Purpose

Central banks from more than 100 countries, representing 95% of the global financial output, are studying Central Bank Digital Currencies (CBDCs). CBDCs can potentially enable safe, efficient and inexpensive cross-border and cross-currency payments in today's interconnected financial system. However, a critical factor influencing their expansion is cross-border interoperability. Therefore, there is a high demand from central banks, researchers, computer scientists, policy- and decision-makers to explore this topic further. Its better understanding will improve information management, enhance the decision-making process, and result in the redesign of central banks' processes and products (digital currencies).

Design/methodology/approach

The authors investigate this novel and timely topic by conducting a Multivocal Systematic Literature Review (MSLR) on CBDCs cross-border interoperability. Additionally, the authors collect and analyze empirical data from various online resources such as CBDC trackers.

Findings

The authors conclude that although the academic literature on CBDC cross-border interoperability is very limited, valuable documents published by central banks and other entities discuss this issue and provide valuable insights. The authors paid particular attention to the reports published by the Bank of International Settlement (BIS) as it proposes three different models for CBDC cross-border interoperability. The study research reveals that most CBDC cross-border interoperability projects run by several central banks and other organizations explore these three BIS models. For this research, the authors performed an in-depth study of CBDC cross-border interoperability cases to investigate all three BIS models. The findings illustrate that although technical interoperability is feasible, plenty of work needs to be done in terms of standards and interfaces. In addition, other non-technical interoperability areas need to be explored and addressed, as there are concerns related to legal issues, regulations, jurisdictional boundaries, policy challenges and governance.

Research limitations/implications

Research on CBDCs is progressing quickly, so, despite the authors’ use of an MSLR to identify the state-of-the-art, interested parties should be aware that new information is prone to appear imminently. Hence, this study work should be understood as a basis to build upon. Also, although the authors have included major academic databases in this study search, there is the possibility that a few papers may have been published in outlets that the authors have not covered. Finally, since the search in the grey literature returned thousands of hits, the authors had to define a stopping criterion for the documents to analyze.

Practical implications

The authors provide insights on the current state of CBDC cross-border interoperability, which is valuable to policy- and decision-makers currently assessing the situation and deciding on avenues to pursue.

Originality/value

The authors provide an integrated and critical view of the developments of CBDC cross-border interoperability, considering not only available academic literature but also fundamental documents from key institutions such as central banks and related organizations.

中文翻译：

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迈向跨境 CBDC 互操作性：多语言文献综述的见解

目的

占全球金融产出 95% 的 100 多个国家的中央银行正在研究中央银行数字货币（CBDC）。CBDC 有可能在当今相互关联的金融体系中实现安全、高效和廉价的跨境和跨货币支付。然而，影响其扩张的一个关键因素是跨境互操作性。因此，中央银行、研究人员、计算机科学家、政策和决策者迫切需要进一步探讨这一主题。对其更好的理解将改善信息管理，增强决策过程，并导致中央银行流程和产品（数字货币）的重新设计。

设计/方法论/途径

作者通过对 CBDC 跨境互操作性进行多语言系统文献综述（MSLR）来研究这个新颖且及时的主题。此外，作者还收集并分析了来自 CBDC 跟踪器等各种在线资源的经验数据。

发现

作者的结论是，尽管有关 CBDC 跨境互操作性的学术文献非常有限，但中央银行和其他实体发布的有价值的文件讨论了这个问题并提供了有价值的见解。作者特别关注国际清算银行（BIS）发布的报告，因为它提出了三种不同的 CBDC 跨境互操作性模型。研究表明，大多数由多家中央银行和其他组织运行的 CBDC 跨境互操作性项目都在探索这三种 BIS 模型。在本研究中，作者对 CBDC 跨境互操作性案例进行了深入研究，以调查所有三种 BIS 模型。研究结果表明，虽然技术互操作性是可行的，在标准和接口方面还需要做大量的工作。此外，还需要探索和解决其他非技术互操作性领域，因为存在与法律问题、法规、管辖范围、政策挑战和治理相关的担忧。

研究局限性/影响

关于 CBDC 的研究进展迅速，因此，尽管作者使用 MSLR 来识别最先进的技术，但感兴趣的各方应该意识到新信息很可能即将出现。因此，这项研究工作应该被理解为一个基础。此外，尽管作者在本次研究检索中纳入了主要学术数据库，但仍有可能有一些论文发表在作者未涵盖的媒体上。最后，由于灰色文献的搜索返回了数千次点击，因此作者必须为要分析的文档定义一个停止标准。

实际影响

作者提供了有关 CBDC 跨境互操作性现状的见解，这对于当前评估形势并决定采取途径的政策和决策者来说很有价值。

原创性/价值

作者不仅考虑了现有的学术文献，还考虑了中央银行和相关组织等关键机构的基本文件，对 CBDC 跨境互操作性的发展提供了综合和批判性的观点。