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The Future of Money: A Review on Central Bank Digital Currencies

In: Digital Banking and Finance A Handbook

Author

Listed:
  • Bushra Zulfiqar
  • Faten Moussa
  • Mahnoor Hanif

Abstract

This chapter explores the intricate aspects and consequences associated with central bank digital currencies (CBDCs), which are an emerging subject of interest in both scholarly research and policy deliberations. The chapter presents the rationale for the introduction of CBDCs, which includes the goals of enhancing financial inclusion, improving the implementation of monetary policy and accelerating the development of digital payment systems. Furthermore, the chapter examines scholarly viewpoints on the possible consequences of CBDCs for monetary policy composition and economic stability. The chapter also highlights important areas that require future research, such as exploring an optimal CBDC design that effectively resolves competing objectives as well as conducting empirical analyses of the effects of CBDCs on financing costs and financial stability. Moreover, the chapter emphasizes the importance of conducting country- and region-specific case studies to fully comprehend the complex ramifications of CBDC layout in various social and economic circumstances.

Suggested Citation

  • Bushra Zulfiqar & Faten Moussa & Mahnoor Hanif, 2025. "The Future of Money: A Review on Central Bank Digital Currencies," World Scientific Book Chapters, in: Christopher E C Gan & Nirosha Hewa-Wellalage & Ahmed Imran Hunjra (ed.), Digital Banking and Finance A Handbook, chapter 15, pages 407-422, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800616257_0015
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    More about this item

    Keywords

    FinTech; Digital Era; Financial Industry; Digital Technology; Digital Financial Industry; Digital Finance; Financial Inclusion; Bank Stability; Emerging Economies; Bibliometric Analysis; Digital Finance Revolution; Global Impacts; Digital Innovation; Insurance; Big Data Applications; Digital Assets in Disarray; Forecasting Bitcoin; Machine Learning Approach; Economic Policy Uncertainty; Cryptocurrency; Bank Shares; Digital Age; Corporate Governance; Risks; Rewards; Assets Tokenization; Future of Money; Central Bank Digital Currencies; Bank Innovation; Risk-Taking Perspective;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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