مهرزاد شیردست

In recent decades, the global payment system has undergone a threefold transformation in the form of thesis, antithesis, and synthesis. The initial thesis was based on the traditional monetary system, comprising cash and bank money. Although this system enjoys widespread stability and acceptance, it faces numerous structural challenges, including slow cross-border payments, high operational costs, and limitations in financial inclusion.

In contrast to this traditional paradigm, an antithesis emerged in the form of decentralized digital currencies (such as Bitcoin and Ethereum). These innovative currencies challenged the foundations of the previous system by advocating for the elimination of intermediaries, creating an inflation-independent system, and freeing themselves from governmental monopolies. While these innovations significantly increased transaction speeds and enhanced privacy in financial operations, their inherent instability, extreme price volatility, and lack of legal backing limited their potential to fully replace the traditional monetary system.

This intellectual confrontation ultimately led to‌ the formation of a synthesis known as "Central Bank Digital Currency" (CBDC). This innovative solution combines the advantages of the two preceding systems, preserving the stability and sovereignty of the traditional system while leveraging digital technology to enhance efficiency, reduce costs, and expand financial inclusion. The flexible capabilities of this currency, including programmable smart features, varying levels of privacy, and the ability to allocate interest, make it an effective tool for monetary policy.

This study aims to prioritize the components influencing Iran’s Central Bank Digital Currency, focusing on three key objectives: directing liquidity toward production, reducing bank runs, and increasing government tax revenue. Based on insights from ۲۳ monetary and banking experts, the prioritization of these objectives was determined as follows:

Primary Objective: Directing liquidity toward production

Secondary Objective: Reducing bank runs

Tertiary Objective: Increasing government tax revenue

According to the experts, the Central Bank Digital Currency is regarded as a tool for structural transformation in Iran’s economy. It can address root challenges such as the diversion of liquidity into unproductive sectors and structural deficiencies in the tax system, thereby redesigning the functions of the monetary system.

Based on the findings of this study, the prioritization of Central Bank Digital Currency components for each of the three objectives was determined as follows:

For directing liquidity toward production: "Interest payment capability" was ranked as the most critical component, followed by "access level," "resilience," "architectural design," "production technology," and "authentication level."

For reducing bank runs: "System resilience" was identified as the key component, followed by "interest payment capability," "authentication level," "access‌ level," "architectural design," and "production technology."

For increasing tax revenue: "Authentication level" was ranked as the primary component, followed by "access level," "interest payment capability," "production technology," "resilience," and "architectural design."