# kaal:claim:3606663-038

**Claim.** 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.

**Type.** condition  **Support.** argued

**Holds when.**

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

**Source quote.**

> 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, page 47

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

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Topics.** tokenomics, systemic-risk

**Keywords.** cbdc, monetary-policy, protocol-design, central-banks, money-supply

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