“Digital Money and Central Bank Digital Currency: An Executive Summary for Policymakers,” VoxEU, 2020

Summary:
VoxEU, February 3, 2020. HTML. What are we actually talking about? What do we know? And what should policymakers do? I discuss the following points: Finance has been digital forever – what’s new about ‘digital money’? Does the nature of money change? What is central bank digital currency? What is the link between CBDC and the blockchain? Would CBDC have macroeconomic effects? Would CBDC foster bank disintermediation and bank runs? Why consider CBDC at all? What opportunities does CBDC offer? Where do the risks lie? Do the opportunities justify the risks? Do central banks have a choice?

Topics:
Dirk Niepelt considers the following as important: Blockchain, Central Bank, Central bank digital currency, Contributions, Digital money, Dollarization, Libra, Reserves for all, Synthetic CBDC

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