Technological progress and institutional adaptations: the case of the Central Bank Digital Currency (CBDC)

Riccardo De Bonis and Giuseppe Ferrero

No 690, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: The paper summarizes the debate about the proposed introduction of a Central Bank Digital Currency (CBDC). We place the CBDC in the wider context of the different types of money used in market economies. We explore the most important ideas on why economic agents use money, on the history of money and on the distinction between public and private money. We then discuss the digitalization of the payment system and the main characteristics of cryptoassets. We conclude the paper by explaining the reasons for introducing a CBDC as well as the associated risks.

Keywords: central bank digital currency; history of money; payment system; digitalization; digital euro (search for similar items in EconPapers)
JEL-codes: E42 E58 (search for similar items in EconPapers)
Date: 2022-04
New Economics Papers: this item is included in nep-ban, nep-cba, nep-mac, nep-mon and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_690_22

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