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Using Central Bank Digital Currency to Achieve the Sustainable Development Goals

In: Digital Transformation, Strategic Resilience, Cyber Security and Risk Management

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  • Peterson K. Ozili

Abstract

This chapter examines the role of the central bank digital currency (CBDC) in achieving the United Nations’ sustainable development goals (SDGs). Digitalisation is transforming the sustainable development landscape, and there is a need for central banks to play a major role in digital transformation for sustainable development. This topic is important to policymakers interested in how central bank innovation can help support SDGs’ realisation. This study is also relevant to researchers researching how a CBDC can be used to achieve SDGs. The author argued that a CBDC could unlock financing for each SDG, provide convenient access to capital and increase payment efficiency. CBDC can also increase the speed of transaction chains and provide greater capital efficiency for investment in sustainable development activities and projects. A CBDC can support realising the United Nations’ SDGs. Policymakers should ensure that the CBDC in their respective countries is designed to incorporate features that consider sustainable development concerns for attaining the United Nations’ SDGs. There has yet to be an attempt to assess how a CBDC can contribute to realising the United Nations’ SDGs. The literature needs to examine the opportunities CBDC presents for achieving SDGs.

Suggested Citation

  • Peterson K. Ozili, 2023. "Using Central Bank Digital Currency to Achieve the Sustainable Development Goals," Contemporary Studies in Economic and Financial Analysis, in: Digital Transformation, Strategic Resilience, Cyber Security and Risk Management, volume 111, pages 143-153, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-37592023000111c008
    DOI: 10.1108/S1569-37592023000111C008
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    Cited by:

    1. Ozili, Peterson K, 2024. "Thinking Fast and Slow about Central Bank Digital Currencies," MPRA Paper 120774, University Library of Munich, Germany.
    2. Medina Ayta Mohammed & Carmen De-Pablos-Heredero & José Luis Montes Botella, 2023. "Exploring the Factors Affecting Countries’ Adoption of Blockchain-Enabled Central Bank Digital Currencies," Future Internet, MDPI, vol. 15(10), pages 1-14, September.

    More about this item

    Keywords

    Central bank digital currency; CBDC; sustainable development; sustainable development goals; United Nations; SDGs; Q01;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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