An ontological exploration of Central Bank Digital Currency governance design

Fadime Kaya; Glenda Amaral; Francisco Javier Perez; Marc Makkes; Tina van der Linden; Jaap Gordijn

doi:10.18690/um.fov.4.2022.19

An ontological exploration of Central Bank Digital Currency governance design

Fadime Kaya
, Glenda Amaral
, Francisco Javier Perez
, Marc Makkes
, Tina van der Linden
, Jaap Gordijn

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

Abstract

Financial ecosystems and their related transactions are increasingly relying on big tech payment service providers, such as ApplePay and WeChat. By offering these services, transacting in unregulated cryptocurrencies becomes easier. Consequently, big tech companies take a powerful position in the ecosystem, such dominance may be avoided by a decentralized ecosystem, in which decision making power is distributed over several actors. Emergence of several highly unregulated cryptocurrencies and increased reliance on big tech, motivates central banks to investigate alternatives, called Central Bank Digital Currency (CBDC) that can be subject to governance and rules. CBDC is specifically aimed to decrease dependency on largely uncontrolled big tech payment service providers and to limit the growth of unregulated cryptocurrencies. In this paper, we explore the key question of how to design a governance structure, we do that by applying the DECENT ontology and conceptual models to the real world use-case of CBDC.

Original language	English
Title of host publication	35th Bled eConference: Digital Restructuring and Human (Re)action
Subtitle of host publication	June 26 – 29, 2022, Bled, Slovenia, Conference Proceedings
Editors	Andreja Pucihar, Mirjana Kljajic Borstnar, Roger Bons, Anand Sheombar, Guido Ongena, Doroteja Vidmar
Place of Publication	Maribor
Publisher	University of Maribor
Pages	311-326
Number of pages	16
Edition	1
ISBN (Electronic)	978-961-286-616-7
DOIs	https://doi.org/10.18690/um.fov.4.2022.19
Publication status	Published - 29 Jun 2022
Externally published	Yes
Event	35th Bled eConference, BLED 2022 - Bled, Slovenia Duration: 26 Jun 2022 → 29 Jun 2022 Conference number: 35

Publication series

Name	Bled eConference
Publisher	University of Maribor

Conference

Conference	35th Bled eConference, BLED 2022
Abbreviated title	BLED 2022
Country/Territory	Slovenia
City	Bled
Period	26/06/22 → 29/06/22

Keywords

conceptual models
decentralized governance
ontology

Access to Document

10.18690/um.fov.4.2022.19Licence: CC BY

Conference paperFinal published version, 775 KBLicence: CC BY

Cite this

Kaya, F., Amaral, G., Perez, F. J., Makkes, M., van der Linden, T., & Gordijn, J. (2022). An ontological exploration of Central Bank Digital Currency governance design. In A. Pucihar, M. K. Borstnar, R. Bons, A. Sheombar, G. Ongena, & D. Vidmar (Eds.), 35th Bled eConference: Digital Restructuring and Human (Re)action: June 26 – 29, 2022, Bled, Slovenia, Conference Proceedings (1 ed., pp. 311-326). (Bled eConference). University of Maribor. https://doi.org/10.18690/um.fov.4.2022.19

Kaya, Fadime ; Amaral, Glenda ; Perez, Francisco Javier et al. / An ontological exploration of Central Bank Digital Currency governance design. 35th Bled eConference: Digital Restructuring and Human (Re)action: June 26 – 29, 2022, Bled, Slovenia, Conference Proceedings. editor / Andreja Pucihar ; Mirjana Kljajic Borstnar ; Roger Bons ; Anand Sheombar ; Guido Ongena ; Doroteja Vidmar. 1. ed. Maribor : University of Maribor, 2022. pp. 311-326 (Bled eConference).

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abstract = "Financial ecosystems and their related transactions are increasingly relying on big tech payment service providers, such as ApplePay and WeChat. By offering these services, transacting in unregulated cryptocurrencies becomes easier. Consequently, big tech companies take a powerful position in the ecosystem, such dominance may be avoided by a decentralized ecosystem, in which decision making power is distributed over several actors. Emergence of several highly unregulated cryptocurrencies and increased reliance on big tech, motivates central banks to investigate alternatives, called Central Bank Digital Currency (CBDC) that can be subject to governance and rules. CBDC is specifically aimed to decrease dependency on largely uncontrolled big tech payment service providers and to limit the growth of unregulated cryptocurrencies. In this paper, we explore the key question of how to design a governance structure, we do that by applying the DECENT ontology and conceptual models to the real world use-case of CBDC.",

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Kaya, F, Amaral, G, Perez, FJ, Makkes, M, van der Linden, T & Gordijn, J 2022, An ontological exploration of Central Bank Digital Currency governance design. in A Pucihar, MK Borstnar, R Bons, A Sheombar, G Ongena & D Vidmar (eds), 35th Bled eConference: Digital Restructuring and Human (Re)action: June 26 – 29, 2022, Bled, Slovenia, Conference Proceedings. 1 edn, Bled eConference, University of Maribor, Maribor, pp. 311-326, 35th Bled eConference, BLED 2022, Bled, Slovenia, 26/06/22. https://doi.org/10.18690/um.fov.4.2022.19

An ontological exploration of Central Bank Digital Currency governance design. / Kaya, Fadime; Amaral, Glenda; Perez, Francisco Javier et al.
35th Bled eConference: Digital Restructuring and Human (Re)action: June 26 – 29, 2022, Bled, Slovenia, Conference Proceedings. ed. / Andreja Pucihar; Mirjana Kljajic Borstnar; Roger Bons; Anand Sheombar; Guido Ongena; Doroteja Vidmar. 1. ed. Maribor: University of Maribor, 2022. p. 311-326 (Bled eConference).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

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AB - Financial ecosystems and their related transactions are increasingly relying on big tech payment service providers, such as ApplePay and WeChat. By offering these services, transacting in unregulated cryptocurrencies becomes easier. Consequently, big tech companies take a powerful position in the ecosystem, such dominance may be avoided by a decentralized ecosystem, in which decision making power is distributed over several actors. Emergence of several highly unregulated cryptocurrencies and increased reliance on big tech, motivates central banks to investigate alternatives, called Central Bank Digital Currency (CBDC) that can be subject to governance and rules. CBDC is specifically aimed to decrease dependency on largely uncontrolled big tech payment service providers and to limit the growth of unregulated cryptocurrencies. In this paper, we explore the key question of how to design a governance structure, we do that by applying the DECENT ontology and conceptual models to the real world use-case of CBDC.

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Kaya F, Amaral G, Perez FJ, Makkes M, van der Linden T, Gordijn J. An ontological exploration of Central Bank Digital Currency governance design. In Pucihar A, Borstnar MK, Bons R, Sheombar A, Ongena G, Vidmar D, editors, 35th Bled eConference: Digital Restructuring and Human (Re)action: June 26 – 29, 2022, Bled, Slovenia, Conference Proceedings. 1 ed. Maribor: University of Maribor. 2022. p. 311-326. (Bled eConference). doi: 10.18690/um.fov.4.2022.19

An ontological exploration of Central Bank Digital Currency governance design

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Keywords

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