Casting Light on Central Bank Digital Currencies

Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal...

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Bibliographic Details
Main Author: Mancini-Griffoli, Tommaso
Other Authors: Agur, Itai, Ari, Anil, Kiff, John
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2018
Series:Staff Discussion Notes
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Payment Systems 
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653 |a Banks 
653 |a Central Bank digital currencies 
653 |a Distributed ledgers 
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653 |a Technology 
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653 |a Money Supply 
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653 |a Central Banks and Their Policies 
653 |a Interest Rates: Determination, Term Structure, and Effects 
653 |a Monetary Policy 
653 |a Money and Monetary Policy 
653 |a Central bank policy rate 
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520 |a Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world