Best Before? Expiring Central Bank Digital Currency and Loss Recovery (Extended Abstract)

C. Kahn, M. Oordt, Yu Zhu
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引用次数: 6

Abstract

Many central banks are considering issuing digital cash substitutes. An important property of physical cash payments is resilience —for example, imperviousness to power outages and independence of electronic/network coverage. These properties also make cash payments important in remote communities. Policy makers are considering building similar offline payment functionality into digital cash substitutes, while their digital nature allows for novel features that could make them more desirable than physical cash. This paper analyzes the possibility of introducing an expiry date for offline digital currency balances to automate personal loss recovery. Our results show this functionality could have a substantial positive impact on consumer demand for offline digital currency balances. We also examine the welfare effects of adjustments to the expiry date: small increases from the optimum cause little damage, but small decreases from the optimal expiry date can have a large negative impact. More information sharing between consumers and the central bank can improve loss recovery but has an ambiguous impact on social welfare.
最好的吗?即将到期的央行数字货币与损失追回(扩展摘要)
许多央行正在考虑发行数字现金替代品。实物现金支付的一个重要特性是弹性——例如,不受停电影响和电子/网络覆盖的独立性。这些房产也使得现金支付在偏远社区变得很重要。政策制定者正在考虑将类似的线下支付功能构建为数字现金替代品,而数字现金的数字特性允许其具有比实物现金更受欢迎的新功能。本文分析了为离线数字货币余额引入到期日期以自动恢复个人损失的可能性。我们的研究结果表明,这一功能可能对消费者对线下数字货币余额的需求产生实质性的积极影响。我们还研究了调整到期日的福利效应:从最优到期日开始的小幅增加造成的损害很小,但从最优到期日开始的小幅减少可能会产生很大的负面影响。消费者和央行之间更多的信息共享可以改善损失的恢复,但对社会福利的影响并不明确。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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