Related papers: Print Your Money: Cash-Like Experiences with Digit…
E-commerce in today's conditions has the highest dependence on network infrastructure of banking. However, when the possibility of communicating with the Banking network is not provided, business activities will suffer. This paper proposes…
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…
Numerous electronic cash schemes have been proposed over the years - however none have been embraced by financial institutions as an alternative to fiat currency. David Chaum's ecash scheme was the closest to something that mimicked a…
We analyse financial stability and welfare impacts associated with the introduction of a Central Bank Digital Currency (CBDC) in a macroeconomic agent-based model. The model considers firms, banks, and households interacting on labour,…
Electronic cash (e-cash) is a digital alternative to physical currency that allows anonymous transactions between users and merchants. Typically, coins in an e-cash scheme are only dispensed through a central bank. A drawback of this…
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…
Designed to compete with fiat currencies, bitcoin proposes it is a crypto-currency alternative. Bitcoin makes a number of false claims, including: solving the double-spending problem is a good thing; bitcoin can be a reserve currency for…
In the UK, the Bank of England and HM Treasury are exploring a potential UK retail CBDC, the digital pound, with one of their motivations being the potential role of the digital pound as an anchor for monetary and financial stability. In…
We study the problem of preventing double spending in electronic payment schemes in a distributed fashion. This problem occurs, for instance, when the spending of electronic coins needs to be controlled by a large collection of nodes (eg.…
Crypto-assets and central bank digital currencies (CBDCs) are reshaping how value is exchanged in distributed computing environments. These systems combine cryptographic primitives, protocol design, and system architectures to provide…
Quantum money represents an innovative approach to currency by encoding economic value within the quantum states of physical systems, utilizing the principles of quantum mechanics to enhance security, integrity, and transferability. This…
We characterize digital cash as the digital equivalent of physical cash: secure, fungible, decentralized, directly controlled, privacy-preserving; but enhanced with qualitatively new functionality. It is extremely efficiently transferable…
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…
Stablecoins and central bank digital currencies are on the horizon in Asia, and in some cases have already arrived. This paper provides new analysis and a critique of the use case for both forms of digital currency. It provides time-varying…
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…
Bitcoin and other similar digital currencies on blockchains are not ideal means for payment, because their prices tend to go up in the long term (thus people are incentivized to hoard those currencies), and to fluctuate widely in the short…
We introduce blockchains and distributed ledgers and describe their potential applications to money and banking. The analysis compares public and private ledgers and outlines the suitability of various types of ledgers for different…
This article addresses some of the most contentious issues related to privacy in electronic payment systems, particularly the current zeitgeist of proposed solutions for central bank digital currency.
Classical monetary systems regularly subject the most vulnerable majority of the world's population to debilitating financial shocks, and have manifestly allowed uncontrolled global inequality over the long term. Given these basic failures,…
The average cryptocurrency user today faces a difficult choice between centralized custodial wallets, which are notoriously prone to spontaneous collapse, or cumbersome self-custody solutions, which if not managed properly can cause a total…