60:
3234:
3556:
427:
payment for goods and services often needs to be done in a timely manner and when payment verification is slow, merchants usually accept the risk of some payments not succeeding in exchange for faster service to customers. When these risks are eliminated with instant payment verifications, merchants
520:
A secure and standard interoperable digital payment instrument issued and governed by a
Central Bank and used as the national digital payment instruments boosts confidence in privately controlled money systems and increases trust in the entire national payment system while also boosting competition
349:
was likely to be launched some time after 2025. Two weeks later, a Swiss lobby group triggered a national vote on maintaining a "sufficient quantity" of cash in circulation over fears that electronic payments make it easier for the state to monitor its citizens' actions. In a comment on the
British
365:
A major problem with central bank digital currencies is deciding whether the currency should be easily traceable. If it's traceable, the government has more control than it currently does. Additionally, there's a technical aspect to consider: whether CBDCs should be based on tokens or accounts and
146:
CBDCs have faced a plethora of criticisms, including concerns about privacy and the potential for them to be used as a "tool for coercion and control". Their implementation could also have a displacement effect on the private sector, affecting bank balance sheets and private payment methods,
1263:
434:
merchants will not need to separately keep track of transactions that are slow (where the customer claims to have paid but the money has not arrived yet), therefore eliminate the waiting queue, which could simplify the transaction process from payment to rendition of
382:. CBDC will have implications for commercial banks, probably in the field of lowering banks' commissions, no big customer data-selling ability, accumulating the deposits and deposit policies and credit policies due to higher funding costs for banks.
699:
Digital currency "is also programmable. The government could theoretically give out money that expires within a certain period of time or money that could only be used on certain items, which could be used to induce behaviour that the government is
2632:
397:
that can be stored, transferred and transmitted by all kinds of digital payment systems and services. The validity of the digital fiat currency is independent of the digital payment systems storing and transferring the digital fiat currency.
680:
Cybersecurity is a important risk to any payment infrastructure. While CBDCs offer resiliency by providing a new payment method, they would also represent a critical infrastructure, potentially making them a high-value target for cyber
617:
found that if the introduction of CBDC follows a set of core principles, the risk of a system-wide run from bank deposits to CBDC is addressed. A central bank could also limit the demand of CBDCs by setting a ceiling on the amount of
537:: the provision of free bank accounts at the central bank offering complete safety of money deposits could strengthen competition between banks to attract bank deposits, for example by offering once again remunerated sight deposits.
689:
Digital currency "will simply become an extension of the surveillance state" and "it could see citizens fined in a split second for behaviors deemed undesirable. Dissidents and activists could see their wallets emptied or taken
626:: Since most central bank digital currencies are centralized, rather than decentralized like most cryptocurrencies, the controllers of the issuance of CBDCs can add or remove money from anyone's account with a flip of a switch.
495:
It makes it much easier to spot criminal activity (by observing financial activity), and thus put an end to it. Furthermore, in cases where criminal activity has already occurred, tracking makes it much harder to successfully
87:
Retail CBDCs can be distributed through various models. In the intermediated model, the central bank issues the CBDC and manages core infrastructures, while financial intermediaries offer customer services. The ECB and the
559:. In digital Yuan trial in Shenzhen, the CBDC was programmed with an expiration date, which encouraged spending and discouraged money from sitting in a saving account. In the end, 90% of vouchers were spent in shops.
118:
As of 2023, over 120 different jurisdictions, including major economies like the ECB, UK, and the US, were evaluating national digital currencies. As it currently stands, 9 countries and the 8 islands making up the
663:
Data from tracing money routes could lead to losing financial privacy if the CBDC implementation does not have adequate privacy protections. This could lead to encouraging of self-censorship, deterioration of
409:
Governments and central banks are studying CBDCs and their implications for financial inclusion, economic growth, technology innovation, and the efficiency of bank transactions. Potential advantages include:
2870:
79:
The two primary categories of CBDCs are retail and wholesale. Retail CBDCs are designed for households and businesses to make payments for everyday transactions, whereas wholesale CBDCs are designed for
461:
safe money accounts at the central banks could constitute a strong instrument of financial inclusion, allowing any legal resident or citizen to be provided with a free or low-cost basic bank account.
354:
said the issue was about access to the data attached to every spending transaction, and whether people might choose to trust a global company more than the state: "The eye here is on maintaining UK
338:). These cryptocurrencies are often considered with the intent of increasing a state's independence from global financial systems, such as by reducing dependence on a foreign currency or by evading
231:
By March 2024, the central banks of 134 countries accounting for 98% of the world's GDP were said to be in various stages of evaluating the launch of a national digital currency. These included the
1242:
2773:
345:
Contrasting attitudes towards digital currencies were demonstrated by developments in the UK and
Switzerland in February 2023. The UK Treasury and the Bank of England said a state-backed
508:
a digital record exists to prove that money changed hands between two parties which avoids problems inherent to cash such as short-changing, cash theft and conflicting testimonies.
3004:
2203:
2555:
601:: With the ability to provide digital currency directly to its citizens, one concern is that depositors would shift out of the banking system. Customers may deem the safety,
2309:
2461:
467:
A CBDC makes it feasible for a central bank to keep track of the exact location of every unit of the currency (assuming the more probable centralized, database form)
453:
etc. have a fee attached to each transaction and lowering or eliminating these fees could lead to widespread price drops and increased adoption of digital payments.
