Retail & Wholesale Central Bank Digital Currencies : Comparison of Select Models, Use Case Analysis & Exploration of Potential Technical Features

This article provides comprehensive insight into the current status of development of CBDCs. We describe the objectives and the limitations of central bank-issued digital money and characterize CBDCs in relation to the existing forms of money. Focusing on the implications of major models proposed and trials conducted, we examine the feasibility of both retail and wholesale CBDCs. We describe the use case of CBDCs in the context of the private banking system, cross-border transactions, and payroll processing. Finally, we describe the desirable technical features associated with system security, privacy as well as advanced functionality