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국회도서관 홈으로 정보검색 소장정보 검색

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Title page 1

Contents 1

Abstract 2

Non-technical summary 3

1. Introduction 5

2. Principles of terminology 7

2.1. Criteria for good terminology 7

2.2. Criteria for proper definitions 9

3. Crypto- and blockchain technology and applications 11

3.1. Cryptography 11

3.2. Blockchain 13

3.3. Smart contracts 15

3.4. Programmability 17

3.5. DeFi 20

4. Crypto-assets and stablecoins 23

4.1. Crypto-assets 23

4.2. Stablecoins 25

5. Tokenisation 29

6. CBDC 32

6.1. Retail CBDC 33

6.2. Wholesale CBDC 36

7. Conclusion 39

References 41

Annex: List of glossaries 48

Acknowledgements 49

초록보기

The digitalisation of payments has accelerated over the last decades with the internet and ever faster and cheaper computing. Now, many believe that decentralised finance (“DeFi”) offers fundamentally new possibilities for trading, payments and settlement. Moreover, for a few years central banks have launched work on what has been called retail and wholesale central bank digital currencies (“CBDC”).

Concurrent to the rise of innovative technologies has been the advent of new terminology, which is widely used, but which often seems to be biased, confusing, or is used inconsistently. By providing an etymology of key concepts and reviewing terminology and definitions, this paper also provides a new approach to clarifying the essence of new technologies in the field of payments to facilitate ongoing discussions about their eventual merits and use cases.