VoxEU, February 3, 2020. HTML.
What are we actually talking about? What do we know? And what should policymakers do? I discuss the following points:
- Finance has been digital forever – what’s new about ‘digital money’?
- Does the nature of money change?
- What is central bank digital currency?
- What is the link between CBDC and the blockchain?
- Would CBDC have macroeconomic effects?
- Would CBDC foster bank disintermediation and bank runs?
- Why consider CBDC at all?
- What opportunities does CBDC offer?
- Where do the risks lie?
- Do the opportunities justify the risks?
- Do central banks have a choice?