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Title: From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution
Authors: Cunha, Paulo Rupino 
Melo, Paulo 
Sebastião, Helder 
Keywords: Central bank digital currency (CBDC); Bitcoin; Cryptocurrencies; Digital money
Issue Date: Jun-2021
Publisher: MDPI
Project: UIDB/00308/2020 
Volume: 13
Issue: 7
Place of publication or event: Basel, Switzerland
Abstract: We analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), to shed some light on the ultimate dematerialization of money. To that end, we made an extensive search that resulted in a review of more than 100 academic and grey literature references, including official positions from central banks. We present and discuss the characteristics of the different CBDC variants being considered—namely, wholesale, retail, and, for the latter, the account-based, and token-based—as well as ongoing pilots, scenarios of interoperability, and open issues. Our contribution enables decision-makers and society at large to understand the potential advantages and risks of introducing CBDCs, and how these vary according to many technical and economic design choices. The practical implication is that a debate becomes possible about the trade-offs that the stakeholders are willing to accept.
ISSN: 1999-5903
DOI: 10.3390/fi13070165
Rights: openAccess
Appears in Collections:I&D CeBER - Artigos em Revistas Internacionais
I&D INESCC - Artigos e Resumos em Livros de Actas
FEUC- Artigos em Revistas Internacionais

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