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Central bank digital currencies: An assessment of their adoption in Latin America

Author

Listed:
  • Noelia Camara
  • Enestor Dos Santos
  • Francisco Grippa
  • Javier Sebastian
  • Fernando Soto
  • Cristina Varela

Abstract

This document focuses on identifying factors affecting the implementation of a Central Bank digital currency (CBDC) in Latin American countries. The adoption of a CBDC (non-universal) for the interbank and wholesale payment system would lead to a relatively minor level of disruption in the economy. In this case, the implementation costs is an important issue.

Suggested Citation

  • Noelia Camara & Enestor Dos Santos & Francisco Grippa & Javier Sebastian & Fernando Soto & Cristina Varela, 2018. "Central bank digital currencies: An assessment of their adoption in Latin America," Working Papers 18/13, BBVA Bank, Economic Research Department.
    • Handle: RePEc:bbv:wpaper:1813
    as

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    File URL: https://www.bbvaresearch.com/wp-content/uploads/2018/10/CBDCs-in-LATAM.pdf
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    References listed on IDEAS

    as
    1. Noelia Camara & David Tuesta, 2017. "DiGiX: The Digitization Index," Working Papers 17/03, BBVA Bank, Economic Research Department.
    2. Leandro Medina & Mr. Friedrich Schneider, 2018. "Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?," IMF Working Papers 2018/017, International Monetary Fund.
    3. Olga Gouveia & Enestor Dos Santos & Santiago Fernandez de Lis & Alejandro Neut & Javier Sebastian, 2017. "Monedas digitales emitidas por los bancos centrales: adopcion y repercusiones," Working Papers 17/05, BBVA Bank, Economic Research Department.
    4. Demirguc-Kunt,Asli & Klapper,Leora & Singer,Dorothe & Van Oudheusden,Peter, 2015. "The Global Findex Database 2014 : measuring financial inclusion around the world," Policy Research Working Paper Series 7255, The World Bank.
    5. Barrdear, John & Kumhof, Michael, 2016. "The macroeconomics of central bank issued digital currencies," Bank of England working papers 605, Bank of England.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Donato Masciandaro, 2018. "Central Bank Digital Cash and Cryptocurrencies: Insights from a New Baumol–Friedman Demand for Money," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(4), pages 540-550, December.
    2. Eswar Prasad, 2020. "New and evolving financial technologies implications for monetary policy and financial stability in Latin America," Documentos de trabajo 19463, FLAR.
    3. Gronwald, Marc, 2019. "Is Bitcoin a Commodity? On price jumps, demand shocks, and certainty of supply," Journal of International Money and Finance, Elsevier, vol. 97(C), pages 86-92.

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    More about this item

    Keywords

    Working Paper ; Digital Regulation ; Central Banks ; Digital economy ; Financial Markets ; Financial Inclusion ; Latin America;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • 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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