Abstract
Abstract Central Bank Digital Currencies (CBDCs) are the latest advancement in the area of digital money and payments. CBDCs would constitute a claim on the central bank, a central bank liability; CBDCs may be not only for domestic use, as, subject to the connectivity of the chosen type of technology, the digitization of international payments means that some CBDCs may potentially be used on a cross-border basis. One key challenge concerning CBDCs refers to the preservation of the privacy of citizens’ payments. Another is the role to be played by the private banking sector in the distribution and storage of CBDCs. A number of rationales have been suggested for the introduction of CBDCs, from financial inclusion to making innovation work for the common good. On the other hand, there is no widespread consensus as to the utility of CBDCs. The majority view is that CBDCs will be introduced as a form of digital money that is entirely distinct from cryptocurrencies, and will remain so.
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