As central banks all over the world move to digitize cash, issue of privacy needs forefront. The path taken may depend on each stakeholder group: privacy-conscious users, data holders, and law enforcement.

We present an automated market-making (AMM) cross-settlement mechanism for digital assets on interoperable blockchains, focusing central bank currencies (CBDCs) and stable coins. develop innovative approach generating fair exchange rates on-chain consistent with traditional off-chain markets. illustrate the efficacy of our realized FX G-10 currencies.

Digital currencies represent a new method for exchange and investment that differs strongly from any other fiat money seen throughout history. A digital currency makes it possible to perform all financial transactions without the intervention of a third party to act as an arbiter of verification; payments can be made between two people with degrees of anonymity, across continents, at any denomi...

We analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), shed some light on ultimate dematerialization of money. To that end, we made an extensive search resulted in a review more than 100 academic and grey literature references, including positions central banks. present discuss characteristics different CBDC variants being considered—namely, wholesale, re...

In this paper we utilize the main findings from the recent literature to set the economic foundation for the existence of money, its modern interpretation as “memory” (Chokerlakota 1998) and how the Blockchain technology has empowered crypto currencies to perform this role in the information age.  To locate the issue in a historical perspective and in line with this strand of thought, we consid...

Digital currencies have flourished in recent years, buoyed by the tremendous success of Bitcoin. These blockchain-based currencies, called altcoins, are associated with a few thousand to millions of dollars of market capitalization. Altcoins have attracted enthusiasts who enter the market by mining or buying them, but the risks and rewards could potentially be significant, especially when the m...

Abstract Stablecoins and central bank digital currencies are on the horizon in Asia, some cases have already arrived. This paper provides new analysis a critique of use case for both forms currency. It time-varying estimates devaluation risk leading stablecoin, Tether, using data from futures market. describes formidable obstacles to widespread cross-border transactions, context which their uti...