Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/278201 
Year of Publication: 
2022
Series/Report no.: 
ECB Occasional Paper No. 307
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
Central banks have been discussing the introduction of a retail central bank digital currency (rCBDC) for some time. However, potential obstacles to its adoption by consumers and retailers remain largely unexplored in the academic and policy literature. This paper surveys the key elements involved in the adoption of any new means of payment and discusses failed and ongoing initiatives with public digital money. It concludes that ensuring the desired level of adoption of rCBDCs may impose significant constraints on central bank design choices and policy goals. In fact, in some settings, central banks may find themselves on the horns of a dilemma in seeking to balance the needs to (i) preserve the central bank's hierarchy of policy goals, (ii) increase the chances of adoption and use of rCBDCs by consumers and retailers, and (iii) avoid any adverse economic effects.
Subjects: 
central bank digital currency
means of payment
demand for money
JEL: 
E42
E58
D12
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-5248-4
Document Type: 
Research Report

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