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| ====== 3.0 White Paper Analysis ====== | ====== 3.0 White Paper Analysis ====== | ||
| - | [[cbdc:public:cbdc_omg:start| OMG Responses to Federal Reserve Discussion Paper]] | + | [[cbdc:public:cbdc_omg:start| OMG's CBDC WG Responses to Federal Reserve Discussion Paper]] |
| + | |< 100% >| | ||
| + | | [[cbdc:public:cbdc_omg:04_doc:start| Return to the Main Document]] | <WRAP> | ||
| + | <html><b> | ||
| + | <a href="mailto:[email protected]?Subject=OMG's CBDC WG Response: | ||
| + | 3.0 White Paper Analysis | ||
| + | ">Provide Feedback</a></b> | ||
| + | </html> | ||
| + | </WRAP> | | ||
| A breakdown of the **White Paper** discussion of a U.S. CBDC and the Desirements(( | A breakdown of the **White Paper** discussion of a U.S. CBDC and the Desirements(( | ||
| - | **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 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]] | ||
| - | )) for that effort. Each Desirement is identified as to the page it was found on, its classification as a Benefit, Policy, Risks, Design, and a brief actionable statement. | + | )) for that effort. Each Desirement is identified with the page number it is found on, its classification as a Benefit, Policy, Risks, Design, and a brief actionable statement. |
| ===== Executive Summary ===== | ===== Executive Summary ===== | ||
| - | [[cbdc:cbdc_omg:04_doc:12_summary:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:12_summary:start| Return to Top]] |
| The following is the **Executive Summary** provided 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]](( | The following is the **Executive Summary** provided 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]](( | ||
| Line 21: | Line 29: | ||
| : //This paper is the first step in a public discussion between the Federal Reserve and stakeholders | : //This paper is the first step in a public discussion between the Federal Reserve and stakeholders | ||
| - | about [[cbdc:cbdc_omg:8_append:20_glossary:cbdc| Central Bank Digital Currencies (CBDCs)]]. For the purpose of this paper, a CBDC is defined as | + | about [[cbdc:public:cbdc_omg:8_append:20_glossary:cbdc| Central Bank Digital Currencies (CBDCs)]]. For this paper, a CBDC is defined as |
| a digital liability of a central bank that is widely available to the general public. In this respect, it is | a digital liability of a central bank that is widely available to the general public. In this respect, it is | ||
| analogous to a digital form of paper money. The paper has been designed to foster a broad and | analogous to a digital form of paper money. The paper has been designed to foster a broad and | ||
| - | transparent public dialogue about CBDCs in general, and about the potential benefits and risks of | + | transparent public dialogue about CBDCs in general and about the potential benefits and risks of |
| a U.S. CBDC. The paper is not intended to advance any specific policy outcome, nor is it intended | a U.S. CBDC. The paper is not intended to advance any specific policy outcome, nor is it intended | ||
| to signal that the Federal Reserve will make any imminent decisions about the appropriateness of | to signal that the Federal Reserve will make any imminent decisions about the appropriateness of | ||
| Line 30: | Line 38: | ||
| ===== Preparation for Responses to the Request for Comments ===== | ===== Preparation for Responses to the Request for Comments ===== | ||
| - | [[cbdc:cbdc_omg:04_doc:12_summary:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:12_summary:start| Return to Top]] |
| - | In order to provide answers to the 22 questions requested by the Federal Reserve in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]], it is important to summarize the rest of the content of the **White Paper** so as to help provide context for the questions in the White Paper and OMG's answers to these questions. The questions fall into two major categories: | + | In order to provide answers to the 22 questions requested by the Federal Reserve in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]], it is important to summarize the rest of the content of the **White Paper** to help provide context for the questions in the White Paper and OMG's CBDC WG answers to these questions. The questions fall into two major categories: |
| * CBDC Benefits, Risks, and Policy Considerations | * CBDC Benefits, Risks, and Policy Considerations | ||
| * CBDC Design | * CBDC Design | ||
