This chap­ter exami­nes how cen­tral bank digi­tal cur­ren­ci­es (CBDCs) can con­tri­bu­te to an open, safe and com­pe­ti­ti­ve mone­ta­ry sys­tem that sup­ports inno­va­ti­on and ser­ves the public inte­rest. CBDCs are a form of digi­tal money, deno­mi­na­ted in the natio­nal unit of account, which is a direct lia­bi­li­ty of the cen­tral bank. CBDCs can be desi­gned for use eit­her among finan­cial inter­me­di­a­ries only (ie who­le­sa­le CBDCs), or by the wider eco­no­my (ie retail CBDCs). The chap­ter sets out the uni­que fea­tures of CBDCs, asking what their issu­an­ce would mean for users, finan­cial inter­me­di­a­ries, cen­tral banks and the inter­na­tio­nal mone­ta­ry sys­tem. It pres­ents the design choices and the asso­cia­ted impli­ca­ti­ons for data gover­nan­ce and pri­va­cy in the digi­tal eco­no­my. The chap­ter also out­lines how CBDCs com­pa­re with the latest genera­ti­on of retail fast pay­ment sys­tems (FPS, see glossary). …

Quel­le /​ Link: CBDCs: an oppor­tu­ni­ty for the mone­ta­ry system

 

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