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Central Bank Digital Currencies and payments: A review of domestic and international implications

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  • Lilas Demmou
  • Quentin Sagot

Abstract

Recent technological developments linked to secure messaging and traceability present an opportunity to address certain challenges in international and domestic payment systems. From an international perspective, foreign exchange markets remain costly and relatively less efficient than domestic payment systems. From a domestic perspective, the decline in the relative importance of cash in most economies reflects changes in consumers’ preferences, which questions the future of money and payment infrastructure. Against that background, private initiatives falling outside of current regulation, such as stable coins and other virtual assets, are associated with several risks and opportunities and have fueled the debate on the opportunities for central banks to issue new form of digital public currency. This note reviews those different propositions and examine their implication for the international and domestic payment systems.

Suggested Citation

  • Lilas Demmou & Quentin Sagot, 2021. "Central Bank Digital Currencies and payments: A review of domestic and international implications," OECD Economics Department Working Papers 1655, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1655-en
    DOI: 10.1787/f06c0d89-en
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    Citations

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    Cited by:

    1. Medina Ayta Mohammed & Carmen De-Pablos-Heredero & José Luis Montes Botella, 2023. "Exploring the Factors Affecting Countries’ Adoption of Blockchain-Enabled Central Bank Digital Currencies," Future Internet, MDPI, vol. 15(10), pages 1-14, September.
    2. Sergio Gorjón, 2022. "Wholesale financial markets and digital currencies: making headway in the tokenisation of central bank money," Financial Stability Review, Banco de España, issue MAY.
    3. Sergio Gorjón, 2022. "Wholesale financial markets and digital currencies: making headway in the tokenisation of central bank money," Financial Stability Review, Banco de España, issue Spring.

    More about this item

    Keywords

    CBDC; central banking; digital currency; international markets; payment systems;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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