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Central bank digital currencies - full reserve banks and Libra..?

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Simon Lelieveldt
Simon Lelieveldt

Slides prepared for the economists café at the Rabobank, June 26, 2019, with the goal of clarifying how full reserve banken and central bank digital currencies may be niece and nephew while Libra remains an Orphan.

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Central bank digital currencies - full reserve banks and Libra …? ESB Panel discussion on central bank digital currencies June 26, 2019 Simon Lelieveldt @finhstamsterdam
Five essential questions… • Who is issuing • Which currency • Under which legal guarantuee • How is it backed? • Using which system Deze foto van Onbekende auteur is gelicentieerd onder CC BY-NC
1609 City of Amsterdam Bankgulden 100 % Reserve in metal Customers Paper based account system Government guarantee FULL RESERVE BANK !
Account system Digital (FA) 1976-19971609 City of Amsterdam Bankgulden 100 % Reserve in metal Customers Dutch Central Bank - DNB Government guarantee Customers Gulden Paper based account system Government guarantee 100 % Reserve FULL RESERVE BANK ! FULL RESERVE BANK !
Account system Digital (FA) 1976-19971609 City of Amsterdam Bankgulden 100 % Reserve in metal Customers Dutch Central Bank - DNB Government guarantee Customers Gulden Paper based account system Government guarantee 100 % Reserve FULL RESERVE BANK ! FULL RESERVE BANK ! 1998 -> Fin. Instit. Target2 – system Euro Gov. guarantee Dutch Central Bank - DNB 100 % Reserve
Account system Digital (FA) 1976-19971609 City of Amsterdam Bankgulden 100 % Reserve in metal Customers Government guarantee Customers Gulden Paper based account system Government guarantee 100 % Reserve FULL RESERVE BANK ! FULL RESERVE BANK ! 1998 -> Fin. Instit. Target2 – system Euro Gov. guarantee 100 % Reserve 2020? CBDC- system Customers CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? 100 % Reserve Euro Dutch Central Bank - DNB Dutch Central Bank - DNB Gov. guarantee
‘Coins’, bank notes and ledgers: all the same ! 1. A coin or a bank note is a transferable slice of a ledger entry (of an issuing institution). 2. Central bank issued digital currencies are a technical variation to a central bank operated account system. 3. The bit-’coin’ is a divisable transferable ledger entry of a crowd sourced database with maximum amount of 21M
2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee
2015 E-money accounts FACEBOOK IRELAND Euro, Pound Customers E-MONEY 100 % Reserve at Comm. banks No. guarantee 2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee
2015 E-money accounts FACEBOOK IRELAND Euro, Pound Customers E-MONEY 100 % Reserve at Comm. banks No. guarantee FACEBOOK INTERNATIONAL Libra = curr. basket Members – resellers – validators - promotors Securities guarantee Primary Market in Libra Customers Exchanges – other institutions Secondary Market in Libra Retail Market in Libra CALIBRA = MEMBER LIBRA AS. = ISSUER Association: 1. Manage reserve fund 2. Manage open source code and technical roadmap 100 % Reserve SECURITY + PAYMENTS PAYMENT IN KIND (curr. Basket) DISCONNECT BETWEEN CUSTOMER DEMAND AND LIBRA
FACEBOOK INTERNATIONAL Libra = curr. basket Members – resellers – validators - promotors Securities guarantee Primary Market in Libra Customers Exchanges – other institutions Secondary Market in Libra Retail Market in Libra CALIBRA = MEMBER LIBRA AS. = ISSUER Association: 1. Manage reserve fund 2. Manage open source code and technical roadmap 100 % Reserve SECURITY + PAYMENTS
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve FACEBOOK INTERNATIONAL Libra = curr. basket Members – resellers – validators - promotors Securities guarantee Primary Market in Libra Customers Exchanges – other institutions Secondary Market in Libra Retail Market in Libra CALIBRA = MEMBER LIBRA AS. = ISSUER Association: 1. Manage reserve fund 2. Manage open source code and technical roadmap 100 % Reserve SECURITY + PAYMENTS
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve 2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee FACEBOOK INTERNATIONAL Libra = curr. basket Members – resellers – validators - promotors Securities guarantee Primary Market in Libra Customers Exchanges – other institutions Secondary Market in Libra Retail Market in Libra CALIBRA = MEMBER LIBRA AS. = ISSUER Association: 1. Manage reserve fund 2. Manage open source code and technical roadmap 100 % Reserve SECURITY + PAYMENTS
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve 2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee FACEBOOK INTERNATIONAL Libra = curr. basket Members – resellers – validators - promotors Securities guarantee Primary Market in Libra Customers Exchanges – other institutions Secondary Market in Libra Retail Market in Libra CALIBRA = MEMBER LIBRA AS. = ISSUER Association: 1. Manage reserve fund 2. Manage open source code and technical roadmap 100 % Reserve SECURITY + PAYMENTS ?
