Yesterday the Bank for International Settlements (BIS) published a research paper entitled “Permissioned distributed ledgers and the governance of money“.
The authors Raphael Auer, Cyril Monnet and Hyun Song Shin note that other economic research into central bank digital currencies (CBDC) has focused on the impact on balance sheets and the financial system. Instead, their research looks at governance.
The authors conclude: “Our results suggest that a centralised ledger is likely to be superior, unless weaknesses in the rule of law and contract enforcement necessitate a decentralised ledger.”
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