Casting Light On Central Bank Digital Currencies

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Casting Light on Central Bank Digital Currencies

Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon
Casting Light on Central Bank Digital Currencies Book PDF

Author : Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon
Publisher : International Monetary Fund
Page : 39 pages
File Size : 47,9 Mb
Release : 2018-11-12
Category : Business & Economics
ISBN : 9781484384572

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Casting Light on Central Bank Digital Currencies by Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon Pdf

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.

Central Bank Digital Currencies and the Global Financial System

Muhammad Ashfaq,Rashedul Hasan,Jošt Merčon
Central Bank Digital Currencies and the Global Financial System Book PDF

Author : Muhammad Ashfaq,Rashedul Hasan,Jošt Merčon
Publisher : Walter de Gruyter GmbH & Co KG
Page : 180 pages
File Size : 49,7 Mb
Release : 2023-07-24
Category : Business & Economics
ISBN : 9783110982398

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Central Bank Digital Currencies and the Global Financial System by Muhammad Ashfaq,Rashedul Hasan,Jošt Merčon Pdf

Central Bank Digital Currencies and Global Financial System: Theory and Practice is the perfect book for anyone interested in the impact of digital currencies on the global financial system, providing valuable insights and analysis on the topic. The topic of central bank digital currencies (CBDCs) is particularly relevant in 2023 because the use of digital currencies is rapidly growing around the world, and many central banks are exploring the idea of developing their own CBDCs. This book offers readers an opportunity to gain a better understanding of CBDCs, including their history, differences with cryptocurrencies, and the potential impact of CBDCs on the future of the financial system. The book’s didactic approach breaks down complex topics into easily digestible chapters, allowing readers to easily understand and follow the progression of digital currencies. For those interested in the future of digital currencies, the book offers a chapter on future research directions and concluding remarks. Central Bank Digital Currencies and Global Financial System: Theory and Practice is a must-read for anyone interested in the intersection of finance and technology. By exploring the evolution of digital currencies and their impact on the global financial system, this book provides valuable insights for policymakers, financial professionals, and anyone looking to understand the future of money.

Designing Central Bank Digital Currencies

Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Designing Central Bank Digital Currencies Book PDF

Author : Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 38 pages
File Size : 43,5 Mb
Release : 2019-11-18
Category : Business & Economics
ISBN : 9781513521954

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Designing Central Bank Digital Currencies by Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia Pdf

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.

The Rise of Digital Money

Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli
The Rise of Digital Money Book PDF

Author : Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli
Publisher : International Monetary Fund
Page : 20 pages
File Size : 53,8 Mb
Release : 2019-07-15
Category : Business & Economics
ISBN : 9781498324908

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The Rise of Digital Money by Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli Pdf

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.

A Survey of Research on Retail Central Bank Digital Currency

Mr.John Kiff,Jihad Alwazir,Sonja Davidovic,Aquiles Farias,Mr.Ashraf Khan,Mr.Tanai Khiaonarong,Majid Malaika,Mr.Hunter K Monroe,Nobu Sugimoto,Hervé Tourpe,Peter Zhou
A Survey of Research on Retail Central Bank Digital Currency Book PDF

Author : Mr.John Kiff,Jihad Alwazir,Sonja Davidovic,Aquiles Farias,Mr.Ashraf Khan,Mr.Tanai Khiaonarong,Majid Malaika,Mr.Hunter K Monroe,Nobu Sugimoto,Hervé Tourpe,Peter Zhou
Publisher : International Monetary Fund
Page : 66 pages
File Size : 50,6 Mb
Release : 2020-06-26
Category : Business & Economics
ISBN : 9781513547787

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A Survey of Research on Retail Central Bank Digital Currency by Mr.John Kiff,Jihad Alwazir,Sonja Davidovic,Aquiles Farias,Mr.Ashraf Khan,Mr.Tanai Khiaonarong,Majid Malaika,Mr.Hunter K Monroe,Nobu Sugimoto,Hervé Tourpe,Peter Zhou Pdf

This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.

Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges

Kaur, Guneet,Lekhi, Pooja,Popli, Simriti
Exploring Central Bank Digital Currencies Concepts Frameworks Models and Challenges Book PDF

Author : Kaur, Guneet,Lekhi, Pooja,Popli, Simriti
Publisher : IGI Global
Page : 380 pages
File Size : 45,5 Mb
Release : 2024-03-07
Category : Business & Economics
ISBN : 9798369318836

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Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges by Kaur, Guneet,Lekhi, Pooja,Popli, Simriti Pdf

In the ever-evolving landscape of global finance, the rise of Central Bank Digital Currencies (CBDCs) has introduced a myriad of challenges that demand immediate scholarly attention. The accelerating pace of digital transformation, coupled with the intricate dynamics of these novel currencies, poses significant hurdles in their widespread adoption. From privacy concerns to the technological complexities involved, the academic community finds itself at the forefront of deciphering the multifaceted challenges inherent in the CBDC landscape. Addressing this imperative need for comprehensive analysis is the groundbreaking publication, Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges. Within the pages of this compelling work, scholars will encounter a meticulous exploration of the intricate evolution of money, navigating from traditional barter systems to the digital era. The catalytic role of Bitcoin in reshaping the financial landscape serves as a cornerstone, laying the foundation for a profound understanding of the cryptocurrency fundamentals that underpin CBDCs. This book delves into the conceptual frameworks and technological models shaping CBDCs, aiming to illuminate the complex challenges faced by central banks, governments, and financial institutions in their pursuit of digital currency integration.

Central Bank Digital Currency—Initial Considerations

International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.
Central Bank Digital Currency Initial Considerations Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 22 pages
File Size : 40,8 Mb
Release : 2023-11-14
Category : Business & Economics
ISBN : 9798400259210

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Central Bank Digital Currency—Initial Considerations by International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept. Pdf

The paper briefs the Executive Board on the initial considerations on CBDC. These cover a framework to guide countries’ CBDC exploration, as well as implications for monetary policy transmission, capital flow management measures, and financial inclusion.

Intro to CBDCs

AXIM
Intro to CBDCs Book PDF

Author : AXIM
Publisher : ELLARS Studios
Page : 79 pages
File Size : 46,6 Mb
Release : 2022-11-21
Category : Business & Economics
ISBN : PKEY:6610000410002

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Intro to CBDCs by AXIM Pdf

Intro to CBDCs: Central Bank Digital Currencies will give you the relevant history of MONEY and how it may accumulate as a CBDC for the digital age of the future. Countries and banks are thinking about ditching paper money for ALL DIGITAL currencies. This book is for the expert as well as the novice when it comes to money, fiat, crypto, CBDCs, stable coins and more. Learn about how the digital shift could change the world with this AXIM Book.

Recent Central Bank Digital Currency Developments in Asia and Their Implications

Asian Development Bank
Recent Central Bank Digital Currency Developments in Asia and Their Implications Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 158 pages
File Size : 48,7 Mb
Release : 2023-08-01
Category : Computers
ISBN : 9789292702816

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Recent Central Bank Digital Currency Developments in Asia and Their Implications by Asian Development Bank Pdf

This publication analyzes the evolution of Central Bank Digital Currencies (CBDC) in Asia and the Pacific, assesses their potential risks and technical challenges, and explores their potential to improve cross-border payments and financial inclusion. Ahead of the launch of any large-scale Asian CBDC, it details various models and explores how Cambodia, the People’s Republic of China, Singapore, and Thailand are taking the lead. Outlining global developments and emerging trends, it shows why a robust digital infrastructure, strong public-private collaboration, and fintech literacy are central to ensuring CBDCs help drive the transition to a digital economy.

