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What are Central Bank Digital Currencies or CBDC?
Updated: Jan 4, 2022
Authors: Carlos David Valderrama Narváez (more information here) and Diego Montes Serralde (more information here).
Context
Central bank digital currencies, CBDCs, are cryptocurrencies issued by central banks. The difference to other cryptocurrencies, e.g. Bitcoin or Ethereum, lies in the fact that they are issued by central banks instead of decentralised cryptocurrency networks like Bitcoin’s Blockchain or Ethereum’s Blockchain. Whereas cryptocurrencies issued by private companies are not backed by any central bank but rather only by the reputation of the issuing company, CBDCs are meant to be used as legal tender within their jurisdictions and guaranteed by the central bank itself.
On October 9, 2020, the Bank for International Settlements ("BIS") issued the first report ("Report") in a series of collaborations with a select group of Central Banks in which it conducted an in-depth analysis of the fundamental principles and essential characteristics of the so-called "Central Bank Digital Currencies" ("CBDCs"). (more information here).
In this sense, we will now analyze the characteristics of CBDCs, the international projects that exist today, as well as the central banks in the world that are changing, or will change, the paradigm of the traditional financial system in their respective countries.
Background
Central banks are generally mandated to ensure monetary and financial stability in their respective countries and, explicitly or implicitly, to promote broad access to safe and efficient payments.
To achieve this, a fundamental instrument of public policy is the issuance of central bank money. Since ancient times, this money has acted as a means of payment, a unit of account and a store of value for a given country. However, the overwhelming reality generated by the accelerated digitalization of the economy has generated a new normal for which traditional money is no longer functional.
In that sense, even before the COVID-19 pandemic, the use of cash was already in decline in certain advanced economies (more information here) and was gradually being replaced by digital payments driven mainly by the growth of the so-called Neo Banks. In a previous market study we presented the current Neo Bank offerings in Mexico (more information here).
That is why in order to evolve and pursue their public policy objectives in a world where healthy distance becomes a condition of survival, Central Banks are actively investigating the pros and cons of offering not only digital payment systems, but a digital currency.
It is important to note that the idea of having access to digital forms of money is not an entirely new idea (more information here). Recently, the debate has been driven by several factors: (i) the interest in technological innovations applicable to the financial sector; (ii) the emergence of FinTech bringing new entrants into the payment and intermediation services markets; (iii) the decline in the use of cash in some countries: and, (iv) the increasing attention being paid to so-called private digital tokens.
These factors propelled the idea of a new form of currency, a new form of central bank money, the CBDCs.
What is a CBDC?
CBDC is a digital form of central bank-issued money distinct from balances in traditional reserve or settlement accounts, as stated by the BIS in its Report.
Another way to understand CBDCs may be as a form of digital fiat or sovereign money that is issued by a country's central bank and therefore has legal tender value and dischargeable power in that nation (more information here).
Is a CBDC a cryptocurrency like Bitcoin?
In a recent study by BBVA (more information here) a distinction was made that seems fundamental to us: "In a world of fiat money in the strict sense, the attractiveness of cryptocurrencies lies in part in their detachment from the discretionary decisions of the authorities...".
A CBDC is issued directly by a central authority that seeks to maintain and facilitate a monetary policy in a given state, therefore, it directly escapes the specific definition of a cryptocurrency normally born to be untied.
It is important to know that, in the current crypto sector, the issuance of Bitcoins or Ether have a very powerful drawback, volatility. This is to be expected, as Blockchain technology is still very new and cryptocurrency markets are relatively small so any change in supply or demand has a relevant impact.
Faced with this drawback, the Blockchain ecosystem has designed solutions called "Stablecoins" which in general are assets designed to mimic the value of a crypto basket or fiat currencies such as the dollar or the euro which, in addition to having the advantage of transferring value quickly and cheaply around the world, also maintain their value stable over time. Their forms, advantages and disadvantages we analyzed in depth in a study we published previously (more information here).
In the above context, Stablecoins are becoming a very serious competitor to the traditional money issued by Central Banks. For this reason, CBDCs are becoming more relevant at the international level, as they are being launched in accordance with public policy and macro and microeconomic criteria for the adequate management of monetary and financial stability, positioning themselves as an answer to Stablecoins.
Objectives of a CBDC
The objectives of a CBDC could be listed as follows (more information here):
Generate a new form of money capable of taking advantage of new technologies.
