The CBDC Manifesto

The world is exploring CBDCs. Let’s make sure key issues are addressed.

The Manifesto

1. A retail central bank digital currency (CBDC) should have a strong value proposition (SVP) and tangible benefits for citizens. The decision process should start with identifying the problem(s) to be solved with CBDC and evaluating all alternative solutions. The CBDC option should be chosen only if it has a compelling value proposition relative to the best alternatives. If the CBDC option is chosen, SVPs to other digital forms of money are essential. To drive adoption, it is not sufficient to offer a new means of payment that has the same features as today’s means of payment.

Potential SVPs of CBDCs for users are high privacy guarantees, both online and offline capabilities with no need for later third-party approval or validation, low risk as a digital form of default-resistant central bank money, and CBDC value units as part of an independent, sovereign, and sanction-resistant payment infrastructure to ensure monetary sovereignty in uncertain times. For merchants, the SVPs are lower fees than for currently-existing means of payments and instant settlement. For companies/industry features for programmable payments and the use of smart contracts are SVPs.

 

2. A CBDC should provide the highest degree of privacy. In this context, a CBDC should supply technically guaranteed privacy by design and by default, without the need to trust the central bank to preserve privacy. The CBDC can be utilized, ideally, by anonymous payments for small- and medium-sized transactions.

 

3. A CBDC should not be designed in a way to do harm to society, e.g., via very negative interest rates, or via so-called programmable money that restricts the use of money for specific types of expenditures (e.g., special food and beverages, computer games etc.) or that expires after a certain amount of time. A CBDC should be based on principles of self-determination and freedom. 

 

4. The development of a CBDC should follow a collaborative approach involving all stakeholders (central banks, financial institutions, associations, end-users, companies, researchers, etc.) and have a well-defined governance system. The design and development processes should be transparent, public, and open. Ideally, a CBDC should be open-source and use open-source technology to increase transparency.

 

5. The CBDC should exhibit technical, regulatory and usage interoperability, both locally and globally.

Inked

Signatories to the CBDC Manifesto

 

  • Achim Braunsteffer

  • Dr. Achim E. H. Wolf, Innovation A

  • Adam Retkes, CBDC Think Tank Budapest

  • Dr. Adriana Carotenuto

  • Ajibola Soyoye

  • Akira Sasaki

  • Alex Smith

  • Dr. Alexander Rad

  • Alexander Gloy, Lighthouse Investment Management

  • Prof. Dr. Alfredo Muñoz

  • Amnon Samid, BitMint

  • Andre Costa, Free Enterprise Advisors

  • André Kießling

  • Andreas Ebner, GFT Technologies SE

  • Andreas Hartauer

  • Dr. Andreas (Andy) Jobst, Roxe Inc.

  • Animesh Ghosh, KornChain

  • Antonio Lanotte

  • Antony Welfare

  • Ashot Bychkov

  • Balaji Natarajan

  • Barbara Baldwin, InnoValue

  • Barbara Cleve

  • Dr. Benedikt Zoller, ZHAW

  • Benjamin Schmid, First Coin GmbH

  • Benjamin Schellinger, Branch Business & Information Systems Engineering of the Fraunhofer FIT

  • Bernardo Stegmaier, Bitpanda

  • Bernhard Kaufmann

  • Binur Zhalenov, PFTDC of the National Bank of Kazakhstan

  • Brian Becerra Rojas, 21MBulls

  • Carmen Calhoun, CC’s Industries LLC

  • Chris Bruppacher, Swiss Stablecoin AG

  • Christian Pfister

  • Cizar Bachir Brahim, SWNGLOBAL- MetaMUI

  • Clark Parsons, Internet Economy Foundation

  • Clemens Behrend

  • Conrad Kraft

  • Daniel Holk

  • Daniel Dilworth

  • Daniel Stahl, Cryp2D GmbH

  • Daniel Alkan, Severn Consultancy

  • Dániel Szegő

  • Dr. David Tercero-Lucas

  • Dercio Frade

  • Prof. Dr. Deyan Radev, Sofia University

  • Diego Montes Serralde

  • Dieter Emmer

  • Dirk Braun

  • Dominik Merz

  • Esosa Orhue, E-Warehouse Consulting

  • Eugenio Reggianini

  • F. Altenburg, Ons Geld

  • Felix Bekemeier

  • Fernando L. B. Marques, University of Sao Paulo

  • Francesco Mazzetti

  • Francis Souza, ACI Worldwide

  • Frédéric Tronnier

  • Gann-Jiun Lin, Aimichia Technology., CO., LTD.

