https://www.omgwiki.org/CBDC/ 2026-06-10T22:59:09-0400 https://www.omgwiki.org/CBDC/ https://www.omgwiki.org/CBDC/lib/tpl/dokuwiki/images/favicon.ico text/html 2022-05-16T18:21:34-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:cbdc&rev=1652739694&do=diff Central Bank Digital Currency (CBDC) Return to Glossary Central Bank Digital Currency (CBDC) is defined as 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. Source: text/html 2022-05-18T00:56:32-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:central_bank_money&rev=1652849792&do=diff Central Bank Money Return to Glossary Central Bank Money is a liability of the central bank. In the United States, central bank money comes in the form of physical currency issued by the Federal Reserve and digital balances held by commercial banks at the Federal Reserve. text/html 2022-05-16T18:21:34-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:commercial_bank_money&rev=1652739694&do=diff Commercial Bank Money Return to Glossary Commercial Bank Money is the digital form of money that is most commonly used by the public. Commercial bank money is held in accounts at commercial banks. Source: <https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf> text/html 2022-05-16T18:21:34-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:consumer_privacy&rev=1652739694&do=diff Consumer Privacy Return to Glossary Consumer Privacy is a general-purpose CBDC that generates data about users’ financial transactions in the same ways that Commercial Bank and Nonbank Money generates such data today. In the CBDC Intermediated Model that the Federal Reserve would consider, intermediaries would address privacy concerns by leveraging existing tools. text/html 2022-05-16T18:21:34-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:financial_crimes&rev=1652739694&do=diff Financial Crimes Return to Glossary Financial Crimes are money laundering and the financing of terrorism. Financial institutions must comply with a robust set of rules that are designed to combat Financial Crimes. These rules include customer due diligence, record keeping, and reporting requirements. text/html 2022-05-16T18:21:34-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:identity-verified&rev=1652739694&do=diff Identity-verified Return to Glossary Identity-verified is ... Financial institutions in the United States are subject to robust rules that are designed to combat money laundering and the financing of terrorism. A CBDC would need to be designed to comply with these rules. In practice, this would mean that a CBDC intermediary would need to text/html 2022-05-16T18:21:34-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:intermediated&rev=1652739694&do=diff Intermediated Model Return to Glossary Under an Intermediated Model, the private sector would offer accounts or digital wallets to facilitate the management of CBDC holdings and payments. Potential intermediaries could include commercial banks and regulated Nonbank financial service providers, and would operate in an open market for text/html 2022-05-16T18:21:34-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:nonbank_money&rev=1652739694&do=diff Nonbank Money Return to Glossary Nonbank Money is digital money held as balances at nonbank financial service providers. These firms typically conduct balance transfers on their own books using a range of technologies, including mobile apps. Source: <https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf> text/html 2022-05-16T18:21:34-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:privacy-protected&rev=1652739694&do=diff Privacy-Protected Return to Glossary Privacy-Protected means that the Central Bank Digital Currency (CBDC) protecting consumer privacy is critical. Any CBDC would need to strike an appropriate balance, however, between safeguarding the privacy rights of consumers and affording the transparency necessary to deter criminal activity. text/html 2022-05-16T18:21:34-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:rtp&rev=1652739694&do=diff Real-Time Payments (RTP) Return to Glossary Real-Time Payments (RTP) is a network from The Clearing House. It is a real-time payments' platform that all federally insured U.S. depository institutions are eligible to use for payments innovation. With mobile technology and digital commerce driving the need for safer and faster payments in the U.S., financial institutions of all sizes are taking advantage of the RTP network’s capabilities to create or enhance digital services for their corporat… text/html 2022-06-17T19:50:09-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:start&rev=1655509809&do=diff Appendix B: Glossary Return to Appendices Note: If you need a definition of terms not found within this Glossary, please refer to the OMG DIDO-RA Glossary.Note: You can add new questions here * Central Bank Digital Currency (CBDC) * Central Bank Money * Commercial Bank Money * Consumer Privacy * Financial Crimes * Identity-verified * Intermediated Model * Nonbank Money * Privacy-Protected * Real-Time Payments (RTP) * Transferable Add a new term Return to Top Create a G… text/html 2022-05-16T18:21:34-0400 Anonymous (anonymous@undisclosed.example.com) https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:8_append:20_glossary:transferable&rev=1652739694&do=diff Transferable Return to Glossary For a CBDC to serve as a widely accessible means of payment, it would need to be readily Transferable between customers of different intermediaries. The ability to transfer value seamlessly between different intermediaries makes the payment system more efficient by allowing money to move freely throughout the economy.