IDEAS home Printed from https://ideas.repec.org/a/taf/rcejxx/v14y2021i1p102-115.html
   My bibliography  Save this article

China, the United States, and central bank digital currencies: how important is it to be first?

Author

Listed:
  • Martin Chorzempa

Abstract

In only a few years, central bank digital currencies (CBDC) have gone from a fringe idea promoted by cryptocurrency bloggers to an idea being seriously explored by 80% of the world’s major central banks, including the People’s Bank of China and the United States Federal Reserve. This paper gives an overview of the drive at the world’s central banks to evaluate CBDCs and examines the reasons behind the world’s two leading economies’ stark divergence in central bank digital currency development. China committed much earlier to launching a CBDC, doing so in early 2016, and has since taken more concrete steps towards piloting and issuing a CBDC than the Fed, which has yet to commit to ever issuing one.

Suggested Citation

  • Martin Chorzempa, 2021. "China, the United States, and central bank digital currencies: how important is it to be first?," China Economic Journal, Taylor & Francis Journals, vol. 14(1), pages 102-115, January.
    • Handle: RePEc:taf:rcejxx:v:14:y:2021:i:1:p:102-115
    DOI: 10.1080/17538963.2020.1870278
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/17538963.2020.1870278
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/17538963.2020.1870278?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alfar, Abdelrahman J.K. & Kumpamool, Chamaiporn & Nguyen, Dung T.K. & Ahmed, Rizwan, 2023. "The determinants of issuing central bank digital currencies," Research in International Business and Finance, Elsevier, vol. 64(C).
    2. Simarjeet Singh & Sanjay Gupta & Sandeepa Kaur & Sakshi Sapra & Vishal Kumar & Manika Sharma, 2023. "The quest for CBDC: indentifying and prioritising the motivations for launching central bank digital currencies in emerging countries," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(5), pages 4493-4508, October.
    3. Wang, Zhan-ao & Samuel, Ribeiro-Navarrete & Chen, Xiao-qian & Xu, Bing & Huang, Wei-lun, 2023. "Central bank digital currencies: Consumer data-driven sustainable operation management policy," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    4. Li, Fangmin & Yang, Tianle & Du, Min & Huang, Miao, 2023. "The development fit index of digital currency electronic payment between China and the one belt one road countries," Research in International Business and Finance, Elsevier, vol. 64(C).
    5. Ozili, Peterson K, 2023. "Central bank digital currency in India: the case for a digital rupee," MPRA Paper 118801, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:rcejxx:v:14:y:2021:i:1:p:102-115. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rcej .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.