244:
2877:
2719:
489:
to hide financial activity from the central bank or government. In contrast, cryptocurrencies risk undermining effort to crack down on corporate tax avoidance.
1337:
1880:
Jagrič, Timotej; Fister, Dušan; Amon, Aleksandra; Jagrič, Vita; Beloglavec, Sabina Taškar (15 September 2022), Grima, Simon; Özen, Ercan; Boz, Hakan (eds.),
1671:
1485:
609:, and publicity of CBDCs to be more attractive, weakening the balance sheet position of commercial banks. In the extreme, this could precipitate potential
177:
central bank operated a mobile payment system from 2014 to 2018. In 2021, Australia's central bank conducted a proof of concept for a wholesale CBDC using
2778:
1923:
Meaning, Jack; Dyson, Ben; Barker, James; Clayton, Emily (25 May 2018). "Broadening Narrow Money: Monetary Policy with a
Central Bank Digital Currency".
1335:
1406:
1037:
2941:
2180:
2258:
393:
supply, together with other forms of the currency. As such, DFC is a liability of the central bank just as physical currency is. It is a digital
1714:
911:
2935:
92:
have proposed intermediated CBDCs. Alternatively, the central bank could either provide the full service or delegate responsibilities further.
543:
the issuance of central bank base money through transfers to the public could constitute a new channel for monetary policy transmission (i.e.
514:
digital currencies issued by central banks would provide a modern alternative to physical cash – whose abolition is currently being envisaged.
1990:
1519:
378:, it is a means of payment, a unit of account, and a store of value. And like paper currency, each unit is uniquely identifiable to prevent
2362:
56:. It is also a liability of the central bank and denominated in the sovereign currency, as is the case with physical banknotes and coins.
3079:
1805:
1224:
2195:
2040:
1096:
421:, money transfers and payments could be made in real time, directly from the payer to the payee. Being real time has some advantages:
3422:
3010:
2614:
3576:
2540:
2232:
594:
Despite having potential advantages, CBDCs remain a controversial topic, and there are risks associated with their implementation.
268:
3016:
2317:
634:: A well-run foreign digital currency could become a replacement for a local currency for the same reasons as those described in
252:
401:
Proposals for CBDC implementation often involve the provision of universal bank accounts at the central banks for all citizens.
2987:
2863:
300:
2424:
1848:
2451:
2226:
1901:
1243:"Governor Ron DeSantis Signs First-in-the-Nation Legislation to Protect Against Government Surveillance of Personal Finances"
950:
693:
Limiting individual freedom: "Digital currencies could also empower the state to make it impossible to donate to a vocal NGO"
135:
are researching CBDCs. In the United States, some states have introduced legislation to ban state payments using CBDCs with
2340:
1881:
563:
could be implemented, such as by shaving off fractions of the value on a scheduled basis, as a supplement to traditional
2581:
2675:
712:
500:, and it would often be straightforward to instantly reverse a transaction and return money to the victim of the crime.
1336:
Working Group on E-CNY Research and
Development of the People's People's People's People's Bank of China (July 2021).
660:
Digital currency would give a country "broad new powers when it comes to surveillance and controlling its population."
2701:
2671:
1553:
1150:
1038:"Speech by Jen Weidmann at the Bundesbank Policy Symposium "Frontiers in Central Banking – Past, Present and Future""
966:
2815:
1637:
928:
3216:
1831:
1348:
120:
1767:
1012:
696:
Limiting or prohibiting purchases of products: Digital currency could prohibit a "purchase alcohol on a weekday. "
3072:
2774:"China is blazing a trail with the digital yuan and governments around the world are watching closely; Ethan Lou"
657:"Governments have direct visibility of financial transactions", an "eagle-eyed view on the spending of everyone".
161:
Although the term "CBDC" did not become widely used until after 2019, central banks have researched and launched
892:
2816:"IMF Working Papers Volume 2020 Issue 104: A Survey of Research on Retail Central Bank Digital Currency (2020)"
335:
248:
1689:
3560:
3373:
1045:
239:
was the first digital currency to be issued by a major economy. Six central banks have launched a CBDC: the
3479:
2155:
912:"A stocktake on the digital euro - Summary report on the investigation phase and outlook on the next phase"
181:
to tokenize syndicated loans, aiming to automate and secure high-value transactions in the banking sector.
841:
2483:
757:
240:
156:
2125:
3546:
3065:
2456:
1067:
574:
2283:
1520:"Bahamas is the first country in the world to issue central bank digital currency (Bahamanian Dollar)"
815:(Speech). Farewell ceremony for Pentti Hakkarainen, Deputy Governor of Suomen Pankki – Finlands Bank.
810:
645:
contributed to the increased attention to CBDCs by central bankers, as well as China's progress with
272:
228:
would likely not be required or useful - even as they were the original inspiration for the concept.
170:
1658:
3581:
3462:
3400:
418:
2388:
Hampl, Mojmir; Havranek, Tomas (2019). "Central Bank Equity as an
Instrument of Monetary Policy".
2096:
1127:
1882:"The Banking Industry in the Ecosystem of Digital Currencies and Digital Central Bank Currencies"
781:
642:
339:
311:
decided in
October 2023 to move forward to the preparation phase for the potential issuance of a
256:
2071:
3521:
3450:
3410:
669:
327:
296:
288:
1950:
876:
428:
no longer need to use intermediaries to handle the risk or to absorb the risk cost themselves.