Facilitate means of economic and financial interaction at both national and international levels.
Create new financial and economic structures capable of opening important investment doors.
Stimulate competition among payment systems, making them more economical and more far-reaching.
To create monetary policy control mechanisms with immediate action.
Reduce the level of government intervention in banks by reducing the danger of the "Too Big To Fail" problem.
Create a structure that makes it possible to trace the course of money from its origin to its last acts.
Replace the anonymity of money with anonymity controlled by CBDC issuers.
Fundamental Principles of CBDCs
According to the BIS Report, there are three fundamental principles that must be respected in the issuance of a CBDC:
Do No Harm. New forms of money provided by the central bank should continue to support the achievement of public policy objectives and should not interfere with or impede a central bank's ability to carry out its monetary and financial stability mandate. For example, a CBDC should maintain and reinforce the "uniqueness" or uniformity of a currency, allowing the public to use different forms of money interchangeably.
Coexistence. Central banks have a stability mandate and proceed with caution in new territory. Different types of central bank money - new and existing (cash, reserve or settlement accounts) - should complement each other and coexist with robust private money (e.g., commercial bank accounts) to support public policy objectives. Central banks should continue to provide and support cash as long as there is sufficient public demand for it.
Innovation and efficiency. Without continued innovation and competition to boost the efficiency of a jurisdiction's payment system, users may adopt other, less secure instruments or currencies. Ultimately, this could cause harm to the economy and the consumer, which could undermine monetary and financial stability. The payment ecosystem is composed of public authorities (in particular the central bank) and private actors (e.g., commercial banks and payment service providers). In general, private economic agents should be free to decide which means of payment they use to carry out transactions.
Essential characteristics
BIS identified fourteen essential characteristics applicable to the proper issuance and implementation of CBDCs, dividing them into instrumental characteristics, system characteristics and institutional characteristics.
Instrumental characteristics
Convertible. CBDC must be exchangeable for cash or private money.
Convenient. CBDC should be as easy to use as cash, use a card or scan a code on a cell phone to promote adoption and accessibility.
Acceptable. A CBDC should be able to be used in many of the same transactions as cash, including point-of-sale and person-to-person. It should include the ability to make offline transactions (possibly limited to a certain time and up to certain thresholds).
Low Cost. CBDC payments should be at extremely low or zero cost to end users, who should also have minimal technology investment requirements.
System Characteristics
Secure. Both the infrastructure and the actors/participants of a CBDC must be extremely resistant to cyber-attacks and other threats. It must include ensuring effective protection against counterfeiting.
Instantaneous. Transactions must be instantaneous or near-instantaneous for end users of the system.
Resilient. A CBDC system must be extremely resilient to operational failures and disruptions, natural disasters, power outages and other similar circumstances. End users must have the ability to transact offline in the event that the connection to the system is disabled.
Available. End users must be able to make transactions 24/7/365.
Performance. The system must be able to process a large number of transactions.
Scalable. Ability to include large volumes in the future; the CBDC system must be expandable.
Interoperable. The system offers sufficient interaction mechanisms with private sector digital payment systems and has arrangements that easily allow the flow of funds between systems.
Flexible and Adaptable. A CBDC system should be flexible and adaptable to new conditions and policy impositions.
Institutional characteristics
Robust legal framework. The central bank must have sufficient authority and powers to issue a CBDC.
Standards. A CBDC system (infrastructure and participating entities) must conform to appropriate regulatory standards.
Types of CBDCs
The types of CBDCs are born by the distinction in the type of underlying technology and the access to such CBDCs:
Token-based CBDCs
CBDCs for general use, in which anyone has access to them, making it a universal payment instrument designed for retail transactions, but also available for wider use.
Wholesale CBDCs, in which access is restricted to certain agents, is a digital settlement token for payment and wholesale settlement transactions.
Account-based CBDC
Account-based CBDC requires the Central Bank to provide accounts for general use to all agents in the jurisdiction. The magnitude of the scale is different, but the novelty is the decision to create this type of accounts.
CBDC with restricted account, in which the opening of reserve and settlement accounts is restricted.