Cross-Border Payments with Retail Central Bank Digital Currencies

Andre Reslow,Gabriel Soderberg,Natsuki Tsuda
Cross Border Payments with Retail Central Bank Digital Currencies Book PDF

Author : Andre Reslow,Gabriel Soderberg,Natsuki Tsuda
Publisher : International Monetary Fund
Page : 43 pages
File Size : 43,9 Mb
Release : 2024-05-15
Category : Business & Economics
ISBN : 9798400272035

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Cross-Border Payments with Retail Central Bank Digital Currencies by Andre Reslow,Gabriel Soderberg,Natsuki Tsuda Pdf

Many central banks are currently exploring the possibility of issuing retail central bank digital currency (CBDC). While the primary objective varies between jurisdictions, many central banks consider improved cross-border payments as a potential benefit and previous work has shown that CBDC can help overcome some of the frictions in cross-border payments. CBDC is a safe and liquid asset reducing the number of financial intermediaries and the settlement risk. Designing CBDC systems for cross-border payments is not fundamentally different from tailoring other payment systems. However, the roles and responsibilities might be slightly different in a CBDC system, and the central bank may play a more pivotal role given CBDC’s nature as public money as opposed to commercial bank money. This note draws lessons from ongoing experimentation and research to identify design and policy considerations when developing retail CBDC systems so it may be compatible for cross-border payments. The note focuses on retail CBDC—a CBDC primarily targeting households and non-financial firms—and leaves wholesale CBDC considerations for future work, although many of the discussions are applicable to wholesale CBDC and other forms of money as well.

Implications of Central Bank Digital Currencies for Monetary Policy Transmission

Ms. Mitali Das,Mr. Tommaso Mancini Griffoli,Fumitaka Nakamura,Ms. Julia Otten,Gabriel Soderberg,Mr. Juan Sole,Brandon Tan
Implications of Central Bank Digital Currencies for Monetary Policy Transmission Book PDF

Author : Ms. Mitali Das,Mr. Tommaso Mancini Griffoli,Fumitaka Nakamura,Ms. Julia Otten,Gabriel Soderberg,Mr. Juan Sole,Brandon Tan
Publisher : International Monetary Fund
Page : 33 pages
File Size : 54,8 Mb
Release : 2023-09-15
Category : Business & Economics
ISBN : 9798400252792

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Implications of Central Bank Digital Currencies for Monetary Policy Transmission by Ms. Mitali Das,Mr. Tommaso Mancini Griffoli,Fumitaka Nakamura,Ms. Julia Otten,Gabriel Soderberg,Mr. Juan Sole,Brandon Tan Pdf

This fintech note presents an analysis of the implications of central bank digital currency (CBDC) for monetary policy. In our framework, the implications of CBDC issuance on monetary policy are intermediated by its impact on key parts of the macroeconomic environment. The note also makes a distinction between “level effects”—whereby the introduction of CBDCs could tighten or loosen financial conditions as a shock—and “transmission effects,” whereby CBDCs change the impact of a given monetary policy shock on output, employment, and inflation. In general, the effects of CBDCs on monetary policy transmission are expected to be relatively small in normal times; however, these effects can be more significant in an environment with low interest rates or financial market stress.

The Digital Revolution

Michael McNaught
The Digital Revolution Book PDF

Author : Michael McNaught
Publisher : Michael McNaught
Page : 59 pages
File Size : 43,5 Mb
Release : 2023-05-26
Category : Business & Economics
ISBN : 8210379456XXX

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The Digital Revolution by Michael McNaught Pdf

In an era of unprecedented technological advancements and shifting financial landscapes, the global economy stands on the precipice of a profound transformation. As nations grapple with the future of money, a groundbreaking revolution emerges, Central Bank Digital Currency (CBDC). In "The Digital Revolution: Central Bank Digital Currencies (CBDC) Unveiled," Michael McNaught, a Scientist and digital currencies enthusiast, delves into the intricate world of CBDCs, uncovering their potential to redefine the very nature of monetary systems worldwide. With meticulous research and insightful analysis, this illuminating book takes readers on an exploration of the origins, mechanics, and implications of CBDCs. From the historic milestones that paved the way to the intricate technical frameworks shaping their implementation, it unravels the mysteries surrounding this groundbreaking form of digital currency.