3504:
2715:
1645:
820:
552:
486:
304:
280:
232:
81:
2048:
3586:
3383:
3203:
1467:
602:
560:
556:
355:
217:
209:
protections) of the amount of money held by every entity, such as people and corporations.
8:
3531:
2707:
1854:. Committee on Digital Payments: Ministry of Finance, Government of India. Archived from
564:
548:
547:), which would allow more direct control of the money supply than indirect tools such as
1768:"Household acceptance of central bank digital currency: the role of institutional trust"
3293:
3088:
2855:
2748:
2405:
1938:
1611:
1314:
225:
108:
2015:
169:'s central bank issued the Avant stored value e-money card in the 1990s. In 2014, the
3526:
3472:
3435:
3320:
3283:
2174:
1946:
1942:
1897:
1893:
1787:
1561:
1527:
1493:
1459:
1388:
962:
872:
860:
Central Bank
Digital Currencies: the Quest for Public Digital Payment Infrastructures
665:
582:
394:
379:
2749:"How China's Digital Currency Could Challenge the Almighty Dollar; Charlie Campbell"
2633:"Central bank digital currencies — design principles and balance sheet implications"
2409:
3509:
3494:
3439:
3390:
3352:
3342:
2923:
2823:
2592:
2397:
1930:
1889:
1855:
1779:
1672:
U.S. Warns Banks, Crypto Firms
Against Potential Efforts to Evade Russian Sanctions
1463:
1378:
1295:
864:
732:
722:
544:
497:
482:
450:
331:
319:
276:
162:
128:
96:
68:
45:
2795:
Ori
Freiman, The Ethics of Central Bank Digital Currency (Ethics of AI in Context)
2509:
1690:"Inside the Marshall Islands' plans to launch its own legal tender cryptocurrency"
1367:"Dinero ElectrĂłnico: The rise and fall of Ecuador's central bank digital currency"
3489:
3417:
3347:
3325:
3298:
3124:
3096:
1925:
614:
264:
89:
53:
2484:"CBDC Part II: A New Form of Monetary Policy? | Portfolio for the Future | CAIA"
1383:
1366:
983:
3516:
3499:
3484:
3130:
2850:
2401:
1740:
1586:
1434:
202:
132:
104:
100:
64:
2827:
2793:
1783:
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3174:
2970:
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2929:
2551:
1791:
1565:
1531:
1497:
1392:
727:
635:
481:
much more difficult, since it would become impossible to use methods such as
474:
390:
374:
A CBDC is a digital counterpart to fiat money, issued by central banks. Like
346:
292:
284:
206:
2658:
2425:"Digital currencies: threats and opportunities for monetary policy | nbb.be"
1289:
107:. However, most retail CBDC implementations will likely not use any sort of
59:
3405:
3395:
3332:
3239:
2958:
858:
762:
752:
351:
312:
194:
49:
929:"Money and Payments: The U.S. Dollar in the Age of Digital Transformation"
3305:
3259:
3211:
3158:
3153:
2236:
1964:
1934:
868:
806:
528:
478:
236:
213:
205:
entities. The database would keep a record (with appropriate privacy and
1225:"North Carolina House Passes Bill Prohibiting State Payments With CBDCs"
531:
income for governments in the event of a disappearance of physical cash.
527:
public digital currency issuance would avoid a predictable reduction of
212:
In contrast to cryptocurrency, a central bank digital currency would be
3467:
3455:
3255:
3112:
3106:
446:
386:
221:
198:
112:
20:
1849:"Medium Term Recommendations to Strengthen Digital Payments Ecosystem"
3445:
3057:
2711:
2363:"Helicopter money is "a real possibility," says Czech central banker"
1991:"Central Bankers Explore Response to Bitcoin: Their Own Digital Cash"
578:
442:
323:
124:
103:, such as programmability, they differ in that a CBDC is issued by a
1806:"Central bank digital currencies are in the spotlight - KPMG Global"
1199:
1068:"Financial innovation and monetary policy: Challenges and prospects"
189:
A central bank digital currency would likely be implemented using a
3315:
3273:
3268:
3135:
2753:
1715:"Swiss to vote on preventing cashless society, pressure group says"
1313:
Grym, Aleksi; Heikkinen, Päivi; Kauko, Karlo; Takala, Kari (2017).
1299:
1174:
816:
639:
610:
606:
375:
359:
308:
190:
178:
1365:
Arauz, Andrés; Garratt, Rodney; Ramos F., Diego F. (1 June 2021).
3033:
2582:"Monetary Policy and Digital Currencies: Much Ado about Nothing?"
2097:"Central bank digital currency and the future of monetary policy"
1471:
782:"Focus Group on Digital Currency including Digital Fiat Currency"
737:
174:
166:
140:
136:
1486:"Will central-bank digital currencies break the banking system?"
3555:
3378:
3337:
3288:
3180:
3147:
2906:
2900:
2016:"Digital Cash: Why central banks should issue digital currency"
747:
742:
717:
260:
2310:"Central Bank Digital Currency: A Monetary Policy Perspective"
3250:
3186:
2667:
2284:"Central Bank Digital Currency: Motivations and Implications"
840:
Davoodalhosseini, M., Rivadeneyra, F., & Zhu, Y. (2020).
