The Sovereign Yield Mirage — Central Bank Digital Currencies (CBDCs), Programmable Scarcity, and the Death of Liquid Counterparty Autonomy
Year: 2026
Type: article
Abstract: The historic stability of decentralized trade rested on the structural separation between asset ownership and state liability through unconditioned peer-to-peer bearer liquidity. This monograph analyzes the systemic transition from physical cash to programmable Central Bank Digital Currency (CBDC) architectures. By formalizing protocol-enforced demurrage equations, time-decay functions, and real-time ledger permissions, we demonstrate how state monetary authorities convert private capital from a sovereign store of value into an expiring, conditional lease on state-sanctioned liquidity. Furthermore, we construct a mathematical failure model governing capital mobility collapse under programmable spending constraints and establish the universal structural invariants required to defend counterparty autonomy against centralized ledger enclosure.
Author: Amresh, Kanna
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: green
OpenAlex ID: W7223858585