Standard Kepler

Report: Central Bank Digital Currencies

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We have previously identified Central Bank Digital Currencies (CBDC) as one of the more promising potential applications of Distributed Ledger Technology (DLT). As is made evident in Figure 1, a number of CBDC projects have been launched for purposes of evaluating the suitability of blockchain in future payment systems.

Financial market infrastructures (FMIs) are critically important institutions responsible for providing clearing, settlement and the recording of financial transactions. FMIs are trusted third parties between financial institutions, using centralized ledgers to record and track transactions. FMI operators display significant interest in technology that may increase the efficiency of FMIs, and three key waves of exploratory CBDC DLT projects have been launched to date…


  1. Introduction
  2. Retail Payment Systems
    • What is money?
    • Retail payment systems and DLT
  3. Wholesale Payment Systems
    • Wholesale payment systems and DLT
    • R3’s Corda
    • Hyperledger’s Fabric
    • JP Morgan’s Quorum
    • Comparing Corda, Fabric, and Quorum
  4. References

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