kaal:claim:3606663-038

Conducting monetary policy through a central bank digital currency imposes a requirement on the technology layer: the underlying network protocol must enable the central bank to adjust the money supply at will and to act as lender of last resort with access to unlimited supply.

Source quote, verbatim

Moreover, in order to be able to conduct monetary policy with CBDC, the underlying network protocol would have to enable the central bank to adjust the money supply at will.

From

Kaal, Digital Asset Market Evolution (2020), b) Public Realm, p. 47
https://ssrn.com/abstract=3606663 · source PDF

Cite as

Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

Holds when

CBDC built on a blockchain style protocol
central bank intends to conduct monetary policy through the CBDC

Classification

conditionsupport: arguedtokenomicssystemic-risk

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