subject=OMG's CBDC WG Response:
+Question: 20. How could a CBDC be designed to achieve transferability across multiple payment platforms? Would new technology or technical standards be needed?
+">Provide Feedback</a></b>
+</html>
+</WRAP>  |
 ===== Question =====
-[[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q20| Return to Top]]
+[[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q20:start| Return to Top]]
   * **How could a CBDC be designed to achieve transferability across multiple payment platforms?**
@@ Line 10: / Line 17: @@
 ===== Answer =====
-[[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q20| Return to Top]]
+[[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q20:start| Return to Top]]
-By using a system designed roughly as outlined in section [[cbdc:private:cbdc_omg:04_doc:15_common:70_dualnets:start]], much of the current infrastructure would remain in place and to **achieve transferability across multiple payment platforms** would be very little different than the current system.
+By using a system designed roughly as outlined in section [[cbdc:public:cbdc_omg:04_doc:15_common:70_dualnets:start]], much of the current infrastructure would remain in place and to **achieve transferability across multiple payment platforms** would be very little different than the current system.
 Table {{ref>theoretComponents}} provides the system components of a very simplified, theoretic ACH / CBDC network. Figure {{ref>simpleCbdcFlow}} graphically shows a theoretical, very simplified, dual ACH-CBDC Network Concept. A newly developed Application Programming Interface (API) and a specialized bridge going between the existing ACH Network and the new U.S. CBDC network would allow the existing platforms to work fairly seamlessly.
@@ Line 20: / Line 27: @@
 <table theoretComponents>
 <caption>Theoretical components of a Dual ACH / CBDC System</caption>
+<WRAP>
   * Development of a U.S. CBDC is probably based on Stablecoin Model.
   * Use of an energy-efficient [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.k_consensus:start | Consensus Algorithm]]
   * Development of a **bridge** between the existing [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:ach | Automated Clearing House (ACH) Network]] and the new U.S. CBDC Network
   * Development of a new standardized [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:api | Application Programming Interface (API)]] to connect the outside world to the newly enhanced combined ACH Network and CBDC Network for the existing intermediaries to use for transfers
+</WRAP>
     : **Note:** The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:api | API ]] could be in the form of [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:w:web_service| Web Services]], [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:r:rpc | Remote Procedure Calls (RPC)]], [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:c:corba | Common Object Request Broker Architecture (CORBA)]],  [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:dds | Data Distribution Service (DDS)]] or other interprocess communication mechanisms defined using [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.b_stds:tech:omg:idl&s[]=idl | ISO/OMG Interface Definition Language (IDL)]], [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:w:wsdl | standardized Web Services Interface Language (WSDL)]], etc.
 </table>
@@ Line 29: / Line 38: @@
 <figure simpleCbdcFlow>
-{{  :cbdc:private:cbdc_omg:04_doc:15_common:70_dualnets:screen_shot_2022-04-20_at_2.53.28_pm.png?700 |}}
+{{  cbdc:04_doc:15_common:70_dualnets:screen_shot_2022-04-20_at_2.53.28_pm.png?700 |}}
 <caption>Theoretical Very Simplified Dual ACH-CBDC Network Concept.</caption>
 </figure>
 ===== Examples =====
-[[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q20| Return to Top]]
+[[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q20:start| Return to Top]]
-The "desirements" specified in [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:15_summary:start&do=edit | White Paper]] and identified by the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:15_summary:start | OMG's White Paper Analysis]] as **achieving transferability across multiple payment platforms** are listed in Table {{ref>transReq}}.
+The "desirements" specified in [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] and identified by the [[cbdc:public:cbdc_omg:04_doc:12_summary:start | OMG's CBDC WG White Paper Analysis]] as **achieving transferability across multiple payment platforms** are listed in Table {{ref>transReq}}.
 <table transReq>
-<caption>Examples of **achieving transferability across multiple payment platforms** identified during the White Paper Analysis conducted by the OMG</caption>
+<caption>Examples of **achieving transferability across multiple payment platforms** identified during the White Paper Analysis conducted by the OMG's CBDC WG.</caption>
 |< 100% 20% ->|
-^  Category  ^  Desirements  ^
+^ Category  ^ Desirements  ^
-^ Benefits |  |
+^ Benefits | B0026, B0045, B0046|
-^ Policies and Considerations | |
+^ Policies and Considerations | P0021|
 ^ Risks    | |
-^ Design   | |
+^ Design   | D0015 |
 </table>
   : **Note:** **''B''** = Benefit, **''P''** = Policy, **''R''** = Requirement, **''D''** = Design.