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve E-money accounts Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee 2020? DEPOSITOBANK LITHUANIA
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve E-money accounts Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee E-money accounts VOLKSBANK (USO) Euro Customers 100 % Reserve at ECB FULL RESERVE E-MONEY No. guarantee 2020? 2020? DEPOSITOBANK LITHUANIA
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve E-money accounts DEPOSITOBANK LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee E-money accounts VOLKSBANK (USO) Euro Customers 2014 Deposit accounts BUNQ BANK Euro Customers 9x % Reserve at ECB 9x% RESERVE BANK Dep. guarantee 100 % Reserve at ECB FULL RESERVE E-MONEY No. guarantee 2020? 2020?
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve E-money accounts DEPOSITOBANK LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee E-money accounts VOLKSBANK (USO) Euro Customers 2014 Deposit accounts BUNQ BANK Euro Customers 9x % Reserve at ECB 9x% RESERVE BANK Dep. guarantee 100 % Reserve at ECB FULL RESERVE E-MONEY No. guarantee 2020?2020? E-money accounts DEPOS. BANK NEDERLAND Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB 2025? No. guarantee
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 2007 E-money accounts PAYPAL BANK Euro Customers No. guarantee 100 % Reserve 100 % Reserve at Comm. banks E-MONEY
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 2007 E-money accounts PAYPAL BANK Euro Customers No. guarantee 100 % Reserve 100 % Reserve at Comm. banks E-MONEY 2014 Deposit accounts BUNQ BANK Euro Customers 9x % Reserve at ECB 9x% RESERVE BANK Dep. guarantee
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 2007 E-money accounts PAYPAL BANK Euro Customers No. guarantee 100 % Reserve 100 % Reserve at Comm. banks E-MONEY 2015 E-money accounts FACEBOOK IRELAND Euro, Pound Customers E-MONEY 100 % Reserve at Comm. banks No. guarantee
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 2007 E-money accounts PAYPAL BANK Euro Customers No. guarantee 100 % Reserve 100 % Reserve at Comm. banks E-MONEY 2015 E-money accounts FACEBOOK IRELAND Euro, Pound Customers E-MONEY 100 % Reserve at Comm. banks No. guarantee 2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee
2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 2007 E-money accounts PAYPAL BANK Euro Customers No. guarantee 100 % Reserve 100 % Reserve at Comm. banks E-MONEY 2014 Deposit accounts BUNQ BANK Euro Customers 9x % Reserve at ECB 9x% RESERVE BANK Dep. guarantee 2015 E-money accounts FACEBOOK IRELAND Euro, Pound Customers E-MONEY 100 % Reserve at Comm. banks No. guarantee 2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee
Association members backing out…

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Central bank digital currencies - full reserve banks and Libra..?

