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How Should Central Banks Explore Central Bank Digital Currency?
Gabriel Soderberg
Mr. John Kiff
Hervé Tourpe
Ms. Marianne Bechara
Stephanie Forte
Kathleen Kao
Ashley Lannquist
Tao Sun
Akihiro Yoshinaga
出版
International Monetary Fund
, 2023-09-08
主題
Business & Economics / Banks & Banking
Business & Economics / Finance / General
Business & Economics / Economics / Macroeconomics
Business & Economics / Money & Monetary Policy
Business & Economics / Economics / General
Business & Economics / Industries / Financial Services
ISBN
9798400253768
URL
http://books.google.com.hk/books?id=89DWEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
Digitalization of the economy provides both challenges and opportunities. Central banks should ensure that they have the capacity to continue to meet their policy objectives in the digital age. It is in this context that central bank digital currency (CBDC) should be evaluated. If designed appropriately, CBDCs could allow central banks to modernize payment systems and future-proof central bank money as the pace and shape of digitalization continues to evolve. However, the decision to proceed with CBDC exploration and an eventual launch would need to be jurisdiction specific, depending on the degree of digitalization of the economy, the legal and regulatory frameworks, and the central bank’s internal capacity. This paper proposes a dynamic decision-making framework under which the central bank can make decisions under uncertainty. A phased and iterative approach could allow central banks to adjust the pace, scale, and scope of their CBDC projects as the domestic and international environment changes.