173:
began researching the idea of issuing a CBDC. Elsewhere, the
72:
1766:
Solberg Söilen, Klaus; Benhayoun, Lamiae (1 February 2022).
812:
Digital Base Money: an assessment from the ECB's perspective
613:
and thus make banks' funding positions weaker. However, the
299:
has been rolling out tests of a digital Brazilian currency (
3357:
3310:
3141:
3118:
1638:"Eurosystem proceeds to next phase of digital euro project"
646:
2341:
The implications of digital currencies for monetary policy
1338:"Progress of Research & Development of E-CNY in China"
318:
Some states have also issued, or have considered issuing,
3192:
1922:
417:: instead of relying on intermediaries such as banks and
3047:
Spans the conventional boundary between Asia and Europe.
2885:
2768:
2766:
2764:
2703:
From the payments revolution to the reinvention of money
2660:
Digital currencies and the future of the monetary system
1312:
577:
for daily uses, for those who want to avoid all risk of
1886:
Contemporary Studies in Economic and Financial Analysis
1765:
2135:(ECB Working Paper Series No 2351 / January 2020): 6–7
1879:
1554:"China Charges Ahead With a National Digital Currency"
1287:
3544:
2761:
1200:"HB 1082 - Relating to Central Bank Digital Currency"
909:
3229:
2072:"Central Bank Digital Currency Policy-Maker Toolkit"
1364:
1291:
The optimal quantity of CBDC in a bank-based economy
2095:Bordo, Michael; Levin, Andrew (23 September 2017).
1407:"Exploring a Wholesale CBDC for Syndicated Lending"
1095:Boston, Federal Reserve Bank of (3 February 2022).
2710:conference on the "Future of Payments in Europe".
1151:"Analytical Report on the E-Hryvnia Pilot Project"
1741:"Digital pound likely this decade, Treasury says"
1458:
672:, and ultimately to stalling social developments.
3568:
2069:
1126:Yang, Yuan; Lockett, Hudson (25 November 2019).
948:
936:Board of Governors of the Federal Reserve System
139:being the first state to pass such a law citing
84:and operate similarly to central bank reserves.
2743:
2741:
2739:
2737:
1888:, Emerald Publishing Limited, pp. 89–115,
1464:"Our work on a possible #digitaleuro continues"
1452:
893:"Concept Note on Central Bank Digital Currency"
3073:
2871:
2666:(Speech). Hoover Institution policy seminar.
2534:
2532:
2530:
2387:
147:necessitating carefully calibrated policies.
71:, the first CBDC adopted by a major economy (
2734:
2452:"China's e-yuan solves one stimulus problem"
2228:What should the future form of our money be?
2179:: CS1 maint: multiple names: authors list (
1097:"Project Hamilton Phase 1 Executive Summary"
949:Lavayssière, Xavier; Zhang, Nicolas (2024).
2630:
1552:Popper, Nathaniel; Li, Cao (1 March 2021).
1125:
1090:
1088:
1086:
1084:
1013:"What China could gain from a digital yuan"
951:"Programmability in Payment and Settlement"
856:
95:While CBDCs may share some properties with
3080:
3066:
2878:
2864:
2631:Kumhof, Michael; Noone, Clare (May 2018).
2527:
2224:
2094:
1636:Bank, European Central (18 October 2023).
1145:
1143:
1141:
1121:
1119:
1117:
581:, despite the relative safety provided by
2154:Iwayemi, Sion Bell, Timi (27 July 2021).
1382:
1371:Latin American Journal of Central Banking
910:European Central Bank (18 October 2023).
439:Reduces (or eliminates) transaction fees:
2656:
2541:"The what and why of digital currencies"
2343:(Report). European Parliament Think Tank
2233:Norwegian Academy of Science and Letters
2123:
1551:
1128:"What is China's digital currency plan?"
1081:
857:Lavayssière, Xavier (1 September 2022),
512:Protection of money as a public utility:
58:
2699:
2579:
2422:
2153:
1772:International Journal of Bank Marketing
1587:"Central Bank Digital Currency Tracker"
1435:"Central Bank Digital Currency Tracker"
1306:
1138:
1114:
1011:Silva, Matthew De (19 September 2019).
981:
404:
3569:
3087:
2538:
2338:
2256:
2126:"Tiered CBDC and the financial system"
2119:
2117:
1517:
1094:
805:
555:, and possibly lead the way towards a
366:how much anonymity users should have.
123:have launched CBDCs; 38 countries and
3446:Commodity theory of money (Metallism)
3061:
2859:
2657:Carstens, AgustĂn (27 January 2021).
2612:
2580:Pfister, Christian (September 2017).
2507:
2206:from the original on 11 November 2020
1988:
1687:
1169:
1167:
1010:
573:CBDC would provide an alternative to
2887:Central bank digital currency (CBDC)
2464:from the original on 19 January 2021
2449:
1970:. Bank for International Settlements
1832:"Should the Riksbank issue e-krona?"
1635:
887:
885:
852:
850:
2700:Panetta, Fabio (27 November 2020).
2114:
649:to that of several Asian economies.
525:Preservation of seigniorage income:
358:against upheaval from the likes of
165:projects for decades. For example,
13:
2681:from the original on 30 April 2021
2561:from the original on 29 March 2021
2539:Tilton, Andrew (29 October 2020).
