Rise of the Central Bank Digital Currencies

Raphael Auer, Giulio Cornelli and Jon Frost

International Journal of Central Banking, 2023, vol. 19, issue 4, 185-214

Abstract: Central banks around the world are researching and developing central bank digital currencies (CBDCs). Yet the motivations for issuance, policy approaches, and technical designs differ across countries. We set out a comprehensive database of CBDC projects and technical approaches, and investigate the economic and institutional factors that correlate with CBDC project efforts. Most projects are found in economies with high mobile phone use and a high capacity for innovation. Work on retail CBDCs is more advanced where the informal economy is larger. Many central banks are considering architectures in which a CBDC is a direct cash-like claim on the central bank, but the private sector handles all retail services.

JEL-codes: E42 E44 E51 E58 F31 G21 G28 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:ijc:ijcjou:y:2023:q:4:a:5

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