Journal of Accounting and Management Vision

Journal of Accounting and Management Vision

Assessing the Capabilities of Hybrid Blockchain for the Design and Implementation of Central Bank Digital Currencies (CBDC)

Document Type : Original Article

Authors
1 Assistant Professor, Finance and Accounting Department, Iranian Electronic Higher Education Institute, Tehran, Iran.
2 Master's degree student in Finance - Financial Engineering and Risk Management, Iranian Electronic Higher Education Institute, Tehran, Iran.
Abstract
Rapid developments in financial technologies, especially the significant advances in blockchain, are creating new challenges and opportunities for traditional monetary structures. Central bank digital currencies, as key and strategic innovations, have attracted much attention from financial policymakers worldwide. These currencies, issued by central institutions, have great potential to increase financial transparency, reduce transaction costs, and simplify monitoring of cash flows.
In this article, we focus on exploring the capabilities and potential of hybrid blockchains in the design and implementation of CBDCs. By combining the features of public and private blockchains, hybrid blockchains provide the right conditions to strike a balance between public transparency and centralized control. Also, inspired by the model proposed in the master's thesis entitled Stability, a three-layer structure consisting of gold backing, bank guarantees, and technological infrastructure has been analyzed.
The research method is based on a mixed approach and the Delphi technique and was conducted in collaboration with 14 experts in the fields of law, economics, and information technology. The results show that the use of hybrid blockchains can not only create a secure and flexible framework for CBDC issuance and management Rather, by incorporating physical backings such as gold, it also helps increase public confidence and financial stability. Therefore, the indigenous stability model can be used as an operational model for countries with economic conditions similar to Iran.
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