Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/269120 
Year of Publication: 
2022
Series/Report no.: 
ECB Working Paper No. 2713
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
This paper provides a structured overview of the burgeoning literature on the economics of CBDC. We document the economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the implications for the financial system and discuss of a number of policy issues and challenges. While the academic literature broadly echoes policy makers' concerns about bank disintermediation and financial stability risks, it also provides conditions under which such adverse effects may not materialize. We also point to several knowledge gaps that merit further work, including data privacy and the study of end-user preferences for attributes of digital payment methods.
Subjects: 
Central Bank Digital Currency
Digital Money
Payments
Monetary Policy
Financial Stability
JEL: 
E41
E42
E51
E52
E58
G21
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-5298-9
Document Type: 
Working Paper

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