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Digital Currencies and Central Banks

In: The Palgrave Handbook of Technological Finance

Author

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  • Gina Pieters

    (University of Chicago
    University of Cambridge)

Abstract

Whether a novel tool for monetary policy or simply a new factor in domestic and global markets, digital currencies present Central Banks with opportunities and challenges that are not well understood. This chapter begins with a contextual discussion of the declining use of physical currency, highlighting important distinctions between digitized currency, digital currency, and distributed ledger technology, followed by a taxonomy of the six different digital currency types. The remainder of the chapter examines opportunities and challenges topically. Some, such as privacy and anonymity concerns or trade-offs between centralized and decentralized issuances, exist for all digital currency types. Others are more immediately relevant to Central Banks, such a competition between monies, programmable money, and the impact of digital currencies on the global economy, and monetary policy.

Suggested Citation

  • Gina Pieters, 2021. "Digital Currencies and Central Banks," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 139-160, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65117-6_6
    DOI: 10.1007/978-3-030-65117-6_6
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