2196:"Think Twice About Going Cashless"
1511:
1164:
975:
713:Bank for International Settlements
369:
14:
3598:
3423:Akkadian standards of measurement
2844:
2722:from the original on 6 March 2021
2672:Bank of International Settlements
2548:Goldman Sachs Research Newsletter
2508:Mayer, Thomas (6 November 2019).
2225:Nicolaisen, Jon (25 April 2017).
2156:"How to Catch Bitcoin Tax Cheats"
2124:Bindseil, Ulrich (January 2020).
1965:"Central Bank Digital Currencies"
1688:Keane, Jonathan (23 April 2018).
1518:Areddy, James T. (5 April 2021).
882:
847:
184:
3554:
3232:
2450:Chen, Yawen (24 November 2020).
2259:"Ingves: Do we need an e-krona?"
1989:Tracy, Ryan (10 December 2015).
1894:10.1108/s1569-37592022000109a006
599:Banking system disintermediation
121:Eastern Caribbean Currency Union
3577:Central bank digital currencies
3109:(W. Mesoamerica & N. Andes)
2808:
2786:
2693:
2650:
2624:
2606:
2573:
2501:
2476:
2443:
2416:
2381:
2355:
2332:
2302:
2276:
2250:
2218:
2193:
2187:
2147:
2088:
2063:
2033:
2008:
1982:
1957:
1916:
1873:
1841:
1824:
1798:
1759:
1733:
1707:
1681:
1665:
1629:
1604:
1579:
1545:
1478:
1427:
1399:
1358:
1329:
1315:"Central bank digital currency"
1288:European Central Bank. (2022).
1281:
1256:
1235:
1217:
1192:
1060:
1030:
1004:
984:"Central Bank Cryptocurrencies"
982:Bech, Morten; Garratt, Rodney.
685:Government Social Manipulation:
2613:Smets, Jan (9 December 2016).
2589:Banque de France Working Paper
2339:Heller, Daniel (15 May 2017).
1101:Federal Reserve Bank of Boston
942:
921:
903:
834:
799:
774:
350:government’s plans, the BBC's
315:after a two-year study phase.
249:Eastern Caribbean Central Bank
235:, the UK, and the US. China's
67:advertising acceptance of the
1:
3426:
3374:List of historical currencies
3279:Central bank digital currency
2851:Atlantic Council CBDC Tracker
844:(No. 2020-4). Bank of Canada.
768:
541:Monetary policy transmission:
441:current payment systems like
30:central bank digital currency
3480:Standard of deferred payment
2510:"A digital euro to save EMU"
2390:Comparative Economic Studies
2041:"Sovereign Digital Currency"
465:Preventing illicit activity:
7:
2620:. National Bank of Belgium.
2615:"Fintech and Central Banks"
1384:10.1016/j.latcb.2021.100030
1294:. LU: Publications Office.
758:History of CBDCs by country
706:
557:full reserve banking system
518:Safety of payments systems:
241:Central Bank of The Bahamas
157:History of CBDCs by country
10:
3603:
2431:. National Bank of Belgium
2402:10.1057/s41294-019-00092-1
575:fractional reserve banking
154:
150:
18:
16:Digital form of fiat money
3366:
3249:
3227:
3202:
3167:
3095:
3042:
3026:
2997:
2980:
2951:
2916:
2893:
2828:10.5089/9781513547787.001
1784:10.1108/IJBM-04-2021-0156
1678:. Retrieved 9 March 2022.
1612:"Banco Central do Brasil"
1414:Reserve Bank of Australia
131:; and 67 countries and 2
3463:Quantity theory of money
3284:Chattel/movable property
2423:Stevens, A (June 2017).
2314:Central bank of Malaysia
1158:National Bank of Ukraine
842:CBDC and monetary policy
589:
415:Technological efficiency
303:) since March 2023. The
19:Not to be confused with
1179:Human Rights Foundation
863:, École Polytechnique,
340:international sanctions
257:Central Bank of Nigeria
3561:Business and economics
3522:Complementary currency
3451:Credit theory of money
3411:Depository institution
2070:World Economic Forum.
1653:Cite journal requires
1345:People's Bank of China
638:. The announcement of
297:Central Bank of Brazil
273:People's Bank of China
82:financial institutions
76:
3505:Digital gold currency
2716:European Central Bank
2367:Positive Money Europe
897:Reserve Bank of India
821:European Central Bank
666:freedom of expression
632:Digital dollarization
506:Proof of transaction:
487:unreported employment
281:Reserve Bank of India
216:(even if it was on a
62:
38:digital fiat currency
3384:Coincidence of wants
3204:Representative money
1935:10.2139/ssrn.3180720
1837:. Sveriges Riksbank.
1319:BoF Economics Review
869:10.2139/ssrn.4649480
459:Financial inclusion:
405:Benefits and impacts
356:monetary sovereignty
218:distributed database
214:centrally controlled
171:Chinese central bank
3532:Time-based currency
3019:(Eastern Caribbean)
2708:Deutsche Bundesbank
2288:www.bankofcanada.ca
2051:on 11 November 2017
1995:Wall Street Journal
1524:Wall Street Journal
1492:. 5 December 2020.
1264:"The Risk of CBDCs"
1075:European Parliament
809:(16 January 2017).
549:quantitative easing
535:Banking competition
521:in payment systems.
432:Reduces complexity:
52:, rather than by a
3401:Clearinghouse bank
3089:Medium of exchange
2782:. 27 January 2022.
