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Blockchain-Based Central Bank Digital Currencies: A Comprehensive Survey

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Proceedings of the 13th International Conference on Computer Engineering and Networks (CENet 2023)

Part of the book series: Lecture Notes in Electrical Engineering ((LNEE,volume 1127))

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Abstract

In this information age, real currency is transitioning to digital currency. Blockchain technology has introduced smart contracts and distributed ledger technology, leading to new research directions in various fields including finance, the Internet of Things, and energy. Central Bank Digital Currency (CBDC) based on blockchain has been incorporated into the technical choices of central banks in various countries. This paper examines the current research and implementation of central bank digital currency by various central banks worldwide. It provides an overview of CBDC's definition, operational status, and technical characteristics. Additionally, this paper highlights the challenges and issues associated with CBDC systems in the current environment. These problems include security issues, performance issues, privacy protection issues, and legal issues. In this regard, some literature has proposed solutions, which are analyzed and summarized in this paper. We classify and summarize the existing problems and propose effective solutions, including using fragmentation technology to increase transaction throughput and implementing corresponding regulatory measures to strengthen supervision.

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Acknowledgments

This work was supported in part by the National Key R&D Program of China (No. 2021YFB2700600); in part by the Finance Science and Technology Project of Hainan Province (No. ZDKJ2020009); in part by the National Natural Science Foundation of China (No. 62163011); in part by the Research Startup Fund of Hainan University under Grant KYQD(ZR)-21071.

Author information

Authors and Affiliations

  1. School of Cyberspace Security, Hainan University, Haikou, 570228, China

    Shuo Chen, Zhiwei Liu, Xiang Xu, Haoyu Gao & Hong Lei

  2. Oxford-Hainan Blockchain Research Institute, Chengmai, 571924, China

    Zhiwei Liu & Haoyu Gao

  3. The Blockhouse Technology Limited, Oxford, OX2 6XJ, UK

    Chao Liu

  4. SSC Holding Company Ltd, Chengmai, 571924, China

    Hong Lei

Authors
  1. Shuo Chen
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  2. Zhiwei Liu
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  3. Xiang Xu
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  4. Haoyu Gao
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  5. Hong Lei
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  6. Chao Liu
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Corresponding author

Correspondence to Hong Lei .

Editor information

Editors and Affiliations

  1. Wuxi University, Wuxi, Jiangsu, China

    Yonghong Zhang

  2. College of Computer Science and Technology, China University of Petroleum (East China), Qingdao, Shandong, China

    Lianyong Qi

  3. School of Computer and Software, Nanjing University of Information Science and Technology, Nanjing, Jiangsu, China

    Qi Liu

  4. School of Information and Software Engineering, University of Electronic Science and Technology of China, Chengdu, China

    Guangqiang Yin

  5. School of Computing, Edinburgh Napier University, Edinburgh, UK

    Xiaodong Liu

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Chen, S., Liu, Z., Xu, X., Gao, H., Lei, H., Liu, C. (2024). Blockchain-Based Central Bank Digital Currencies: A Comprehensive Survey. In: Zhang, Y., Qi, L., Liu, Q., Yin, G., Liu, X. (eds) Proceedings of the 13th International Conference on Computer Engineering and Networks. CENet 2023. Lecture Notes in Electrical Engineering, vol 1127. Springer, Singapore. https://doi.org/10.1007/978-981-99-9247-8_45

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  • DOI: https://doi.org/10.1007/978-981-99-9247-8_45

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  • Publisher Name: Springer, Singapore

  • Print ISBN: 978-981-99-9246-1

  • Online ISBN: 978-981-99-9247-8

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