Why Central Bank Digital Currencies?

Raphael Auer, Jon Frost, Michael Lee, Antoine Martin and Neha Narula ()
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Neha Narula: https://dci.mit.edu/neha-narula

No 20211201, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: In the past year, a number of central banks have stepped up work on central bank digital currencies (CBDCs – see map). For central banks, are CBDCs just a defensive reaction to private-sector innovations in money, or are they an opportunity for the monetary system? In this post, we consider several long-standing goals of central banks in their support and provision of retail payments, why and how central banks tackle these issues, and where CBDCs fit into the array of potential solutions.

Keywords: CBDC; digital innovation (search for similar items in EconPapers)
JEL-codes: E5 (search for similar items in EconPapers)
Date: 2021-12-01
New Economics Papers: this item is included in nep-ban, nep-mac, nep-mon and nep-pay
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