2457:The Business Times
2290:. 30 November 2017
2160:Washington Monthly
1558:The New York Times
1460:Christine Lagarde
1175:"HRF CBDC Tracker"
226:distributed ledger
109:distributed ledger
77:
42:digital base money
3542:
3541:
3527:Sectoral currency
3473:Market monetarism
3436:Code of Hammurabi
3225:
3224:
3217:Gold certificates
3055:
3054:
2779:FinancialPost.com
2757:. 11 August 2021.
2638:. Bank of England
2133:ECB Working Paper
2020:positivemoney.org
1903:978-1-80382-980-7
1747:. 6 February 2023
1721:. 6 February 2023
1462:(16 April 2021).
1042:www.bundesbank.de
955:IMF working paper
899:. 7 October 2022.
583:deposit insurance
571:Financial safety:
565:inflation targets
395:bearer instrument
3594:
3559:
3558:
3550:
3510:Virtual currency
3495:Digital currency
3431:
3428:
3391:Bureau de change
3242:
3237:
3236:
3235:
3168:Domestic animals
3165:
3164:
3082:
3075:
3068:
3059:
3058:
2967:(United Kingdom)
2924:Digital renminbi
2880:
2873:
2866:
2857:
2856:
2839:
2838:
2836:
2834:
2812:
2806:
2805:
2804:
2802:
2790:
2784:
2783:
2770:
2759:
2758:
2745:
2732:
2731:
2729:
2727:
2697:
2691:
2690:
2688:
2686:
2680:
2665:
2654:
2648:
2647:
2645:
2643:
2637:
2628:
2622:
2621:
2619:
2610:
2604:
2603:
2601:
2599:
2593:Banque de France
2586:
2577:
2571:
2570:
2568:
2566:
2560:
2545:
2536:
2525:
2524:
2522:
2520:
2505:
2499:
2498:
2496:
2494:
2480:
2474:
2473:
2471:
2469:
2447:
2441:
2440:
2438:
2436:
2420:
2414:
2413:
2385:
2379:
2378:
2376:
2374:
2359:
2353:
2352:
2350:
2348:
2336:
2330:
2329:
2327:
2325:
2316:. Archived from
2306:
2300:
2299:
2297:
2295:
2280:
2274:
2273:
2271:
2269:
2254:
2248:
2247:
2245:
2243:
2222:
2216:
2215:
2213:
2211:
2191:
2185:
2184:
2178:
2170:
2168:
2166:
2151:
2145:
2144:
2142:
2140:
2130:
2121:
2112:
2111:
2109:
2107:
2092:
2086:
2085:
2083:
2081:
2076:
2067:
2061:
2060:
2058:
2056:
2047:. Archived from
2037:
2031:
2030:
2028:
2026:
2012:
2006:
2005:
2003:
2001:
1986:
1980:
1979:
1977:
1975:
1969:
1961:
1955:
1954:
1920:
1914:
1913:
1912:
1910:
1877:
1871:
1870:
1868:
1866:
1860:
1853:
1845:
1839:
1838:
1836:
1828:
1822:
1821:
1819:
1817:
1802:
1796:
1795:
1763:
1757:
1756:
1754:
1752:
1737:
1731:
1730:
1728:
1726:
1711:
1705:
1704:
1702:
1700:
1685:
1679:
1669:
1663:
1662:
1656:
1651:
1649:
1641:
1633:
1627:
1626:
1624:
1622:
1608:
1602:
1601:
1599:
1597:
1591:Atlantic Council
1583:
1577:
1576:
1574:
1572:
1549:
1543:
1542:
1540:
1538:
1515:
1509:
1508:
1506:
1504:
1482:
1476:
1475:
1456:
1450:
1449:
1447:
1445:
1439:Atlantic Council
1431:
1425:
1424:
1422:
1420:
1411:
1403:
1397:
1396:
1386:
1362:
1356:
1355:
1354:on 16 July 2021.
1353:
1347:. Archived from
1342:
1333:
1327:
1326:
1310:
1304:
1303:
1285:
1279:
1278:
1276:
1274:
1260:
1254:
1253:
1251:
1249:
1239:
1233:
1232:
1221:
1215:
1214:
1212:
1210:
1204:North Dakota Can
1196:
1190:
1189:
1187:
1185:
1171:
1162:
1161:
1155:
1147:
1136:
1135:
1123:
1112:
1111:
1109:
1107:
1092:
1079:
1078:
1072:
1064:
1058:
1057:
1055:
1053:
1044:. Archived from
1034:
1028:
1027:
1025:
1023:
1008:
1002:
1001:
999:
997:
988:
979:
973:
972:
946:
940:
939:
933:
925:
919:
918:
916:
907:
901:
900:
889:
880:
879:
854:
845:
838:
832:
831:
829:
827:
803:
797:
796:
794:
792:
778:
733:Digital currency
723:Digital renminbi
545:helicopter money
493:Combating crime:
483:offshore banking
451:American Express
332:Marshall Islands
322:: these include
320:cryptocurrencies
277:Digital renminbi
163:digital currency
97:virtual currency
69:digital renminbi
46:digital currency
3602:
3601:
3597:
3596:
3595:
3593:
3592:
3591:
3582:Monetary reform
3567:
3566:
3565:
3553:
3545:
3543:
3538:
3490:Unit of account
3429:
3362:
3348:Promissory note
3326:Deposit account
3299:Cheque clearing
3253:
3245:
3238:
3233:
3231:
3221:
3198:
3163:
3131:Precious metals
3098:
3091:
3086:
3056:
3051:
3050:
3038:
3022:
2993:
2976:
2947:
2912:
2889:
2884:
2847:
2842:
2832:
2830:
2814:
2813:
2809:
2800:
2798:
2792:
2791:
2787:
2772:
2771:
2762:
2747:
2746:
2735:
2725:
2723:
2698:
2694:
2684:
2682:
2678:
2663:
2655:
2651:
2641:
2639:
2635:
2629:
2625:
2617:
2611:
2607:
2597:
2595:
2584:
2578:
2574:
2564:
2562:
2558:
2550:. No. 94.