| - | In order for the [[cbdc:cbdc_omg:04_doc:04_intro:start#about_the_object_management_group| Object Management Group (OMG) ]] to prepare responses to the questions in the **White Paper**, the OMG has taken a traditional Systems Engineering approach to understanding the problem by dissecting it into smaller, more manageable pieces based on the stated objectives outlined in the **White Paper**. We noted four major objectives: | + | In order for the [[cbdc:public:cbdc_omg:04_doc:04_intro:start#about_the_object_management_group| Object Management Group's (OMG) ]] CBDC WG to prepare responses to the questions in the **White Paper**, the OMG's CBDC WG has taken a traditional Systems Engineering approach to understanding the problem by dissecting it into smaller, more manageable pieces based on the stated objectives outlined in the **White Paper**. We noted four major objectives: |
| - | * [[cbdc:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] | + | * [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefit_considerations| Benefit Considerations ]] |
| - | * [[cbdc:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]] | + | * [[cbdc:public:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]] |
| - | * [[cbdc:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations ]] | + | * [[cbdc:public:cbdc_omg:04_doc:12_summary:start#risk_considerations| Risk Considerations ]] |
| - | * [[cbdc:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] | + | * [[cbdc:public:cbdc_omg:04_doc:12_summary:start#design_considerations| Design Considerations]] |
| ==== Methodology ==== | ==== Methodology ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:12_summary:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:12_summary:start| Return to Top]] |
| - | The **White Paper** was read linearly (i.e., from top to bottom) with each statement classified as describing or providing: Background, Benefits, Policy Considerations, Risks, or Design. The sentences were then copied into the appropriate table (e.g., Table {{ref>Benefits}}, Benefits) in this White Paper Overview. Statements in the **White Paper** that provided Background were not transcribed into any table. This does not mean these Background statements were unimportant; they were used to provide definitions and context for the Benefits, Policy Considerations, Risks, or Design statements captured in the tables below. | + | The **White Paper** was read linearly (i.e., from top to bottom) with each statement classified as describing or providing: Background, Benefits, Policy Considerations, Risks, or Design. The sentences were copied into the appropriate table (e.g., Table {{ref>Benefits}}, Benefits) in this White Paper Overview. Statements in the **White Paper** that provided Background were not transcribed into any table. This does not mean these Background statements were unimportant; they were used to provide definitions and context for the Benefits, Policy Considerations, Risks, or Design statements captured in the tables below. |
| - | : **Note:** Some of the statements have been edited to allow them to be standalone and written in the form of an "action". For future iterations, these statements need be written as requirements. See: [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:00_aboutreq:07_reqspec | Specifying Requirements]] in the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra | Distributed Immutable Data Object - References Architecture (DIDO-RA)]]. | + | : **Note:** Some of the statements have been edited to allow them to be standalone and written in the form of an "action". For future iterations, these statements need to be written as requirements. See: [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:00_aboutreq:07_reqspec | Specifying Requirements]] in the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra | Distributed Immutable Data Object - References Architecture (DIDO-RA)]]. |
| ==== Benefit Considerations ==== | ==== Benefit Considerations ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:12_summary:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:12_summary:start| Return to Top]] |
| - | The following are the [[cbdc:cbdc_omg:8_append:20_glossary:cbdc| U.S. CBDC]] **Benefits** identified in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]]: | + | The following are the [[cbdc:public:cbdc_omg:8_append:20_glossary:cbdc| U.S. CBDC]] **Benefits** identified in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]]: |
