The Digitization of Money: Stablecoins and CBDC
Bibliographic record
Abstract
Whether tokens are transferable peer to peer or via third party intermediation, through automation, tokenization could deliver gains by greatly speeding up settlement and increase efficiency by ensuring all parts of a transaction occur simultaneously, in what is called atomic settlement. This article addresses only the first model, that of the digital bearer instrument transmitted from a payer to a payee typically in a discharge of a debt. [...]a digital currency transferable under a decentralized protocol - such as (but not only) over a distributed ledger and yet issued centrally - is considered to operate in a "hybrid" scheme. The Office of the Superintendent of Financial Institutions (OSFI) in Canada defines "cryptocurrencies" to be "digital assets that depend primarily on cryptography and distributed ledger or similar technology. [...]virtual currencies" are privately issued digital currencies. They are contrasted with CBDCs which are obligations of the central bank. A virtual currency may have its own unit of account, fluctuating by reference to the value of an official unit of account, in which case it is selfanchored, which is in fact unanchored to any unit of fiat currency or commodity. Alternatively, a virtual currency may be a "claim-check" or stablecoin that is denominated in, namely pegged to, or claimed at par with, either an official currency's unit of account (as well as a basket of such currencies) or in the value of a specified amount of a designated commodity, whether or not it is backed by a reserve of such currency or commodity. Since prices of goods and services are typically denominated in an official currency, particularly (if not only) "claim-checks" or stablecoins denominated in that currency are good candidates to become private money to be used in retail transactions. They are currently already used in crypto-asset transactions (including crypto lending). Otherwise, their use is particularly efficient in crossborder payments (including remittances) and, as long as central banks do not issue digital coins of their own, are good substitute to cash also in domestic transactions. As their use reduces the need for intermediation it lowers transaction costs and provides streamlined settlement.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.004 | 0.012 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.004 |
| Science and technology studies | 0.003 | 0.020 |
| Scholarly communication | 0.015 | 0.021 |
| Open science | 0.001 | 0.008 |
| Research integrity | 0.003 | 0.005 |
| Insufficient payload (model declined to judge) | 0.010 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".