2543:
2537:
2528:
2518:
2516:
2506:
2502:
2492:
2490:
2482:
2481:
2477:
2467:
2465:
2448:
2444:
2434:
2432:
2421:
2417:
2386:
2382:
2372:
2370:
2369:. 15 March 2018
2361:
2360:
2356:
2346:
2344:
2337:
2333:
2323:
2321:
2320:on 30 July 2020
2308:
2307:
2303:
2293:
2291:
2282:
2281:
2277:
2267:
2265:
2263:www.riksbank.se
2255:
2251:
2241:
2239:
2223:
2219:
2209:
2207:
2194:Das, Satyajit.
2192:
2188:
2172:
2171:
2164:
2162:
2152:
2148:
2138:
2136:
2128:
2122:
2115:
2105:
2103:
2093:
2089:
2079:
2077:
2074:
2068:
2064:
2054:
2052:
2045:sovereign money
2039:
2038:
2034:
2024:
2022:
2014:
2013:
2009:
1999:
1997:
1987:
1983:
1973:
1971:
1967:
1963:
1962:
1958:
1926:Bank of England
1921:
1917:
1908:
1906:
1904:
1878:
1874:
1864:
1862:
1858:
1851:
1847:
1846:
1842:
1834:
1830:
1829:
1825:
1815:
1813:
1804:
1803:
1799:
1764:
1760:
1750:
1748:
1739:
1738:
1734:
1724:
1722:
1713:
1712:
1708:
1698:
1696:
1686:
1682:
1674:(9 March 2022)
1670:
1666:
1654:
1652:
1643:
1642:
1634:
1630:
1620:
1618:
1610:
1609:
1605:
1595:
1593:
1585:
1584:
1580:
1570:
1568:
1550:
1546:
1536:
1534:
1516:
1512:
1502:
1500:
1484:
1483:
1479:
1457:
1453:
1443:
1441:
1433:
1432:
1428:
1418:
1416:
1409:
1405:
1404:
1400:
1363:
1359:
1351:
1340:
1334:
1330:
1311:
1307:
1286:
1282:
1272:
1270:
1262:
1261:
1257:
1247:
1245:
1241:
1240:
1236:
1223:
1222:
1218:
1208:
1206:
1198:
1197:
1193:
1183:
1181:
1173:
1172:
1165:
1153:
1149:
1148:
1139:
1132:Financial Times
1124:
1115:
1105:
1103:
1093:
1082:
1070:
1066:
1065:
1061:
1051:
1049:
1048:on 14 June 2017
1036:
1035:
1031:
1021:
1019:
1009:
1005:
995:
993:
986:
980:
976:
969:
947:
943:
938:. January 2022.
931:
927:
926:
922:
914:
908:
904:
891:
890:
883:
855:
848:
839:
835:
825:
823:
804:
800:
790:
788:
780:
779:
775:
771:
709:
615:Bank of England
592:
471:Tax collection:
435:goods/services.
419:clearing houses
407:
389:is part of the
376:paper banknotes
372:
370:Characteristics
265:Bank of Jamaica
187:
159:
153:
133:currency unions
90:Federal Reserve
54:commercial bank
24:
17:
12:
11:
5:
3600:
3590:
3589:
3584:
3579:
3564:
3563:
3540:
3539:
3537:
3536:
3535:
3534:
3529:
3524:
3517:Local currency
3514:
3513:
3512:
3507:
3502:
3500:Cryptocurrency
3492:
3487:
3485:Store of value
3482:
3477:
3476:
3475:
3470:
3460:
3459:
3458:
3448:
3443:
3440:§100; §122–125
3433:
3430: 2150 BC
3420:
3415:
3414:
3413:
3403:
3398:
3393:
3388:
3387:
3386:
3376:
3370:
3368:
3364:
3363:
3361:
3360:
3355:
3350:
3345:
3340:
3335:
3330:
3329:
3328:
3318:
3313:
3308:
3303:
3302:
3301:
3291:
3286:
3281:
3276:
3271:
3265:
3263:
3247:
3246:
3244:
3243:
3228:
3226:
3223:
3222:
3220:
3219:
3214:
3208:
3206:
3200:
3199:
3197:
3196:
3195:(Tibet, China)
3190:
3184:
3178:
3171:
3169:
3162:
3161:
3156:
3151:
3145:
3139:
3138:(cotton cloth)
3133:
3128:
3122:
3116:
3110:
3103:
3101:
3093:
3092:
3085:
3084:
3077:
3070:
3062:
3053:
3052:
3049:
3048:
3044:
3043:
3040:
3039:
3037:
3036:
3030:
3028:
3024:
3023:
3021:
3020:
3014:
3008:
3001:
2999:
2998:Atlantic Ocean
2995:
2994:
2992:
2991:
2984:
2982:
2978:
2977:
2975:
2974:
2968:
2962:
2955:
2953:
2949:
2948:
2946:
2945:
2942:Digital dirham
2939:
2933:
2927:
2920:
2918:
2914:
2913:
2911:
2910:
2904:
2897:
2895:
2891:
2890:
2883:
2882:
2875:
2868:
2860:
2854:
2853:
2846:
2845:External links
2843:
2841:
2840:
2807:
2785:
2760:
2733:
2692:
2649:
2623:
2605:
2572:
2526:
2500:
2475:
2442:
2415:
2380:
2354:
2331:
2301:
2275:
2249:
2217:
2186:
2146:
2113:
2087:
2062:
2032:
2007:
1981:
1956:
1915:
1902:
1872:
1861:on 9 July 2017
1840:
1823:
1797:
1778:(1): 172–196.
