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Casting Light on Central Bank Digital Currencies
Author:
Mr. Tommaso Mancini Griffoli
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Mr. Maria Soledad Martinez Peria null

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Mr. Itai Agur
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https://orcid.org/0000-0002-6150-737X
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Mr. Anil Ari
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https://orcid.org/0000-0002-8707-6985
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Mr. John Kiff
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https://orcid.org/0000-0002-0473-0831
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Ms. Adina Popescu
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Ms. Celine Rochon
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Series:
Staff Discussion Notes
Volume/Issue:
Volume 2018: Issue 008
Language:
English
Publication Date:
12 Nov 2018
DOI:
https://doi.org/10.5089/9781484384572.006
ISBN:
9781484384572
ISSN:
2617-6750
Pages:
39
Keywords:
SDN; ease liquidity pressure; CBDC token; CBDC infrastructure; rival CBDC; store of value; unit of account; money; central bank digital currencies; monetary policy; CBDC adoption; CBDC development; market power; fiat money; transaction costs; due diligence; Currencies; Bank deposits; Commercial banks; Central bank policy rate; Caribbean
Legal-disclaimer:
Staff Discussion Notes (SDNs) showcase policy-related analysis and research being developed by IMF staff members and are published to elicit comments and to encourage debate.The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy.
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Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world.
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Cover Staff Discussion Notes
Staff Discussion Notes
ISSN:
2617-6750
Publisher:
International Monetary Fund