Digital Currency And Electronic Payments Working Group

About the Project

The Hoover Working Group on the Global Implications of China’s Central Bank Digital Currency, led by Darrell Duffie and Elizabeth Economy, is comprised of approximately 25 leading authorities in economics, technology, national security, and China studies. The Working Group will produce a multi-chapter report intended to inform US policymakers on the global implications of China's Digital Currency and Electronic Payment (DC/EP) system. The report will have three main themes: 1) The domestic drivers of the DC/EP initiative and its implications for Chinese domestic political and economic priorities; 2) potential use of DC/EP for cross-border payments and within the domestic payment systems of other countries; and 3) the impact on U.S. geostrategic interests, such as the dominance of the dollar and U.S. political and economic influence globally. The report will conclude with a roadmap for U.S. policymakers that will assess the opportunities and challenges posed by DC/EP and recommend courses of action.

Latest Publication

This multidisciplinary report explores the economic and sociopolitical motives for China’s central bank digital currency and its implications for privacy, international security, and the leading role of the United States in global finance. Among the key findings: The US government should advocate for democratic norms of privacy, accountability, transparency, and security in shaping the global standards for digital currencies, and should improve innovation and competition in its own payment systems.

Click here to learn more and download the report


Darrell Duffie
Elizabeth Economy


Reena Aggarwal
Dan Boneh
Jared Cohen
Larry Diamond
Yaya Fanusie
Niall Ferguson
Avichal Garg
Christopher Giancarlo
Lauren Gloudeman
HE Zhiguo
Samantha Hoffman
Matthew Johnson
Stuart Levey
Sigal Mandelker
David Mazières
H.R. McMaster
Evan Medeiros
Neha Narula
Monika Piazzesi
Matthew Pottinger
Eswar Prasad
Raghuram Rajan
Nadia Schadlow
Richard Sokolow
John Taylor
Glenn Tiffert
Robert Townsend
Matt Turpin
Kevin Warsh
XU Chenggang


March 4, 2022
Digital Currencies: The US, China, And The World At A Crossroads
A discussion on China’s new digital currency: it's function and motives, international implications, the challenges and opportunities for U.S. digital currencies, and key policy recommendations.

July 26, 2021
CBDC: Relevant Design Choices and Opportunities for Innovation
featuring Dr. Neha Narula, Director of the Digital Currency Initiative at the MIT Media Lab
A presentation about Project Hamilton research on US CBDC design

March 17, 2021
Optimized Payment and Financial Infrastructure with Distributed Ledgers and Cryptography
featuring Robert M. Townsend, Elizabeth and James Killian Professor of Economics at MIT
A presentation on developments in payment technology and implications of China's digital currency and electronic payment system