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Mr. Itai Agur, Jose Deodoro, Xavier Lavayssière, Soledad Martinez Peria, Mr. Damiano Sandri, Hervé Tourpe, and Mr. German Villegas Bauer

of the Control Level Enabled by Permissioned Relative to Permissionless Networks Implications for Potential Energy Gains Compared to Traditional Systems IV. Implications for the Environmental Aspects of CBDC CBDC Core Processing CBDC User Payment Means V. Conclusion References Annex I: Energy Consumption of the Current Payment System Estimates for the Digital Payment System Based on Credit and Debit Cards Estimates for Cash Conclusion Annex II: CBDC Initiatives at Developed Stages