Central Bank Digital Currency: A Literature Review
Francesca Carapella () and
Jean Flemming ()
No 2020-11-09-1, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)
Technological advances in recent years have led to a growing number of fast, electronic means of payment available to consumers for everyday transactions, raising questions for policymakers about the role of the public sector in providing a digital payment instrument for the modern economy. From a theoretical standpoint, the introduction of a central bank digital currency (CBDC) raises long-standing questions relating to the provision of public and private money (Gurley and Shaw 1960), and the ability of the central bank to use CBDC as a means for transmitting monetary policy directly to households (Tobin 1985).
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