A fundamental distinction between token-based and account-based money is the form of verification required for their exchange. Token-based money (or payment systems) essentially depend on the ability of the payee to verify the validity of the object used for payment. In the case of cash, the danger is in counterfeiting, whereas in the digital world it is the authenticity of the token or currency that is of concern, as well as the possibility that it has already been spent. In contrast, account money-based systems rely primarily on the ability to verify the identity of the account holder. A major concern is identity theft, which allows those who commit this crime to transfer or withdraw money from accounts without authorization. Identification is necessary to correctly match payers and payees and determine their respective account histories.
For a better understanding, we share the money flower described by the BIS (more information here):
Differences with Cryptocurrencies
Cryptocurrencies such as Bitcoin or Ether are open access, a CBDC is not. It is not possible to participate in confirmations, nor to access public transaction addresses. Transactions are monitored directly by the Central Bank in the case of CBDCs, in Bitcoin or Ether this is not the case.
The issuance of Bitcoin or Ether is decentralized, in the case of CBDCs the issuance will be completely centralized.
The money again remains in the hands of Banks or Companies in the case of CBDCs, in the case of Bitcoin the money can be transferred in a P2P way.
The transfer network is managed by the government in the case of CBDCs and in the case of Bitcoin or Ether, the blockchain is controlled by the nodes on which the network runs.
Pros & Cons
Among the advantages to be found in CBDCs, Tao Zhang, the Deputy Managing Director of the International Monetary Fund, discusses the following (more information here):
Creating a more efficient payment system. In some countries the cost of handling cash may be too high and access to the payment system may not be available to the unbanked, or to people living in rural areas or to vulnerable communities in general. CBDCs can lower costs and improve efficiency;
Financial inclusion, CBDCs wallets will be much easier to have than a bank account in a traditional bank;
Greater stability and lower barriers to entry for new entrants to the payments system, such as FinTech;
Better tool to generate a healthier monetary policy;
A means to counter new digital currencies. A domestically issued digital currency backed by a trusted government, denominated in the national unit of account, can help limit the adoption of privately issued currencies (e.g. stablecoins), which can be difficult to regulate and could pose risks to financial stability and monetary policy transmission;
Preservation of comparative advantages, with the private sector to innovate and interact with customers and the public sector to regulate and provide settlement and trust services;
In addition, CBDC could be less costly and risky for the central bank. Whereas the Central Bank does not have to perform customer due diligence, nor be directly responsible for AML/CFT compliance. Furthermore, the Central Bank would not be responsible for technology failures, user interface design, or responding to the customer service line.
Also, despite the potential benefits, there may be risks associated with CBDC. Measures need to be taken to mitigate the risks through proper CBDC design, and the World Economic Forum lists some of the following disadvantages (more information here):
Cross-border availability of CBDC could increase the likelihood of currency substitution ("dollarization") in countries with high inflation and volatile exchange rates and, consequently, reduce the central bank's ability to conduct independent monetary policy;
A CBDC used across borders could also have an impact on capital flow movements, the effectiveness of capital flow management measures and the international monetary system;
There is no clear legislation on how CBDCs will be issued and controlled;
There is a clear conflict between individual rights and freedoms, the use of CBDCs and their ability to control and spy on citizens;
Cybersecurity applicable to such CBDCs considering that their infrastructure is completely digital and, in Mexico, we have already had attacks on our Central Bank's platforms (more information here);
Potential for financial exclusion if populations that do not adopt CBDC are not integrated and are further marginalized from digital technology payment systems;
Notable risks to financial stability from bank disintermediation or other forces;
Challenges unique to blockchain technology such as transaction scalability, user experience, key management, confidentiality and transaction speed.
Design of CBDCs
The World Economic Forum lists the most important design and implementation decisions for issuing a CBDC:
Availability - should the CBDC be available for public use (retail CBDC), or restricted to commercial banks and clearing houses (wholesale)? Who is the primary audience for the CBDC, retail consumers and citizens, or commercial banks?
Distribution and storage. If CBDC is for retail use, what is the most effective distribution mechanism, which achieves the objectives of the program and is the most inclusive to capture all eligible participants? Also, where will CBDC be stored? CBDC can be held in accounts directly at the central bank, in accounts at participating commercial banks if they act as intermediaries for distribution, or on government-issued debit cards, among other options.
Interest payments. If the central bank were to pay CBDC holders, either retail or wholesale, do they have interest? This decision has implications for the attractiveness of holding CBDC. In the retail context, it affects whether depositors prefer to hold savings in CBDC with the central bank or in traditional CBDC. This, in turn, affects the volume and stability of commercial bank deposits, their balance sheets and lending activity. Interest payments will compete with those of commercial banks, potentially putting pressure on commercial banks to increase their interest payments to depositors.
