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Why Central Bank Digital Currencies?

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Abstract

In the past year, a number of central banks have stepped up work on central bank digital currencies (CBDCs – see map). For central banks, are CBDCs just a defensive reaction to private-sector innovations in money, or are they an opportunity for the monetary system? In this post, we consider several long-standing goals of central banks in their support and provision of retail payments, why and how central banks tackle these issues, and where CBDCs fit into the array of potential solutions.

Suggested Citation

  • Raphael Auer & Jon Frost & Michael Junho Lee & Antoine Martin & Neha Narula, 2021. "Why Central Bank Digital Currencies?," Liberty Street Economics 20211201, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:93420
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    File URL: https://libertystreeteconomics.newyorkfed.org/2021/12/why-central-bank-digital-currencies/
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    Cited by:

    1. Manuel Walz & Matthias Neuenkirch, 2021. "Der Digitale Euro: Ein Zahlungsmittel für die Zukunft?," Research Papers in Economics 2021-05, University of Trier, Department of Economics.

    More about this item

    Keywords

    CBDC; digital innovation;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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