Mission & Scope
SIG-CBDC is dedicated to the academic study of central bank digital currencies and their implications for monetary policy, financial stability, and the payments landscape. Our mission is to provide independent, rigorous research that informs policy decisions and advances understanding of digital sovereign currencies.
We investigate CBDC design choices, including retail vs. wholesale implementations, account-based vs. token-based systems, and the trade-offs between privacy, programmability, and regulatory compliance. Our research engages with central banks, regulators, and the broader academic community.
Research Focus Areas
- CBDC Design: Architectural choices, token models, and technical infrastructure for retail and wholesale CBDCs
- Monetary Policy: Impact of CBDCs on money supply, interest rate transmission, and central bank operations
- Financial Stability: Bank disintermediation risks, run dynamics, and macroprudential implications
- Privacy & Compliance: Balancing user privacy with AML/KYC requirements and regulatory needs
- Cross-border Payments: Multi-CBDC arrangements, FX implications, and international settlement
- Programmable Money: Smart contracts on CBDCs, conditional payments, and policy implementation
- Financial Inclusion: CBDC design for underbanked populations and emerging economies
Current Research Themes
Active research within our SIG includes:
- Digital Euro design and implementation challenges
- mBridge and multi-CBDC cross-border platforms
- Offline CBDC functionality and resilience
- CBDC interest rate design and monetary policy transmission
- Privacy-enhancing technologies for CBDCs
- CBDC adoption drivers and user behavior
- Wholesale CBDC for securities settlement
- CBDC and stablecoin coexistence frameworks
Publications & Working Papers
SIG-CBDC members contribute to leading venues including:
- Digital Finance (Springer)
- Journal of Monetary Economics
- Journal of Financial Economics
- BIS Working Papers
- ECB Occasional Papers
- IMF Fintech Notes
Working papers from SIG members will be listed here upon publication.
Recommended Reading
Foundational Reports
- Bank for International Settlements (2020). "Central Bank Digital Currencies: Foundational Principles and Core Features." BIS Report
- European Central Bank (2020). "Report on a Digital Euro." ECB Report
- Auer, R., & Boehme, R. (2020). "The Technology of Retail Central Bank Digital Currency." BIS Quarterly Review, March. BIS
Academic Research
- Brunnermeier, M.K., & Niepelt, D. (2019). "On the Equivalence of Private and Public Money." Journal of Monetary Economics, 106, 27-41. DOI
- Fernandez-Villaverde, J., Sanches, D., Schilling, L., & Uhlig, H. (2021). "Central Bank Digital Currency: Central Banking for All?" Review of Economic Dynamics, 41, 225-242. DOI
- Keister, T., & Sanches, D. (2023). "Should Central Banks Issue Digital Currency?" Review of Economic Studies, 90(1), 404-431. DOI
- Andolfatto, D. (2021). "Assessing the Impact of Central Bank Digital Currency on Private Banks." Economic Journal, 131(634), 525-540. DOI
Policy Papers
- Auer, R., Frost, J., Gambacorta, L., Monnet, C., Rice, T., & Shin, H.S. (2022). "Central Bank Digital Currencies: Motives, Economic Implications and the Research Frontier." Annual Review of Economics, 14, 697-721. DOI
- Kosse, A., & Mattei, I. (2023). "Making Headway - Results of the 2022 BIS Survey on CBDCs and Crypto." BIS Papers, No 136. BIS
How to Join
Membership in SIG-CBDC is open to all SDF members with research interests in central bank digital currencies. To join:
- Become an SDF member (if not already)
- Express your interest by contacting the SIG leadership
- Participate in SIG activities and contribute to collaborative research