Central banks around the world are exploring and in some cases even piloting central bank
digital currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities,
including direct government disbursements to citizens, frictionless consumer payment and
money-transfer systems, and a range of new financial instruments and monetary policy
levers. CBDCs also give rise, however, to a host of challenging technical goals and design
questions that are qualitatively and quantitatively different from those in existing government …

Central banks around the world are exploring and in some cases even piloting Central Bank
Digital Currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities,
including direct government disbursements to citizens, frictionless consumer payment and
money-transfer systems, and a range of new financial instruments and monetary policy
levers. CBDCs also give rise, however, to a host of challenging technical goals and design
questions that are qualitatively and quantitatively different from those in existing government …