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An Examination of First-Mover Advantage for a CBDC

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  • Ken Isaacson
  • Jesse Leigh Maniff
  • Paul Wong

Abstract

This paper explores whether there could be a first-mover advantage for a jurisdiction issuing a central bank digital currency (CBDC) compared to other jurisdictions that subsequently issue their own CBDC. Conventional academic literature provides a framework by which one can assess a CBDC in the domestic payments market, the international payments market, and the technology markets that support payments. However, a CBDC may be more than just a means of payment and thus first-mover advantage is examined for both the asset component of reserve currency and a future financial system built on CBDCs. Overall, the first mover literature does not suggest that there is a compelling first-mover advantage for issuing a CBDC.

Suggested Citation

  • Ken Isaacson & Jesse Leigh Maniff & Paul Wong, 2022. "An Examination of First-Mover Advantage for a CBDC," FEDS Notes 2022-11-25, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2022-11-25
    DOI: 10.17016/2380-7172.3230
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    File URL: https://www.federalreserve.gov//econres/notes/feds-notes/an-examination-of-first-mover-advantage-for-a-cbdc-20221125.html
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