A year and a half may have elapsed since the last central bank digital currency (CBDC) was issued. But the work at and by central banks, banks, supranational organisations and technology vendors has continued. The accompanying output of policy statements, academic papers, discussion documents and accounts of experiments is a vast but rich source of experience and information. Which is why a team at R3, a leading force in the digitisation of financial markets and a participant in multiple CBDC projects, embarked on a review of the literature that has accumulated about CBDCs. Dominic Hobson, co-founder of Future of Finance, spoke to Alisa DiCaprio, the Chief Economist at R3 who lead the investigation, about what the review unveiled about how CBDCs are being designed, issued and operated, and learned what CBDC designers everywhere still lack: a trove of empirical data about the impact of CBDCs on the behaviour of money, markets and especially consumers.

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