This paper provides an overview of the distributed ledger technology (DLT) options available to central banks for issuing central bank digital currency (CBDC). We discuss the main requirements that a DLT solution must fulfill and analyze the various structures for implementation offered by DLT — public, permissioned and private — and the implications that each has for the central bank and the existing financial system. While a CBDC built on an open, permissionless system would provide the full functionality offered by DLT, it is also far more disruptive to the existing financial system and consequently requires more new infrastructure on the part of the central bank.

中文翻译：

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CBDC1 的 DLT 选项

本文概述了中央银行可用于发行中央银行数字货币（CBDC）的分布式账本技术（DLT）选项。我们讨论了 DLT 解决方案必须满足的主要要求，并分析了 DLT 提供的各种实施结构（公共的、许可的和私人的）以及每种结构对中央银行和现有金融体系的影响。虽然建立在开放、无需许可的系统上的 CBDC 将提供 DLT 提供的全部功能，但它对现有金融体系的破坏性也更大，因此需要中央银行提供更多新的基础设施。