Behind the Scenes of Central Bank Digital Currency PDF Download
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Author: Gabriel Soderberg
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of IMF member countries are actively evaluating CBDCs, with only a few having issued CBDCs or undertaken extensive pilots or tests. This paper shines the spotlight on the handful of countries at the frontier in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps. Clearly, what can be gleaned from these experiences does not necessarily apply elsewhere. The sample of countries remains small and country circumstances differ widely. However, the insights in this paper may inspire further investigation and allow countries to gain time by building on the experience of others. Importantly, the purpose of this paper is not to evaluate the courses taken by different jurisdictions, but to study and discuss their key experiences and lessons. The paper studies six advanced CBDC projects, drawing on collaboration and exchanges with the respective central banks to get insights beyond what has previously been published. Unless a specific published source is cited, all information stems from interviews and workshops with members of CBDC project teams in each jurisdiction.
Author: Gabriel Soderberg
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of IMF member countries are actively evaluating CBDCs, with only a few having issued CBDCs or undertaken extensive pilots or tests. This paper shines the spotlight on the handful of countries at the frontier in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps. Clearly, what can be gleaned from these experiences does not necessarily apply elsewhere. The sample of countries remains small and country circumstances differ widely. However, the insights in this paper may inspire further investigation and allow countries to gain time by building on the experience of others. Importantly, the purpose of this paper is not to evaluate the courses taken by different jurisdictions, but to study and discuss their key experiences and lessons. The paper studies six advanced CBDC projects, drawing on collaboration and exchanges with the respective central banks to get insights beyond what has previously been published. Unless a specific published source is cited, all information stems from interviews and workshops with members of CBDC project teams in each jurisdiction.
Author: Mr.Itai Agur
Publisher: International Monetary Fund
ISBN: 1513519883
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of their users. CBDC can be designed with attributes similar to cash or deposits, and can be interest-bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-like CBDC may lead to the disappearance of cash. Then, the optimal CBDC design trades off bank intermediation against the social value of maintaining diverse payment instruments. When network effects matter, an interest-bearing CBDC alleviates the central bank's tradeoff.
Author: Mr.Tobias Adrian
Publisher: International Monetary Fund
ISBN: 1498324908
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
Author: Group of Ten. Committee on Payment and Settlement Systems
Publisher:
ISBN:
Category : Emigrant remittances
Languages : en
Pages : 68
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Book Description
Author: Harold James
Publisher: Cambridge University Press
ISBN: 1108835015
Category : Business & Economics
Languages : en
Pages : 569
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Book Description
This authoritative guide to the transformation of the Bank of England into a modern inflation-targeting independent central bank examines a revolution in monetary and economic policy and the modernization of British institutions in the late twentieth century.
Author: Wouter Bossu
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781513561622
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made. First, most central bank laws do not currently authorize the issuance of CBDC to the general public. Second, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC. While the central bank law issue can be solved through rather straithforward law reform, the monetary law issue poses fundmental legal policy challenges.
Author: Massimo Rostagno
Publisher: Oxford University Press
ISBN: 0192895915
Category : Business & Economics
Languages : en
Pages : 449
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Book Description
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Author: Richard Turrin
Publisher:
ISBN: 9781949642728
Category :
Languages : en
Pages : 402
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Book Description
Cashless dives into the design and use of China's new central bank digital currency.
Author: Nomi Prins
Publisher: Bold Type Books
ISBN: 1568585632
Category : Business & Economics
Languages : en
Pages : 456
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Book Description
In this searing exposéformer Wall Street insider Nomi Prins shows how the 2007-2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order. Central banks and international institutions like the IMF have overstepped their traditional mandates by directing the flow of epic sums of fabricated money without any checks or balances. Meanwhile, the open door between private and central banking has ensured endless opportunities for market manipulation and asset bubbles -- with government support. Through on-the-ground reporting, Prins reveals how five regions and their central banks reshaped economics and geopolitics. She discloses how Mexico navigated its relationship with the US while striving for independence and how Brazil led the BRICS countries to challenge the US dollar's hegemony. She explains how China's retaliation against the Fed's supremacy is aiding its ongoing ascent as a global superpower and how Japan is negotiating the power shift from the West to the East. And she illustrates how the European response to the financial crisis fueled instability that manifests itself in everything from rising populism to the shocking Brexit vote. Packed with tantalizing details about the elite players orchestrating the world economy -- from Janet Yellen and Mario Draghi to Ben Bernanke and Christine Lagarde -- Collusion takes the reader inside the most discreet conversations at exclusive retreats like Jackson Hole and Davos. A work of meticulous reporting and bracing analysis, Collusion will change the way we understand the new world of international finance.
Author: Christine Desan
Publisher: Oxford University Press, USA
ISBN: 0198709579
Category : Business & Economics
Languages : en
Pages : 501
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Book Description
In this revisionist history of the development of the modern monetary system, Desan argues that money effectively creates economic activity rather than emerging from it. Her account demonstrates that money's design has been a project central to governance and formative to markets.
