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Central Bank Digital Currency: Is it Really Needed?

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  • Bini Smaghi, Lorenzo

    (Société Générale, Paris, France)

Abstract

Several Central Banks around the world have embarked in projects for issuing a digital currency that would be directly available to retail customers . The European Central Bank started analyzing the issue in October 2021 with a view to take a decision on the implementation of the project by the end of 2023. This article mainly focusses on the European project of issuing a Central Bank Digital Currency (CBDC). The objective is to assess the motivations of such a project and weigh the advantages and disadvantages against the costs and potential risks. Le monete digitali delle banche centrali: ce n’è veramente bisogno? Alcune banche centrali hanno di recente deciso di lanciare progetti per l’emissione di loro monete digitali (CBDC) direttamente disponibili ai privati cittadini. La BCE ha avviato una fase di analisi nell’ottobre 2021, con l’obiettivo di giungere ad una conclusione prima della fine del 2023. Questo articolo ha lo scopo di illustrare le motivazioni di questo progetto, e di evidenziare i vantaggi e gli svantaggi nonché i costi e i potenziali rischi di una moneta digitale della BCE.

Suggested Citation

  • Bini Smaghi, Lorenzo, 2023. "Central Bank Digital Currency: Is it Really Needed?," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 76(3), pages 417-428.
    • Handle: RePEc:ris:ecoint:0951
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    References listed on IDEAS

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    1. Hubert de Vauplane, 2023. "Un euro numérique est-il légal ?," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 121-138.
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    Cited by:

    1. Beltrametti, Luca & Pittaluga, Giovanni Battista, 2023. "Monetary Policy Implications of Stablecoins and CBDCs," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 76(3), pages 453-478.
    2. Mastromatteo, Giuseppe & Rossi, Sergio, 2023. "Central Bank Digital Currencies: A Monetary Macroeconomic Analysis," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 76(3), pages 387-416.

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      Keywords

      Central Bank Digital Currency; Digital Euro; Monetary Policy; 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
      • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
      • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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