1758:
1732:
1706:
1680:
1664:
1655:|journal=
1628:
1616:www.bcb.gov.br
1603:
1578:
1544:
1510:
1477:
1470:) – via
1451:
1426:
1398:
1357:
1328:
1305:
1300:10.2866/909651
1280:
1255:
1234:
1216:
1191:
1163:
1137:
1113:
1080:
1059:
1029:
1003:
974:
967:
941:
920:
902:
881:
846:
833:
798:
772:
770:
767:
766:
765:
760:
755:
750:
745:
740:
735:
730:
725:
720:
715:
708:
705:
704:
703:
702:
701:
697:
694:
691:
682:
678:Cybersecurity:
675:
674:
673:
661:
658:
650:
628:
627:
624:Centralization
620:
619:
591:
588:
587:
586:
568:
553:interest rates
538:
532:
522:
515:
509:
503:
502:
501:
490:
462:
456:
455:
454:
436:
429:
406:
403:
380:counterfeiting
371:
368:
289:Bank of Russia
203:private-sector
201:, or approved
186:
185:Implementation
183:
152:
149:
129:pilot programs
101:cryptocurrency
65:Hangzhou Metro
63:A sign on the
36:; also called
15:
9:
6:
4:
3:
2:
3599:
3588:
3585:
3583:
3580:
3578:
3575:
3574:
3572:
3562:
3557:
3552:
3551:
3548:
3533:
3530:
3528:
3525:
3523:
3520:
3519:
3518:
3515:
3511:
3508:
3506:
3503:
3501:
3498:
3497:
3496:
3493:
3491:
3488:
3486:
3483:
3481:
3478:
3474:
3471:
3469:
3466:
3465:
3464:
3461:
3457:
3454:
3453:
3452:
3449:
3447:
3444:
3442:; c. 1750 BC)
3441:
3437:
3434:
3424:
3421:
3419:
3416:
3412:
3409:
3408:
3407:
3404:
3402:
3399:
3397:
3394:
3392:
3389:
3385:
3382:
3381:
3380:
3377:
3375:
3372:
3371:
3369:
3365:
3359:
3356:
3354:
3351:
3349:
3346:
3344:
3341:
3339:
3336:
3334:
3331:
3327:
3324:
3323:
3322:
3319:
3317:
3314:
3312:
3309:
3307:
3304:
3300:
3297:
3296:
3295:
3292:
3290:
3287:
3285:
3282:
3280:
3277:
3275:
3272:
3270:
3267:
3266:
3264:
3261:
3257:
3252:
3248:
3241:
3230:
3218:
3215:
3213:
3210:
3209:
3207:
3205:
3201:
3194:
3191:
3188:
3185:
3182:
3179:
3176:
3175:Water buffalo
3173:
3172:
3170:
3166:
3160:
3157:
3155:
3152:
3149:
3146:
3144:(Roman world)
3143:
3140:
3137:
3134:
3132:
3129:
3126:
3123:
3120:
3117:
3115:(Mesoamerica)
3114:
3111:
3108:
3105:
3104:
3102:
3100:
3094:
3090:
3083:
3078:
3076:
3071:
3069:
3064:
3063:
3060:
3046:
3045:
3041:
3035:
3032:
3031:
3029:
3027:International
3025:
3018:
3015:
3012:
3009:
3006:
3003:
3002:
3000:
2996:
2989:
2986:
2985:
2983:
2981:South America
2979:
2972:
2971:Digital ruble
2969:
2966:
2965:Digital pound
2963:
2960:
2957:
2956:
2954:
2950:
2943:
2940:
2937:
2934:
2931:
2930:Digital rupee
2928:
2925:
2922:
2921:
2919:
2915:
2908:
2905:
2902:
2899:
2898:
2896:
2892:
2888:
2881:
2876:
2874:
2869:
2867:
2862:
2861:
2858:
2852:
2849:
2848:
2829:
2825:
2821:
2817:
2811:
2797:
2796:
2789:
2781:
2780:
2775:
2769:
2767:
2765:
2756:
2755:
2750:
2744:
2742:
2740:
2738:
2721:
2717:
2713:
2709:
2705:
2704:
2696:
2677:
2673:
2669:
2662:
2661:
2653:
2634:
2627:
2616:
2609:
2594:
2590:
2583:
2576:
2557:
2553:
2552:Goldman Sachs
2549:
2542:
2535:
2533:
2531:
2515:
2511:
2504:
2489:
2485:
2479:
2463:
2459:
2458:
2453:
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