  • 1. Central bank digital currencies - full reserve banks and Libra …? ESB Panel discussion on central bank digital currencies June 26, 2019 Simon Lelieveldt @finhstamsterdam
  • 2. Five essential questions… • Who is issuing • Which currency • Under which legal guarantuee • How is it backed? • Using which system Deze foto van Onbekende auteur is gelicentieerd onder CC BY-NC
  • 3. 1609 City of Amsterdam Bankgulden 100 % Reserve in metal Customers Paper based account system Government guarantee FULL RESERVE BANK !
  • 4. Account system Digital (FA) 1976-19971609 City of Amsterdam Bankgulden 100 % Reserve in metal Customers Dutch Central Bank - DNB Government guarantee Customers Gulden Paper based account system Government guarantee 100 % Reserve FULL RESERVE BANK ! FULL RESERVE BANK !
  • 5. Account system Digital (FA) 1976-19971609 City of Amsterdam Bankgulden 100 % Reserve in metal Customers Dutch Central Bank - DNB Government guarantee Customers Gulden Paper based account system Government guarantee 100 % Reserve FULL RESERVE BANK ! FULL RESERVE BANK ! 1998 -> Fin. Instit. Target2 – system Euro Gov. guarantee Dutch Central Bank - DNB 100 % Reserve
  • 6. Account system Digital (FA) 1976-19971609 City of Amsterdam Bankgulden 100 % Reserve in metal Customers Government guarantee Customers Gulden Paper based account system Government guarantee 100 % Reserve FULL RESERVE BANK ! FULL RESERVE BANK ! 1998 -> Fin. Instit. Target2 – system Euro Gov. guarantee 100 % Reserve 2020? CBDC- system Customers CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? 100 % Reserve Euro Dutch Central Bank - DNB Dutch Central Bank - DNB Gov. guarantee
  • 7. ‘Coins’, bank notes and ledgers: all the same ! 1. A coin or a bank note is a transferable slice of a ledger entry (of an issuing institution). 2. Central bank issued digital currencies are a technical variation to a central bank operated account system. 3. The bit-’coin’ is a divisable transferable ledger entry of a crowd sourced database with maximum amount of 21M
  • 8.
  • 10. 2015 E-money accounts FACEBOOK IRELAND Euro, Pound Customers E-MONEY 100 % Reserve at Comm. banks No. guarantee 2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee
  • 11. 2015 E-money accounts FACEBOOK IRELAND Euro, Pound Customers E-MONEY 100 % Reserve at Comm. banks No. guarantee FACEBOOK INTERNATIONAL Libra = curr. basket Members – resellers – validators - promotors Securities guarantee Primary Market in Libra Customers Exchanges – other institutions Secondary Market in Libra Retail Market in Libra CALIBRA = MEMBER LIBRA AS. = ISSUER Association: 1. Manage reserve fund 2. Manage open source code and technical roadmap 100 % Reserve SECURITY + PAYMENTS PAYMENT IN KIND (curr. Basket) DISCONNECT BETWEEN CUSTOMER DEMAND AND LIBRA
  • 12.
  • 13.
  • 14.
  • 15. FACEBOOK INTERNATIONAL Libra = curr. basket Members – resellers – validators - promotors Securities guarantee Primary Market in Libra Customers Exchanges – other institutions Secondary Market in Libra Retail Market in Libra CALIBRA = MEMBER LIBRA AS. = ISSUER Association: 1. Manage reserve fund 2. Manage open source code and technical roadmap 100 % Reserve SECURITY + PAYMENTS
  • 16. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve FACEBOOK INTERNATIONAL Libra = curr. basket Members – resellers – validators - promotors Securities guarantee Primary Market in Libra Customers Exchanges – other institutions Secondary Market in Libra Retail Market in Libra CALIBRA = MEMBER LIBRA AS. = ISSUER Association: 1. Manage reserve fund 2. Manage open source code and technical roadmap 100 % Reserve SECURITY + PAYMENTS
  • 17. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve 2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee FACEBOOK INTERNATIONAL Libra = curr. basket Members – resellers – validators - promotors Securities guarantee Primary Market in Libra Customers Exchanges – other institutions Secondary Market in Libra Retail Market in Libra CALIBRA = MEMBER LIBRA AS. = ISSUER Association: 1. Manage reserve fund 2. Manage open source code and technical roadmap 100 % Reserve SECURITY + PAYMENTS
  • 18. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve 2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee FACEBOOK INTERNATIONAL Libra = curr. basket Members – resellers – validators - promotors Securities guarantee Primary Market in Libra Customers Exchanges – other institutions Secondary Market in Libra Retail Market in Libra CALIBRA = MEMBER LIBRA AS. = ISSUER Association: 1. Manage reserve fund 2. Manage open source code and technical roadmap 100 % Reserve SECURITY + PAYMENTS ?
