Un breve paper sulla (in)utilità delle CBDC

Abstract

A purely peer-to-peer version of electronic cash. The first 8 words of the well known paper of the unknown Satoshi Nakamoto describes perfectly the sense and the ultimate scope of Bitcoin, a protocol designed to solve the double spending problem of e-money in digital environment through a complex mixture of digital signatures based on cryptography, proof of work system aimed to validate the transactions and, above all, a mechanism of reward granting incentives to the nodes of the network. Nothing of these elements can be found in most if not all of the other blockchains (a term never used by Satoshi Nakamoto in his paper). However, Distributed ledger technologies (DLTs) are destined to become a transformative feature of financial markets, both in financial products and in the underlying market infrastructure itself. This brief paper investigates the need for a tokenized form of central bank currency (CBDC’s) identifying privacy problems that could occur in various CBDC designs.