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“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?

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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?
Dirk Niepelt
Dirk Niepelt is Director of the Study Center Gerzensee and Professor at the University of Bern. A research fellow at the Centre for Economic Policy Research (CEPR, London), CESifo (Munich) research network member and member of the macroeconomic committee of the Verein für Socialpolitik, he served on the board of the Swiss Society of Economics and Statistics and was an invited professor at the University of Lausanne as well as a visiting professor at the Institute for International Economic Studies (IIES) at Stockholm University.

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