Abstract
Central Bank Digital Currency (CBDC) is a digital currency issued by a central bank. Motivated by the financial crisis and prospect of a cashless society, countries are researching CBDC. Recently, global consideration has been given to paying basic income to avoid consumer sentiment shrinkage and recession due to epidemics. CBDC is coming into the spotlight as the way to manage the public finance policy of nations comprehensively. CBDC is studied by many countries. The bank of the Bahamas released Sand Dollar. Each country’s central bank should consider the situation in which CBDCs are exchanged. The transaction of the CDDB is open data. Transaction registers CBDC exchange information of the central bank in the blockchain. Open data on currency exchange between countries will provide information on the flow of money between countries. This paper proposes a blockchain system and management method based on the ISO/IEC 11179 metadata registry for exchange between CBDCs that records transactions between registered CBDCs. Each country’s CBDC will have a different implementation and time of publication. We implement the blockchain system and experiment with the operation method, measuring the block generation time of blockchains using the proposed method.
Highlights
Global consideration has been given to paying basic income to avoid consumer sentiment shrinkage and recession due to epidemics
This paper proposes a blockchain system based on the ISO/IEC 11179 metadata registry for exchange between Central Bank Digital Currency (CBDC)
(Ethereum), This section evaluates Ethereum and Bitcoin applied to linuxmint the proposed The. This ®section evaluates Ethereum and Bitcoin applied to the proposed system
Summary
Cross-border payments are highly inefficient, and blockchain technology can play a role in improving them. MCBDC Bridge is a multi-currency cross-border project that explores the capabilities of distributed ledger technology (DLT) and studies the application of CBDC to strengthen financial infrastructure. The participating authorities of the project are the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Central Bank of the United Arab Emirates. This project explores how CBDC can be used to address the challenges of cross-country funding delivery, including inefficiency, high cost, low transparency, and compliance. The scope of CBDC issuance for monetary policy and financial stability and payment policy
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