Lecture

Central Bank Digital Currency: Evolution and Features

Graph Chat

Chat with Graph Search

Ask any question about EPFL courses, lectures, exercises, research, news, etc. or try the example questions below.

DISCLAIMER: The Graph Chatbot is not programmed to provide explicit or categorical answers to your questions. Rather, it transforms your questions into API requests that are distributed across the various IT services officially administered by EPFL. Its purpose is solely to collect and recommend relevant references to content that you can explore to help you answer your questions.

Description

This lecture discusses the evolution of central bank digital currencies (CBDCs) and their key features, such as singleness of currency, ease of use, scalability, and fast transactions. It explores the history of payment systems, from postal giro to modern CBDCs, highlighting the innovations and challenges faced in the process. The presentation also delves into the global impact of giro systems, the role of standards in international payments, and the liberalization of postal giro systems in the late 20th century.

Official source

Related concepts (32)

Payment system

A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible. A common type of payment system, called an operational network, links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment.

Mobile payment

A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of digital wallet. Instead of paying with cash, cheque, or credit cards, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods.

Payment

A payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation/philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Payments can be effected in a number of ways, for example: the use of money, cheque, or debit, credit, or bank transfers, whether through mobile payment or otherwise the transfer of anything of value, such as stock, or using barter, or personal data, the exchange of one good or service for another.

E-commerce payment system

An e-commerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking. Credit cards remain the most common forms of payment for e-commerce transactions. As of 2008, in North America, almost 90% of online retail transactions were made with this payment type.

Digital currency

Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within or even on a stored-value card.

Related lectures (45)

The Science of Machines: From Invention to Evolution

Explores the history and evolution of machines, from invention to technical objects, emphasizing the balance between stability and adaptation.

Distributed Trust: Bitcoin and Blockchain

Explores distributed trust through Bitcoin and blockchain, addressing challenges, technical aspects, and ethical implications of cryptocurrencies.

Science Fiction: Evolution and Influence

Explores the evolution and influence of science fiction literature from the early 20th century.

Decentralized Approach to CBDC

Explores the opportunities and challenges of Central Bank Digital Currencies with a focus on a decentralized approach.

Periodization