The report lays out the key drivers and design considerations for central bank digital currencies and the corresponding impact on commercial banks. Key drivers that have pushed central banks to explore CBDCs include supporting digitisation of economies, streamlining current payment systems, enhancing monetary and fiscal policy, and improving financial inclusion.
CBDCs represent an additional alternative to the current money model from an operational and technological point of view, and as central banks move rapidly toward implementation, commercial banks will need to use this time to explore and adjust to the digital currency landscape. While there is a lot yet to be determined, the design of a CBDC will have implications for the entire financial ecosystem.
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