
Open access
Date
2020-08Type
- Working Paper
ETH Bibliography
yes
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Abstract
We suggest a blueprint for an eFranc as a possible complement for the Swiss monetary system to ensure the long-term stability of its money. An eFranc is a non-interest-bearing digital form of the legal tender available to the public. The public can convert banknotes or part of its bank deposits into eFrancs, subject to the banks’ ability to obtain the corresponding amount of eFrancs from the central bank.There is free conversion of eFrancs into bank deposits (and into banknotes). For the technical implementation of the eFranc, we suggest a two-layer system combining a permissioned asynchronous blockchain without consensus which provides a secureenvironment for validating transactions (base layer) plus a peer-to-peer paymentnetwork (top layer). Show more
Permanent link
https://doi.org/10.3929/ethz-b-000437380Publication status
publishedJournal / series
Economic Working Paper SeriesVolume
Publisher
CER-ETH - Center of Economic Research at ETH ZurichSubject
eFranc; Swiss monetary system; Financial stability; Swiss National Bank; Proof-of-stake BlockchainsOrganisational unit
03729 - Gersbach, Hans / Gersbach, Hans
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ETH Bibliography
yes
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