# kaal:claim:3396522-006

**Claim.** Central bank operated wholesale payment systems are at the end of their technological life cycle, running on largely obsolete database designs and computing languages that are very expensive to maintain, which is one reason central banks are experimenting with token designs.

**Type.** empirical  **Support.** evidenced

**Source quote.**

> Central bank- operated wholesale payment systems are already at the end of their technological life cycle, using database designs and computing languages that are largely obsolete and very expensive to maintain.

**From.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, *Stable Cryptocurrencies* (2019), III. Transition to Digital Currencies Started, 2. Early Experimentation, page 20

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies (2019). SSRN: https://ssrn.com/abstract=3396522

**Verify.** sha256 of source PDF `ef5031b16aa53476ed618f0bdf92601cd4affb893692c701134bd9cba3ea8acf` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20et%20al.%20-%202019%20-%20Stable%20Cryptocurrencies.pdf

**Failure mode.** obsolete-payment-infrastructure  (family: transition-and-migration-risk)

**Topics.** systemic-risk

**Keywords.** central-banks, payment-systems, legacy-technology, cbdc, maintenance-cost

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/3808867-040

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.