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De Nederlandsche Bank (DNB) (i.e. the Dutch Central Bank) has published a study on Central Bank Digital Currencies (CBDCs), the objectives, preconditions and design choices, aiming at serving as an input to the European debate on CBDCs.

Cryptos could help global payments in becoming faster, cheaper and more inclusive; nevertheless, should they be used as a global means of payment, risks could emerge, inter alia, for monetary policy, financial stability and competition. As a great opportunity to safeguard the role of public money, DNB, in principle, has a favourable attitude towards CBDCs. Nevertheless, digital technology creates vulnerabilities for society due to the increasing dependence on the critical infrastructure of the private sector. The question arises whether CBDCs can help to absorb those vulnerabilities through a strengthening of the public digital infrastructure.

Finally, the Study focuses on the several design choices, with special regard to payment services, privacy and monetary design.

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