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The adoption of decentralized, tamper-proof ledger systems is paving the way for new applications and opportunities in different contexts. While most research aims to improve their scalability, privacy, and governance issues,…
The People's Bank of China (PBOC) has launched an ambitious project to develop a digital currency for use in domestic, retail transactions, and is, by far, the most advanced globally in this regard. In addition to involving a diverse set of…
Blockchain solutions typically assume a synchronous network to ensure consistency and achieve consensus. In contrast, offline transaction systems aim to enable users to agree on and execute transactions without assuming bounded…
Nations around the world are conducting research into the design of central bank digital currency (CBDC), a new, digital form of money that would be issued by central banks alongside cash and central bank reserves. Retail CBDC would be used…
This paper explores the coexistence possibilities of Central Bank Digital Currencies (CBDCs) and blockchain-based cryptocurrencies within a post-quantum computing landscape. It examines the implications of emerging quantum algorithms and…
Money is more than just a numeric value. It embodies trust and moral gravity, and it offers flexible ways to transact. However, the emergence of Central Bank Digital Currency (CBDC) is set to bring about a drastic change in the future of…
We present a scalable architecture for electronic retail payments via central bank digital currency and offer a solution to the perceived conflict between robust regulatory oversight and consumer affordances such as privacy and control. Our…
In India, post the demonetization exercise in 2016, digital payments have become extremely popular. Among them, the volume of transactions using Paytm wallets and UPI (Unified Payment Interface) have grown manifold. The lockdowns due to…
We analyze the risks to bank intermediation following the introduction of a central bank digital currency (CBDC) competing with commercial bank deposits as households' source of liquidity. We revisit the result in the literature regarding…
In an age of financial system digitisation and the increasing adoption of digital currencies, Central Bank Digital Currencies (CBDCs) have emerged as a focal point for technological innovation. Privacy compliance has become a key factor in…
In recent years, electronic retail payment mechanisms, especially e-commerce and card payments at the point of sale, have increasingly replaced cash in many developed countries. As a result, societies are losing a critical public retail…
We propose a Central Bank Digital Currency Evaluation and Verification (CEV) Framework for recommending and verifying technical solutions in the central bank digital currency (CBDC) system. We demonstrate two sub-frameworks: an evaluation…
Central banks are actively exploring central bank digital currencies (CBDCs) by conducting research, proofs of concept and pilots. However, adoption of a CBDC can risk fragmenting both payments markets and retail deposits. In this paper, we…
Decentralized marketplace applications demand fast, cheap and easy-to-use cryptocurrency payment mechanisms to facilitate high transaction volumes. The standard solution for off-chain payments, state channels, are optimized for frequent…
Money transfer is an abstraction that realizes the core of cryptocurrencies. It has been shown that, contrary to common belief, money transfer in the presence of Byzantine faults can be implemented in asynchronous networks and does not…
With the innovation of distributed ledger technology (DLT), often known as blockchain technology, there has been significant growth of digital tokens in the form of cryptocurrencies, stablecoins, and central bank digital currencies. As the…
Off-Chain transactions allow for the immediate transfer of Cryptocurrency between two parties, without delays or unavoidable transaction fees. Such capabilities are critical for mainstream Cryptocurrency adaption. They allow for the…
Decentralized, offline, and privacy-preserving e-cash could fulfil the need for both scalable and byzantine fault-resistant payment systems. Existing offline anonymous e-cash schemes are unsuitable for distributed environments due to a…
The payment channel, which allows two parties to perform micropayments without involving the blockchain, has become a promising proposal to improve the scalability of decentralized ledgers such as Bitcoin and Ethereum. Payment channels have…
Cryptocurrencies came to the world in the recent decade and attempted to offer a new order where the financial system is not governed by a centralized entity, and where you have complete control over your account without the need to trust…