 ===== Discussion of Examples =====
-[[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q20| Return to Top]]
+[[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q20:start| Return to Top]]
-Table {{ref>ezOfUse}} provides discussion points for each of the "desirements" identified by the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:15_summary:start | OMG's White Paper Analysis]] which apply to **achieving transferability across multiple payment platforms**.
+Table {{ref>ezOfUse}} provides discussion points for each of the "desirements" identified by the [[cbdc:public:cbdc_omg:04_doc:12_summary:start | OMG's CBDC WG White Paper Analysis]] which apply to **achieving transferability across multiple payment platforms**.
 <table ezOfUse>
 <caption></caption>
 |< 100% 5% 45% 50%->|
-^  Desirement No.  ^  Desirement Text ^  Comment  ^
+^ Desirement No.  ^ Desirement Text ^ Comment  ^
-^ B0003           ^  1          | Complement, rather than replace, current forms of money and methods for providing financial services  |
+^ B0026 ^ Provide a bridge between legacy and new payment services  | <WRAP>
-^ B0008           ^  3          | Provide entrepreneurs a platform on which to create new financial products and services  |
+The Dual ACH Network and U.S. CBDC Networks presented provides a bridge between the two networks. In order to be used effectively, the use of a standardized [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:api | Application Programmer Interface (API)]] is also recommended.
-^ B0009           ^  3          | Provide faster and cheaper payments (including cross-border payments)         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            </table>
+  : **Note:** The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:api | API ]] could be in the form of Web Services, Remote Procedure Calls (RPC), [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:c:corba | Common Object Request Broker Architecture (CORBA)]],  [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:dds | Data Distribution Service (DDS)]] or other interprocess communication mechanisms defined using [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.b_stds:tech:omg:idl&s[]=idl | ISO/OMG Interface Definition Language (IDL)]], [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:w:wsdl | standardized Web Services Interface Language (WSDL)]], etc.
+</WRAP>|
+^ B0045 ^ Enable rapid and cost-effective payment of taxes | <WRAP>
+The Internal Revenue Service (IRS) would be required to support the ACH/CBDC API and Bridge to make this happen. It is beyond the control of the Federal Reserve.
+</WRAP>|
+^ B0046 ^ Enable rapid and cost-effective delivery of:<WRAP>
+  : 1. wages,
+  : 2. tax refunds
+  : 3. other federal payments
+</WRAP>| <WRAP>
+This would require the employers, the U.S. Benefits agencies, and the Internal Revenue Service (IRS) to support the ACH/CBDC API and Bridge to make this happen.
+</WRAP>|
+^ P0021 ^ The intermediaries would operate in an open market for CBDC services | <WRAP>
+Currently, the Intermediaries operate in an open market that is confined by the Laws and Regulations of the U.S. and Foreign governments when applicable.
+The proposed Dual ACH/CBDC networks would allow the existing Intermediaries to participate in the CBDC services as long as they are compliant with the standardized [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:api | Application Programmer Interface (API)]] and Bridge.
+The proposed Dual ACH/CBDC networks would also allow new Intermediaries to only offer CBDC services.
+</WRAP>|
+^ P0023 ^ CBDC would need to be readily transferable between customers of different intermediaries | <WRAP>
+As long as the Intermediaries use the standardized [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:api | Application Programmer Interface (API)]] and Bridge, all transfers between Intermediaries is possible.
+</WRAP>|
+^ D0015 ^ Design should include any dedicated infrastructure required to provide resilience to threats such as operational disruptions and cybersecurity risks | <WRAP>
+The Dual ACH/CBDC Networks would require the new infrastructure for the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:api | Application Programmer Interface (API)]], the bridges, and the building out of a Distributed Network of Nodes to handle the CBDC transactions and [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.k_consensus:start | Consensus]]. The network of nodes might have any number of node types. Figure {{ref>typesOfNodes}} describes the taxonomy of DIDO Node Types. See [[ https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.2_views:3_taxonomic:3_node_tax:start | OMG DID-RA Node Taxonomy]] for a discussion on the different kinds of nodes.
+</WRAP>|
+| **''B''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] |||
+| **''P''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]] |||
+| **''R''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations ]] |||
+| **''D''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] |||
+</table>

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