Transaction anonymity. Should CBDC transactions preserve customer privacy? Anonymity could encourage more consumers to use CBDC as a private, peer-to-peer alternative to cash. However, it increases the difficulty of reversing fraudulent transactions, catching illicit activity and recovering lost funds. It should be noted that if a central bank has strong motivations to employ CBDC for anti-money laundering, anti-corruption or tax evasion, or capital control and oversight, it will be less inclined to allow anonymity (at the cost of discouraging adoption). However, unless the central bank or state mandates the use of CBDC, those wishing to engage in illegal or illicit activity will continue to use cash and other privacy-enabling alternatives for these purposes.
Account limits and transaction volumes. Should central banks limit the amount of CBDC that can be held or transferred at one time? The above, as such limitations may mitigate enforcement and money laundering risks.
In a more recent report from the WEF (more information here), more information regarding the policy goals for CBDCs and the technical design considerations to achieve those goals are described:
Policy Goals and Technical design considerations
1. Continued access to central bank money
In jurisdictions where access to cash is in decline, there is a danger that households and businesses will no longer have access to risk-free central bank money. Some central banks consider it an obligation to provide public access and that this access could be crucial for confidence in a currency. A CBDC could act like a ‘digital banknote’ and could fulfil this obligation.
The following technology considerations stand out for this policy goal:
“Cash-like” features for CBDC, such as very wide acceptance and convenience, instant settlement, continuous 24/7/365 availability and offline capabilities.
Compatibility with prevalent point-of-sale hardware to stimulate adoption and merchant acceptance.Policy-makers may consider subsidizing merchant acquisition of necessary technology upgrades.
Related to privacy, physical cash is highly private to all parties except the payee who sees the payer’s identity in many cases; the privacy considerations for the CBDC can take note of the privacy profiles of different payment technologies in the Bank of Canada’s staff note “Privacy in CBDC technology” (more information here).
2. Financial inclusion
Financial inclusion is one of the most important and widely cited policy goals for CBDC, particularly in emerging economies where central banks rank it as the most important motivation alongside domestic payment efficiency. Whether CBDC can meaningfully address financial inclusion across most economies is not yet fully evidenced, but common arguments for how it could do so centre on the following two points:
- Because CBDC can reduce complexity and reliance on intermediaries in payments, it can facilitate time-saving and cost-saving gains for consumers. Lower costs enable wider access.
- CBDC can fill a gap for low-cost, convenient and reliable savings, deposits and payment services that the private sector has not yet provided. It can offer wider access than pre-existing services with lower fees or compliance requirements.
The challenge of financial inclusion relates to situations in which there is demand for a service that is unmet by the private sector, where the public sector has the capability and willingness to step in and provide it. These occasions may be rare, given the private sector’s generally greater competence for innovation in providing financial products to the public.
The following technology considerations stand out for this policy goal:
Low cost, CBDC should aim to be zero- or very low-cost. Total costs to consider include the cost of acquiring the application and/or device for transacting, the costs to link and activate accounts, and ongoing costs such as transaction and data usage fees. Costs related to telecom and mobile phone usage should be transparent and low.
Accessibility and convenience. From a compliance perspective, accessibility can be widened by enabling the use of CBDC with varying or tiered Know Your Customer (KYC) requirements, depending on transaction or account sizes. Pairing CBDC development with an improved domestic digital identity programme can also widen access (globally, 20% of unbanked populations lack the appropriate ID to meet KYC rules imposed by financial institutions). Governments can also provide financial and digital literacy programmes. Finally, the interoperability of CBDC with the relevant payment infrastructure, including mobile money, and its wide acceptance within the jurisdiction would increase both the convenience and the value that CBDC could provide to citizens.
3. Payment system efficiency (domestic or cross-border)
CBDC could increase payment efficiency of domestic payments chiefly through the reduction of intermediaries in favour of central bank transaction settlement and clearing. This is particularly the case if the country lacks an efficient domestic interbank system (such as a real-time gross settlement or deferred net settlement system) or a fast payment system that offers near-immediate 24/7/365 retail payment settlement.