  • 19.
  • 20. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve
  • 21. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve E-money accounts Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee 2020? DEPOSITOBANK LITHUANIA
  • 22. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve E-money accounts Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee E-money accounts VOLKSBANK (USO) Euro Customers 100 % Reserve at ECB FULL RESERVE E-MONEY No. guarantee 2020? 2020? DEPOSITOBANK LITHUANIA
  • 23. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve E-money accounts DEPOSITOBANK LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee E-money accounts VOLKSBANK (USO) Euro Customers 2014 Deposit accounts BUNQ BANK Euro Customers 9x % Reserve at ECB 9x% RESERVE BANK Dep. guarantee 100 % Reserve at ECB FULL RESERVE E-MONEY No. guarantee 2020? 2020?
  • 24. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve E-money accounts DEPOSITOBANK LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee E-money accounts VOLKSBANK (USO) Euro Customers 2014 Deposit accounts BUNQ BANK Euro Customers 9x % Reserve at ECB 9x% RESERVE BANK Dep. guarantee 100 % Reserve at ECB FULL RESERVE E-MONEY No. guarantee 2020?2020? E-money accounts DEPOS. BANK NEDERLAND Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB 2025? No. guarantee
  • 25.
  • 26. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 100 % Reserve
  • 27. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 2007 E-money accounts PAYPAL BANK Euro Customers No. guarantee 100 % Reserve 100 % Reserve at Comm. banks E-MONEY
  • 28. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 2007 E-money accounts PAYPAL BANK Euro Customers No. guarantee 100 % Reserve 100 % Reserve at Comm. banks E-MONEY 2014 Deposit accounts BUNQ BANK Euro Customers 9x % Reserve at ECB 9x% RESERVE BANK Dep. guarantee
  • 29. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 2007 E-money accounts PAYPAL BANK Euro Customers No. guarantee 100 % Reserve 100 % Reserve at Comm. banks E-MONEY 2015 E-money accounts FACEBOOK IRELAND Euro, Pound Customers E-MONEY 100 % Reserve at Comm. banks No. guarantee
  • 30. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 2007 E-money accounts PAYPAL BANK Euro Customers No. guarantee 100 % Reserve 100 % Reserve at Comm. banks E-MONEY 2015 E-money accounts FACEBOOK IRELAND Euro, Pound Customers E-MONEY 100 % Reserve at Comm. banks No. guarantee 2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee
  • 31. 2020? CBDC- system CBDC = FULL RESERVE BANK DNB or Mnstr of Finance ? Euro Gov. guarantee Customers 2007 E-money accounts PAYPAL BANK Euro Customers No. guarantee 100 % Reserve 100 % Reserve at Comm. banks E-MONEY 2014 Deposit accounts BUNQ BANK Euro Customers 9x % Reserve at ECB 9x% RESERVE BANK Dep. guarantee 2015 E-money accounts FACEBOOK IRELAND Euro, Pound Customers E-MONEY 100 % Reserve at Comm. banks No. guarantee 2019 E-money accounts GOOGLE LITHUANIA Euro Customers FULL RESERVE E-MONEY 100 % Reserve at ECB No. guarantee
  • 32.
  • 33.
  • 34.
  • 35.