Hazem Danny Al-Nakib

Geoffrey Goodell, Hazem Danny Al-Nakib, Tomaso Aste

Nations around the world are conducting research into the design of central bank digital currency (CBDC), a new, digital form of money that would be issued by central banks alongside cash and central bank reserves. Retail CBDC would be used by individuals and businesses as form of money suitable for routine commerce. An important motivating factor in the development of retail CBDC is the decline of the popularity of central bank money for retail purchases and the increasing use of digital money created by the private sector for such purposes. The debate about how retail CBDC would be designed and implemented has led to many proposals, which have sparked considerable debate about business models, regulatory frameworks, and the socio-technical role of money in general. Here, we present a critical analysis of the existing proposals. We examine their motivations and themes, as well as their underlying assumptions. We also offer a reflection of the opportunity that retail CBDC represents and suggest a way forward in furtherance of the public interest.

Carlos Molina-Jimenez, Hazem Danny Al Nakib, Linmao Song et al.

We suggest the re-introduction of bartering to create a cryptocurrencyless, currencyless, and moneyless economy segment. We contend that a barter economy would benefit enterprises, individuals, governments and societies. For instance, the availability of an online peer-to-peer barter marketplace would convert ordinary individuals into potential traders of both tangible and digital items and services. For example, they will be able to barter files and data that they collect. Equally motivating, they will be able to barter and re-introduce to the economy items that they no longer need such as, books, garden tools, and bikes which are normally kept and wasted in garages and sheds. We argue that most of the pieces of technology needed for building a barter system are now available, including blockchains, smart contracts, cryptography, secure multiparty computations and fair exchange protocols. However, additional research is needed to refine and integrate the pieces together. We discuss potential research directions.