CBDC could increase payment efficiency of cross-border payments in the following ways:–If domestically issued CBDC were compatible with foreign CBDC (in bilateral or “multi-CBDC arrangements”) or foreign payment systems, then retail payments would no longer need to go through the international interbank systems and could settle more directly–If a CBDC were accessible to foreign entities, that would enable both foreign and domestic entities to transact more efficiently through clearing and settlement at the domestic central bank.
The following technology considerations stand out for this policy goal:
Open access to foreign entities to hold accounts or otherwise transact in the CBDC. This may require the central bank to support and enable potentially millions more accounts owned by foreign entities. It may also require close consideration of technical scalability and throughput, security, and regulatory and compliance issues related to overseas accounts. In addition, policy-makers may need to give special consideration to any domestic capital controls, capital flows or foreign exchange policies and compliance.
Allow for domestic citizens to hold accounts or otherwise transact in another country’s CBDC.
Allow transactions to occur between domestic and foreign CBDCs, which could involve enhancing the compatibility of the CBDCs, interlinking them, or integrating them into a single “mCBDC” (multi-CBDC) arrangement. For this, technical interoperability is necessary in various ways, including: common messaging and data standards, legal and regulatory compatibility, overlapping operating times, integration through an interoperable link where CBDC infrastructures combine their functions, and more.
4. Payment system safety and resilience
A technically robust CBDC system can support payment system resilience by virtue of serving as a primary, back-up or additional payment method, assuming other payment methods and instruments remain available. CBDC may become even more valuable as a back-up payment method if access to cash (which otherwise serves as a back-up) is very low. It is also important to note that defending against cyber-attacks is likely to be more difficult in a retail CBDC system as the quantity of endpoints and users can be very large.
The following technology considerations stand out for this policy goal:
Very strong cybersecurity standards and features, including practices such as ongoing cybersecurity monitoring and upgrades that address vulnerabilities and threats (this is generally a priority for all CBDC implementations).
Data and hardware redundancy and continuous or frequent data syncing.
Consideration of potential vulnerabilities of physical devices providing access to CBDC, such as stored-value cards.
Very strong anti-counterfeiting measures and practices, for the CBDC to serve as a safe and reliable system that instils high confidence (also a priority for all CBDC implementations).
Continuous service and availability, including offline functionality, to serve as an adequate back-up system in the event of electricity, telecom or internet network failures.
Interoperability with relevant payment systems to improve the likelihood of serving as an effective substitute where other systems fail.
Resilience of any interdependency or integration with other systems. As stated by the BIS, “if a critical function is provided to a CBDC system by another system or supporting infrastructure, its unavailability could negatively impact the CBDC system”.
5. Mitigation of currency substitution risk
CBDC could support monetary sovereignty and continued use of the domestic currency, in the event that currency substitution risks arise from various sources, such as high adoption of foreign CBDC or high adoption of stablecoins or other forms of digital currency denominated in and/or backed by foreign currency. CBDCs can help mitigate currency substitution if they are used rather than other digital currencies. As with all other policy goals, the feasibility and suitability of alternative solutions such as regulatory action should also be considered.
The following technology considerations related to supporting high adoption stand out for this policy goal:
Very low or no cost.
Wide CBDC accessibility, including to citizens who can use various technologies, such as mobile phones, personal computers and pre-paid cards.
For convenience, the CBDC should be employable in various payment scenarios, including point-of-sale, e-commerce, person-to-person (including with QR codes or NFC) and online. Interoperability with other payment systems will enable a variety of payment configurations, including those already in use in the market, resulting in greater convenience and merchant acceptance.
Functionality to pay interest to CBDC accounts, for the purposes of stimulating adoption
High transaction capacity and scalability to support potentially high adoption.
The CBDC must be perceived to be trustworthy; for this, its implementation could be coupled with a public education or marketing campaign. Policy-makers can also instil trust and confidence through data privacy measures and strategies such as transparent accountability mechanisms that could provide proof-of-privacy for all users, within the bounds of anti-money laundering (AML) and other compliance requirements. For instance, transaction data-access logs could be established that record when user transaction data is accessed and by whom.
6. Improvement of payments and banking competitiveness
The ability to employ CBDC to challenge the monopoly power of private-sector payment providers, or of deposit and savings account providers, can be an important goal for policy-makers. CBDC could serve as a counterweight to the market power of these entities and increase competition in payments and deposits. This can lead to a greater variety of high-quality and affordable payment options and higher deposit rates for citizens, which can increase welfare. As always, policy-makers should also consider alternative solutions to this challenge, including pro-competition policies.
