Search: CBDC

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RBA Glossary definition for CBDC

CBDC – Central Bank digital currency - used to refer to a digital version of fiat currency, a form of digital money that is a liability of the central bank rather than a commercial bank and which is legal tender. Similar to cash and commercial bank deposits, a CBDC would be denominated in the sovereign currency and convertible at par with other forms of money.

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Valuing Safety and Privacy in Retail Central Bank Digital Currency

11 Apr 2024 RDP 2024-02
Zan Fairweather, Denzil Fiebig, Adam Gorajek, Rochelle Guttmann, June Ma and Jack Mulqueeney
The results suggest that the average consumer attaches no value to the added safety of a CBDC. ... Privacy settings of a CBDC, which can take various forms, look more consequential for the CBDC value proposition.
https://www.rba.gov.au/publications/rdp/2024/2024-02.html

Main Results

11 Apr 2024 RDP 2024-02
Zan Fairweather, Denzil Fiebig, Adam Gorajek, Rochelle Guttmann, June Ma and Jack Mulqueeney
It does not tell us how much Australians value the option of having an RBA account, which is also a relevant policy question when assessing the case for CBDC. ... Privacy settings for CBDC look to be more consequential for uptake than any incremental
https://www.rba.gov.au/publications/rdp/2024/2024-02/main-results.html

Introduction

11 Apr 2024 RDP 2024-02
Zan Fairweather, Denzil Fiebig, Adam Gorajek, Rochelle Guttmann, June Ma and Jack Mulqueeney
A second key feature of our work is its focus on CBDC attitudes of Australians. ... They too use a discrete choice experiment to examine valuations of CBDC characteristics.
https://www.rba.gov.au/publications/rdp/2024/2024-02/introduction.html

Non-technical summary for ‘Valuing Safety and Privacy in Retail Central Bank Digital Currency’

11 Apr 2024 RDP 2024-02
Zan Fairweather, Denzil Fiebig, Adam Gorajek, Rochelle Guttmann, June Ma and Jack Mulqueeney
A retail CBDC is, for the most part, a digital version of cash. ... How much would consumers value the potential privacy characteristics of a retail CBDC?
https://www.rba.gov.au/publications/rdp/2024/2024-02/non-technical-summary.html

Valuing Safety and Privacy in Retail Central Bank Digital Currency

11 Apr 2024 RDP 2024-02
Zan Fairweather, Denzil Fiebig, Adam Gorajek, Rochelle Guttmann, June Ma and Jack Mulqueeney
They too use a discrete choice experiment to examine valuations of CBDC characteristics. ... the distribution of CBDC (Richards et al (2020), with Jones (2022) repeating this sentiment).
https://www.rba.gov.au/publications/rdp/2024/2024-02/full.html

Summary and Discussion

11 Apr 2024 RDP 2024-02
Zan Fairweather, Denzil Fiebig, Adam Gorajek, Rochelle Guttmann, June Ma and Jack Mulqueeney
Privacy settings for a retail CBDC – though it is not yet clear what they would be in practice – look more consequential. ... the distribution of CBDC (Richards et al (2020), with Jones (2022) repeating this sentiment).
https://www.rba.gov.au/publications/rdp/2024/2024-02/summary-and-discussion.html

References

11 Apr 2024 RDP 2024-02
Zan Fairweather, Denzil Fiebig, Adam Gorajek, Rochelle Guttmann, June Ma and Jack Mulqueeney
Bijlsma M, C van der Cruijsen, N Jonker and J Reijerink (2021), ‘What Triggers Consumer Adoption of CBDC?’, De Nederlandsche Bank Working Paper No 709. ... Choi S, B Kim, YS Kim, O Kwon and S Park (2023), ‘Predicting the Payment Preference for CBDC:
https://www.rba.gov.au/publications/rdp/2024/2024-02/references.html

Survey Question for the Discrete Choice Experiment

11 Apr 2024 RDP 2024-02
Zan Fairweather, Denzil Fiebig, Adam Gorajek, Rochelle Guttmann, June Ma and Jack Mulqueeney
For this reason, we avoid the term CBDC altogether, instead relying on more accessible analogies with bank accounts. ... Our privacy options do not capture the complete set of possibilities for retail CBDC either.
https://www.rba.gov.au/publications/rdp/2024/2024-02/survey-question-for-the-discrete-choice-experiment.html