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Comparing Means of Payment: What Role for a Central Bank Digital Currency?

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  • Jesse Leigh Maniff
  • Paul Wong

Abstract

This paper looks at the potential benefit that a central bank digital currency (CBDC) could provide in the context of existing payment mechanisms. Central banks today provide the primary payment mechanisms for trade and commerce: cash, used by the public, and electronic payment services, used by eligible financial institutions.

Suggested Citation

  • Jesse Leigh Maniff & Paul Wong, 2020. "Comparing Means of Payment: What Role for a Central Bank Digital Currency?," FEDS Notes 2020-08-13-2, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2020-08-13-2
    DOI: 10.17016/2380-7172.2739
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    File URL: https://www.federalreserve.gov//econres/notes/feds-notes/comparing-means-of-payment-what-role-for-a-central-bank-digital-currency-20200813.htm
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    Citations

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    Cited by:

    1. Julian Alcazar & Terri Bradford, 2020. "In the Nick of Time: The Rise of Earned Wage Access," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-5, September.
    2. Charles M. Kahn & Maarten R.C. van Oordt, 2022. "The Demand for Programmable Payments," Tinbergen Institute Discussion Papers 22-076/IV, Tinbergen Institute.
    3. Jesse Leigh Maniff, 2020. "Inclusion by Design: Crafting a Central Bank Digital Currency to Reach All Americans," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-5, December.
    4. Peterson K. Ozili, 2022. "Circular Economy and Central Bank Digital Currency," Circular Economy and Sustainability, Springer, vol. 2(4), pages 1501-1516, December.
    5. Noll, Franklin & Lipkin, Andrei, 2021. "Smart Banknotes and Cryptobanknotes: Hybrid Banknotes for Central Bank Digital Currencies and Cryptocurrency Payments," MPRA Paper 110887, University Library of Munich, Germany.
    6. Emanuele Urbinati & Alessia Belsito & Daniele Cani & Angela Caporrini & Marco Capotosto & Simone Folino & Giuseppe Galano & Giancarlo Goretti & Gabriele Marcelli & Pietro Tiberi & Alessia Vita, 2021. "A digital euro: a contribution to the discussion on technical design choices," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 10, Bank of Italy, Directorate General for Markets and Payment System.
    7. Luu, Hiep Ngoc & Nguyen, Canh Phuc & Nasir, Muhammad Ali, 2023. "Implications of central bank digital currency for financial stability: Evidence from the global banking sector," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    8. John Caramichael & Gordon Y. Liao, 2022. "Stablecoins: Growth Potential and Impact on Banking," International Finance Discussion Papers 1334, Board of Governors of the Federal Reserve System (U.S.).

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