Key considerations for CBDC issued in pursuit of this policy goal are those that make the CBDC competitive for payments and deposits, such as:
Low cost to users
High usability and accessibility
High convenience, including interoperability with relevant payment systems and widespread acceptance by merchants and vendors
Strong reliability, stability and security practices to instil trust among users
Value-add capabilities and features that meet the needs of users in a manner that is competitive with pre-existing payment and deposit services
Ability to pay a positive interest rate (remuneration on CBDC accounts could help push bank deposit rates upwards)
Policy-makers should also consider designing CBDC according to open-source principles, thereby inviting more involvement and innovation from the private sector to the CBDC system
7. Monetary policy implementation
CBDC might be able to support some monetary policy implementation. Most economists have not expressed much conviction in this opportunity, owing to limitations or policy complexities.
Key channels in which CBDC could help with monetary policy implementation are listed below, along with limitations.
- Interest-bearing CBDC can enable a direct mechanism for policy-rate changes to impact households and firms (this is also called “transmission of interest rate policies”). Interest-bearing CBDC could also encourage banks to pass on policy-rate changes to their deposit and lending interest rates. For this activity, CBDC would need to pay competitive interest rates and allow large account balances, which could lead to banking disintermediation and financial stability risks if not managed (e.g. through a tiered remuneration system, or account or transaction limits). A large percentage of citizens and firms would also need to open CBDC accounts for this policy to be effective, a condition which is likely to be challenging.
- Breaking through effective lower bound (ELB) in nominal interest rates: if physical cash is abolished or generally unavailable (particularly large-denomination bills), then CBDC could arguably be used to impose negative interest rates on households and firms. The existence of cash as an alternative for storing money, especially large denomination bills, dampens this opportunity today. Negative nominal interest rates can discourage the use of CBDC in the first place, potentially in favour of other alternatives that weaken monetary sovereignty. They can also be very difficult to implement on a social or political level. Lastly, of utmost importance, the presence of cash in an economy is critical for financial inclusion and resilience, so actions that limit its availability are not advisable.
The following technology considerations stand out for this policy goal:
The CBDC must be capable of having an interest rate that could be positive or negative
The CBDC needs to be easily accessible and widely held among households and firms. As discussed in prior sections, to achieve this requires certain preconditions: it should be low- or no-cost, trustworthy, convenient and easy to use, accessible from technological and compliance standpoints, and it should involve attractive privacy capabilities.
For CBDC to have wider adoption, policy-makers can also consider enacting government identity programmes and/or financial and digital education and literacy campaigns
8. Household fiscal transfers
CBDC could be employed for fiscal transfers to households or firms, such as relief or stimulus payments. Such helicopter drops or subsidies would potentially become easier when there is widespread adoption of CBDC accounts. The transfer payments could also be “programmable”, with conditions such as expiration upon a certain date or a requirement to spend the funds at certain vendors.
Technical considerations for this goal centre on wide accessibility (as described in prior sections), so that the widest population that may be entitled to fiscal transfers can receive the CBDC.
Regulation
The most representative initiative for the regulation of CBDCs is a joint effort between the International Monetary Fund, the World Bank, and G20 member countries.
In that regard, they generated a specific report that sets out high-level recommendations for the regulation, supervision and oversight of global stablecoin ("GSC") arrangements (more information here). GSC arrangements are expected to adhere to all applicable regulatory standards and address financial stability risks prior to commencing operations, and to adapt to new regulatory requirements as necessary.
CBDCs in the World
It is important to note that, currently, there are a variety of jurisdictions that already have projects for the issuance of a CBDC. In fact, the World Economic Forum generated a report that lists approximately 40 jurisdictions around the world that are experimenting with CBDCs (more information here), for its part, the World Economic Forum maintains a list of more than 60 reports, white papers or speeches by researchers from central banks, international organizations or research economists on the topic of Blockchain and DLT for central banking processes and macroeconomics (more information here):
Central Bank of Canada – Project Jasper (more information here);
Central Bank of England (more information here);
Central Bank of Finland (more information here);
Central Bank of France (more information here);
Central Bank of Israel (more information here);
Central Bank of Japan (more information here);
Central Bank of Nigeria (more information here);
Central Bank of Korea (more information here);
Central Bank of Pakistan (more information here);
Central Bank of Estonia (more informatio