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8. Risk of competing Currency Models for the CBDC

There are three categories of Currency Models used within the White Paper and identified in the Object Management Group's - CBDC WG White Paper Analysis

There is little to no explanation of why there are three different models used and no real explanation of when each is appropriate. Without clear guidance, this will continue to plague the U.S. CBDC effort.

Some of the “desirements” point to a Digitial Cash Model (see Table 1) and some point to a Digital Account Model (see Table 2). There also seems to be some confusion about what and how Stablecoins fit into the CBDC. Stablecoins are a variation of the Digital Account Model that use a backing of the U.S. CBDC “coins” by the U.S. Dollar (see Table 3).

It is not impossible for the U.S. CBDC to use some combination of all three of these, BUT a clear vision needs to be developed of how the three models for a U.S. CBDC can coexist or that only one model be selected. Without this, the U.S. CBDC effort will flounder and waste time, money, and effort in the different models working against each other.

Table 1: Mapping a subset of Digital Cash Model requirements identified within the White Paper Analysis conducted by the OMG's CBDC WG.
Category Desirements
Policies and Considerations P0004, P0027, P0029
Risks R0013
Design D0001, D0006, D0007, D0009
Note: B = Benefit, P = Policy, R = Requirement, D = Design.
Table 2: Example of mapping a subset of “desirements” identified during the White Paper Analysis conducted by the OMG's CBDC WG.
Topic Desirements
Digital Account Model
B: B0005, B0010, B0022-4, B0038, B0047, B0048, B0049, B0051, B0054
P: P0002, P0012, P0013, P0017, P0018, P0019, P0020, P0021, P0023, P0024, P0025, P0017, P0028, P0030
R: R0002, R0009, R0012, R0015, R0020, R0023
D: D0001, D0002, D0003, D0005, D0008, D0010, D0012, D0013,
Table 3: Example of mapping a subset of requirements identified during the White Paper Analysis conducted by the OMG's CBDC WG.
Area Desirements
Benefits B0016, B0017, B0021
Policy and Considerations P0008, P0015, P0016
Risks R0010, R0022
cbdc/public/cbdc_omg/04_doc/20_comments/brp/q11/08_risks.txt · Last modified: 2022/06/17 19:08 by terrance
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