| <table Benefits> | <table Benefits> | ||
| <caption>The Benefits identified in the **White Paper**</caption> | <caption>The Benefits identified in the **White Paper**</caption> | ||
| ^ Desirement No. ^ Page No. ^ Desirement(( | ^ Desirement No. ^ Page No. ^ Desirement(( | ||
| - | **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]] | ||
| )) ^ | )) ^ | ||
| Line 106: | Line 114: | ||
| ^ B0021 ^ 13 | Maintain value by not using backing by an underlying asset | | ^ B0021 ^ 13 | Maintain value by not using backing by an underlying asset | | ||
| ^ B0022 ^ 13 | Provide a CBDC that is:<WRAP> | ^ B0022 ^ 13 | Provide a CBDC that is:<WRAP> | ||
| - | : 1. [[cbdc:cbdc_omg:8_append:20_glossary:privacy-protected| Privacy-Protected ]] | + | : 1. [[cbdc:public:cbdc_omg:8_append:20_glossary:privacy-protected| Privacy-Protected ]] |
| - | : 2. [[cbdc:cbdc_omg:8_append:20_glossary:intermediated| Intermediated]] | + | : 2. [[cbdc:public:cbdc_omg:8_append:20_glossary:intermediated| Intermediated]] |
| - | : 3. [[cbdc:cbdc_omg:8_append:20_glossary:transferable| Widely Transferable]] | + | : 3. [[cbdc:public:cbdc_omg:8_append:20_glossary:transferable| Widely Transferable]] |
| - | : 4. [[cbdc:cbdc_omg:8_append:20_glossary:identity-verified| Identity-Verified]] | + | : 4. [[cbdc:public:cbdc_omg:8_append:20_glossary:identity-verified| Identity-Verified]] |
| </WRAP>| | </WRAP>| | ||
| ^ B0023 ^ 14 | Create a liability to the Federal Reserve | | ^ B0023 ^ 14 | Create a liability to the Federal Reserve | | ||
| Line 162: | Line 170: | ||
| ^ B0049 ^ 16 | Promote access to credit | | ^ B0049 ^ 16 | Promote access to credit | | ||
| ^ B0050 ^ 16 | Extend Public Access to Safe Central Bank Money | | ^ B0050 ^ 16 | Extend Public Access to Safe Central Bank Money | | ||
| - | ^ B0051 ^ 19 | Generate data about users’ financial transactions similar to the current Commercial Bank(( Commercial banks include banks licensed either by federal or state banking agencies, credit unions, and thrifts from the **White Paper**. )) and [[cbdc:cbdc_omg:8_append:20_glossary:nonbank_money]] | | + | ^ B0051 ^ 19 | Generate data about users’ financial transactions similar to the current Commercial Bank(( Commercial banks include banks licensed either by federal or state banking agencies, credit unions, and thrifts from the **White Paper**. )) and [[cbdc:public:cbdc_omg:8_append:20_glossary:nonbank_money]] | |
| ^ B0052 ^ 19 | Prevent Financial money laundering crimes | | ^ B0052 ^ 19 | Prevent Financial money laundering crimes | | ||
| ^ B0053 ^ 20 | Provide resiliency to threats to existing payment services—including: <WRAP> | ^ B0053 ^ 20 | Provide resiliency to threats to existing payment services—including: <WRAP> | ||
| Line 172: | Line 180: | ||
| ==== Policy Considerations ==== | ==== Policy Considerations ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:12_summary:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:12_summary:start| Return to Top]] |
| - | The following are the [[cbdc:cbdc_omg:8_append:20_glossary:cbdc| U.S. CBDC]] **Policy Considerations** identified in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]]: | + | The following are the [[cbdc:public:cbdc_omg:8_append:20_glossary:cbdc| U.S. CBDC]] **Policy Considerations** identified in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]]: |
| <table> | <table> | ||
| Line 237: | Line 245: | ||
| ==== Risk Considerations ==== | ==== Risk Considerations ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:12_summary:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:12_summary:start| Return to Top]] |
| - | The following are the [[cbdc:cbdc_omg:8_append:20_glossary:cbdc| U.S. CBDC]] **Risks** identified in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]]: | + | The following are the [[cbdc:public:cbdc_omg:8_append:20_glossary:cbdc| U.S. CBDC]] **Risks** identified in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]]: |
| <table> | <table> | ||
| <caption>The Risks identified in the **White Paper**</caption> | <caption>The Risks identified in the **White Paper**</caption> | ||
| Line 285: | Line 293: | ||
| ==== Design Considerations ==== | ==== Design Considerations ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:12_summary:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:12_summary:start| Return to Top]] |
| <table> | <table> | ||
cbdc/public/cbdc_omg/04_doc/12_summary/start.1652739498.txt.gz · Last modified: 2022/05/16 18:18 by nick
