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Author: Admin | 2025-04-28
A comprehensive assessment of the current state of research on CBDC design and the development of an in-depth taxonomy for CBDC design. To accomplish this, a systematic literature review was conducted, analyzing fifty-seven scholarly articles with a focus on three levels: design considerations, options, and types. The analysis revealed that an interdisciplinary and holistic approach is vital for successful CBDC implementation, notwithstanding the existence of distinct design patterns across different countries and contexts. It identified three unique design considerations with ten associated sub-considerations, thirty-two design options, and sixty-seven design types in the existing literature. In response to the gaps identified in the literature, a comprehensive design framework, termed the "Three-Level CBDC Design Framework" or "CBDC Tree," was devised. This model not only encapsulates the complex dynamics of CBDC design but also serves as a significant step of the digital finance world in the near future.This paper investigates the interaction and the directional predictability between the central bank digital currencies (CBDCs) and the major cryptocurrencies and stablecoins during the period between 17 May, 2019–31 December, 2021. To this aim, we employ the "Cross-Quantilogram” model, to examine how and whether the traditional digital currencies react to the CBDC uncertainty and attention shocks. Our findings suggest that CBDC uncertainty index is negatively related to cryptocurrency and stablecoin returns. Furthermore, the CBDC attention index is negatively associated with Bitcoin, Ethereum, XPR and Terra USD, however, it is positively related to Tether, Binance, USD Coin and Dai. Our results are useful for regulators, investors and
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