Innovations in technology are driving rapid development of new forms of money. The way global leaders from public and private sectors develop, coordinate and regulate such digital currencies will have profound implications on society’s capacity to harness their benefits and avoid the potentially significant risks they introduce. Two distinct forms of digital currency – central bank digital currency (CBDC) and “stablecoins” – have caught the attention of policy-makers and the private sector in recent years.
This white paper series, composed of eight parts, explores numerous critical topics related to CBDC and stablecoins, including an evaluation of their value proposition for the under-served, identification of key policy and regulatory actions, and discussion of salient technology considerations and trade-offs.
It aims to inform policy-makers, digital currency issuers, financial and civil society organizations, and other stakeholders as to the capabilities, risks, policy imperatives and key technology choices with respect to rapidly evolving stablecoins and CBDC.
"This consortium has built on our long history of public-private cooperation to accelerate necessary and timely conversations for responsible digital currency deployment. It has convened the world's leading policy-makers, payment providers, banks, civil society organizations and start-ups to identify and address critical gaps in research and policy guidance."—Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum
“Investor and consumer protections continue to be imperative for cryptocurrency and stablecoins, and the Digital Currency Governance Consortium focuses on this important topic, making a valuable contribution in mapping consumer risks and regulatory gaps to inform future policy-making.”—Anne Richards, Chief Executive Officer of Fidelity International
“This body of work illustrates where opportunities exist and challenges remain to the establishment of a responsible, equitable, and thriving global financial future in which digital currencies play a significant role. The consortium exemplifies public-private collaboration and includes experts from civil society and academia, reflecting the largest and most diverse set of stakeholders ever to convene on these topics.”—Sheila Warren, Deputy Head of the Centre for the Fourth Industrial Revolution Network, World Economic Forum
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