  • Georg Lanzinger

  • Dr. Gerald Hessenberger

  • Gerrit Van Walkenhorst, Stichting Ons Geld (Our Money Foundation)

  • Dr. Gianluca D’Imperio

  • Gourav Roy, BCG

  • Gurinder Dua

  • Hamit Boyraz, Finwise Consulting

  • Hamza Mohammed Ali

  • Prof. Dr. Horst Treiblmaier

  • Ian Gerstgrasser, DERA

  • Iván Manso Arenal, Accenture

  • J.P. Nolan

  • Jafar Mussaid, Nuqud

  • Jan Spörer

  • Jannah Patchay

  • Jaskaran Singh

  • Dr. Javier Jorge Vázquez, Catholic University of Ávila

  • Jeremi Van den Berghe

  • Johan Zijlstra

  • Johannes Sedlmeir

  • John Kiff, CBDC Think Tank

  • Dr. Jonas Gross

  •  

  • Kamlesh Nagware

  • Katarina Mattmuller

  • Khang Vu Tien

  • Dr. Kombe Kaponda, Bank of Zambia

  • Lena Grale

  • Lennart Schuldt

  • Lukas Kress

  • Luki Song, FirstBank

  • Mahmoud Jawwad, Nova Blockchain Club

  • Makis Malioris

  • Marcel Knobloch

  • Dr. Mark Yama Tampuri Jnr

  • Dr. Martijn van der Linden, The Hague University of Applied Sciences

  • Martin Debusmann

  • Melvina Markmann

  • Dr. Michael Gebert, European Blockchain Association

  • Mickaël Gaborit, Blooo

  • Nadine Kanaan

  • Navin Oswal

  • Neo Lin, Qianyuhui International Environmental Investment

  • Neslihan Ozkan

  • Dr. Nicola Davolio, Hupry

  • Nirinasoa Rajaona

  • Oliver Naegele

  • Pallavi Thakur

  • Pascal Kaiser

  • Patricia Suárez, ASUFIN

  • Paul McOlaka

  • Dr. Peter Slivka, Zota Payment Technologies AG

  • Phil Haunhorst, Obius

  • Prof. Dr. Philipp Sandner, Frankfurt School Blockchain Center

  • Pier Mario, Lupinu

  • Prakash Neupane, Exploreby Technology

  • Rajib Ghosh, KornChain Limited

  • Raphael Sperling, Tax Sparrow

  • Richard Turrin

  • Richard Weals, Learn Trade Transform Ltd

  • Dr. Ritesh Jain, Infynit / Former COO HSBC

  • Rungrot Tatiyawongwiwat

  • Dr. Samuel De Gannes, De Gannes Technolgies Inc.

  • Sarah Palurovic

  • Sascha Braband

  • Sathyanarayanan Sridharan

  • Selin Sezer

  • Prof. Dr. Sergio Luis Náñez Alonso, Dekis Research Group

  • Sheilla Olga, INATBA

  • Simon Soppart

  • Sophie Aurelly Ngouakang Tchinda, Tchinsop law firm, Douala-Cameroon

  • Stavros Goulas

  • Dr. Stephan Simon

  • Stephan Dreyer

  • Sunny Jiang, MaasValley

  • Dr. Talha Ocal

  • Tamara Ferreira Schmidt

  • Tan Gürpinar, Blockchain Europe

  • Tatiana Matersheva-Indlekofer

  • Tilemachos Angelitsas, Omnis Engineering Services PC

  • Tom Dapp, KfW Digital Office

  • Tomasz Wawron

  • Tomaž Fleischman

  • Tommy Cooksey

  • Ubasinachi Nkume, Clplegal

  • Valentin Seehausen, Open Currency Technology

  • Valeria Aragonés Díaz

  • Vid Hribar, RBI AG

  • Vidyashankar Ramalingam

  • Vito Domizio

  • Xavier Lavayssière, ECAN

  • Zvinodashe Mupambirei

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