Cash Use Across Countries and the Demand for Central Bank Digital Currency

Mr.Tanai Khiaonarong,David Humphrey
Cash Use Across Countries and the Demand for Central Bank Digital Currency Book PDF

Author : Mr.Tanai Khiaonarong,David Humphrey
Publisher : International Monetary Fund
Page : 43 pages
File Size : 53,7 Mb
Release : 2019-03-01
Category : Business & Economics
ISBN : 9781498301824

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Cash Use Across Countries and the Demand for Central Bank Digital Currency by Mr.Tanai Khiaonarong,David Humphrey Pdf

The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. Demand for digital currency will thus be weak in countries where cash use is already very low, due to a preference for cash substitutes (cards, electronic money, mobile phone payments). Where cash use is very high, demand should be stronger, due to a lack of cash substitutes. As the demand for CBDC is tied to the current level of cash use, we estimate the level and trend in cash use for 11 countries using four different measures. A tentative forecast of cash use is also made. After showing that declining cash use is largely associated with demographic change, we tie the level of cash use to the likely demand for CBDC in different countries. In this process, we suggest that one measure of cash use is more useful than the others. If cash is important for monetary policy, payment instrument competition, or as an alternative payment instrument in the event of operational problems with privately supplied payment methods, the introduction of CBDC may best be introduced before cash substitutes become so ubiquitous that the viability of CBDC could be in doubt.

A Guide to Central Bank Digital Currency Product Development

Hervé Tourpe,Ashley Lannquist,Gabriel Soderberg
A Guide to Central Bank Digital Currency Product Development Book PDF

Author : Hervé Tourpe,Ashley Lannquist,Gabriel Soderberg
Publisher : International Monetary Fund
Page : 44 pages
File Size : 42,9 Mb
Release : 2023-09-08
Category : Business & Economics
ISBN : 9798400253690

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A Guide to Central Bank Digital Currency Product Development by Hervé Tourpe,Ashley Lannquist,Gabriel Soderberg Pdf

As central bank digital currency (CBDC) projects progress around the world, there is increased need for a project management methodology that is appropriate for CBDC. This paper develops a CBDC-specific project management methodology that establishes a common terminology and offers guidance to development teams on best practices for addressing the complex requirements and risks associated with CBDC. It is centered on an original five-step approach called the “5P Methodology”: preparation, proof-of-concept, prototypes, pilots, and production. The methodology emphasizes a phased approach to CBDC research and development, with strong focus on research preparation, experimentation and testing, risk management, stakeholder engagement, and cyber resilience.

Central Bank Digital Currencies (CBDCs)

Christos V. Gortsos,Rolf Sethe
Central Bank Digital Currencies CBDCs Book PDF

Author : Christos V. Gortsos,Rolf Sethe
Publisher : buch & netz
Page : 100 pages
File Size : 46,5 Mb
Release : 2023-10-27
Category : Business & Economics
ISBN : 9783038056201

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Central Bank Digital Currencies (CBDCs) by Christos V. Gortsos,Rolf Sethe Pdf

The present book contains five contributions relating to the introduction of Central Bank Digital Currencies (CBDCs), i.e., the digital form of state-issued legal tender. It is the by-product of a Colloquium jointly hosted by the Collegium Helveticum (the joint Institute for Advanced Studies of ETH Zurich, the University of Zurich and the Zurich University of the Arts) and the University of Zurich’s Priority Research Program on Financial Market Regulation (URPP FinReg) on 9 May 2023. The contributions to this book provide an in-depth analysis of the following aspects of CBDCs: - Global Financial Architecture and Decentralized CBDC Regimes (by Rolf H. Weber), - The Shift from Private Money into “Unlimited” CBDCs: An Unviable Development or a Chance for Reform and New Opportunities? (by Christian Hofmann), - A Macroeconomic Perspective on retail CBDC and the Digital Euro (by Dirk Niepelt), - Central Bank Digital Currencies: Central Bank Money reaches a new frontier (by Chiara Zilioli) and - The Simple(r) Case for Wholesale Central Bank Digital Currency (by Thomas Moser). The articles constitute an optimal blend between legal, institutional, and economic aspects on CBDCs by high-quality experts, combining the academic and the central bank perspectives.