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Hey, Economist! What’s the Case for Central Bank Digital Currencies?

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Abstract

Since the launch of Bitcoin and other first-generation cryptocurrencies, there has been extensive experimentation in the digital currency space. So far, however, digital currencies have yet to gain much ground as a means of payment. Is there a vacuum in the landscape of digital money and payments that central banks are naturally positioned to fill? In this post, Michael Lee and Antoine Martin, economists in the New York Fed’s Money and Payment Studies function, answer some questions regarding the concept of central bank digital currencies (CBDCs).

Suggested Citation

  • Michael Junho Lee & Antoine Martin, 2021. "Hey, Economist! What’s the Case for Central Bank Digital Currencies?," Liberty Street Economics 20210430, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:91222
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    Keywords

    central bank digital currencies;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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