In discussions about central bank digital currencies (CBDCs), the term “two-tier model”, or some variant of it is frequently used. Unfortunately, the two-tier term is confusing as it can have very different implications.

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In several analyses of CBDC infrastructure and models, the issue of whether to use an account-based or token-based (aka value-based) CBDC is discussed. However, for any practical purposes I fail to see the relevance of this distinction in most discussions.

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