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Article

From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution

1
Department of Informatics Engineering, University of Coimbra, CISUC, 3004-531 Coimbra, Portugal
2
Faculty of Economics and INESC Coimbra, University of Coimbra, CeBER, 3004-531 Coimbra, Portugal
3
Faculty of Economics, University of Coimbra, CeBER, 3004-531 Coimbra, Portugal
*
Author to whom correspondence should be addressed.
Academic Editor: Sk. Md. Mizanur Rahman
Future Internet 2021, 13(7), 165; https://doi.org/10.3390/fi13070165
Received: 4 June 2021 / Revised: 22 June 2021 / Accepted: 24 June 2021 / Published: 27 June 2021
(This article belongs to the Special Issue The Next Blockchain Wave Current Challenges and Future Prospects)
We analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), to shed some light on the ultimate dematerialization of money. To that end, we made an extensive search that resulted in a review of more than 100 academic and grey literature references, including official positions from central banks. We present and discuss the characteristics of the different CBDC variants being considered—namely, wholesale, retail, and, for the latter, the account-based, and token-based—as well as ongoing pilots, scenarios of interoperability, and open issues. Our contribution enables decision-makers and society at large to understand the potential advantages and risks of introducing CBDCs, and how these vary according to many technical and economic design choices. The practical implication is that a debate becomes possible about the trade-offs that the stakeholders are willing to accept. View Full-Text
Keywords: central bank digital currency (CBDC); bitcoin; cryptocurrencies; digital money central bank digital currency (CBDC); bitcoin; cryptocurrencies; digital money
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MDPI and ACS Style

Cunha, P.R.; Melo, P.; Sebastião, H. From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution. Future Internet 2021, 13, 165. https://doi.org/10.3390/fi13070165

AMA Style

Cunha PR, Melo P, Sebastião H. From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution. Future Internet. 2021; 13(7):165. https://doi.org/10.3390/fi13070165

Chicago/Turabian Style

Cunha, Paulo R., Paulo Melo, and Helder Sebastião. 2021. "From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution" Future Internet 13, no. 7: 165. https://doi.org/10.3390/fi13070165

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