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The Proposal 

Have a series of meetings on CBDCs driven by the community. 

A list of topics:

  1. CBDC concepts: The CBDC manifesto
  2. CBDC Taxonomy
  3. CBDC Architecture layers (suggested by Mohan Venkataraman)
    1. Use Cases
    2. Policies (Dynamic and context-sensitive)
    3. Rules (Business, Federal etc. change very infrequently) 
    4. Core data structure + behavior
    5. Can all use cases be implemented without changing the lowermost layer (d)
  4. Relevant projects (CBDCs in production or advanced PoCs)
  5. Advantages of CBDCs in digital asset marketplaces (Immediate Payment with no counterparty risk)- suggested by Marvin Bantugan
  6. Technical details of major CBDCs. Hyperledger Fabric seems to be the dlt of choice. 
    1. Digital Rupee,
    2. eCNY,
    3. e-Cedi,
    4. Digital Dollar-
  7. Cross Border CBDCs
  8. Regional CBDCs - Project Abed, other regional currencies
  9. Commercial Bank stablecoins. JPMCoin, others
  10. Bancor and its children, a world coin, an idea whose time has come?

References:

  1. TechSprint 2022 G20 was on CBDCs

  2. TechSprint 2023 G20 

  3. WEF_CBDC_Policymaker_Toolkit
  4. Policy-Objectives-US-CBDC-System (whitehouse.gov)
  5. Design-Choices-for-CBDC_Final-for-web(brookings.edu)
  6. Technical-Design-Choices-US-CBDC-System (whitehouse.gov)
  7. Concept Note on Central Bank Digital Currency, Reserve Bank of India, 10/07/2022, Retrieved May 5, 2023


Digital Rupee

We will kick off discussion on the technical details of the Digital Rupee from collaborators from Hyperledger India chapter on May 17. 

Any use case should address many of the topics below which are more generic (number 1, 2 and 3 in particular). 

Hyperledger India chapter to contribute. People from NPCI who could share what they are permitted are also invited to show up. It would be good to present the main ideas and leave about 20 or so minutes for open discussion.


From https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1360

Shaktikanta Das (RBI Governor):
Digital payments have come to stay, and in the last few years, India has made phenomenal progress in the digital payments space. During the last Finance Minister, Central Governors' (FMCBG) G20 meeting at Bangalore, we showcased various aspects of our digital payments including the UPI, and the CBDC. UPI, we had also launched a few days before the Bangalore meeting. We have launched this facility of enabling travelers from foreign countries to also utilise the UPI to make local payments even though they do not have bank accounts in India.

The linkage with Singapore PayNow and RBI's UPI had just been also launched four, five days before the FMCBG G-20 meeting evinced a lot of interest. Now there is the phenomenal success of UPI in a large and populous country like ours has evoked a lot of interest. Going forward, the RBI and the NPCI are already in discussion with a number of countries to have similar arrangements as we have with Singapore and to also enhance the footprint of the UPI.

e-Rupee, our version of the Central Bank digital currency, was seen with a lot of interest. An eminent person from the international financial sector went to the extent of complementing (sic) the design of our CBDC and added that the only thing he missed in the CBDC was the smell of a new currency note.



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